Leggett & Platt, Incorporated (NYSE:LEG) Receives $11.33 Average Price Target from Brokerages

Leggett & Platt, Incorporated (NYSE:LEG) has received a consensus rating of “Reduce” from the five ratings firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $11.3333.

A number of research analysts have weighed in on LEG shares. Zacks Research downgraded Leggett & Platt from a “hold” rating to a “strong sell” rating in a report on Thursday, May 14th. Weiss Ratings raised Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 15th. Truist Financial lowered their price objective on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research report on Friday, May 8th. Finally, Wall Street Zen cut Leggett & Platt from a “buy” rating to a “hold” rating in a report on Saturday, February 21st.

Leggett & Platt Trading Down 1.0%

NYSE LEG opened at $10.58 on Wednesday. Leggett & Platt has a 1-year low of $7.86 and a 1-year high of $13.00. The company has a current ratio of 2.33, a quick ratio of 1.45 and a debt-to-equity ratio of 1.44. The stock has a 50-day moving average of $10.38 and a 200-day moving average of $10.98. The firm has a market cap of $1.44 billion, a PE ratio of 6.57 and a beta of 0.74.

Leggett & Platt (NYSE:LEG) last released its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.11). The company had revenue of $918.20 million during the quarter, compared to the consensus estimate of $946.79 million. Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The company’s revenue was down 10.2% on a year-over-year basis. During the same period last year, the firm posted $0.24 EPS. As a group, sell-side analysts forecast that Leggett & Platt will post 0.9 EPS for the current year.

Leggett & Platt Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Monday, June 15th. Leggett & Platt’s dividend payout ratio is 12.42%.

Institutional Investors Weigh In On Leggett & Platt

Hedge funds and other institutional investors have recently modified their holdings of the stock. Motiv8 Investments LLC purchased a new stake in shares of Leggett & Platt in the 4th quarter worth $34,000. Palisade Asset Management LLC purchased a new stake in shares of Leggett & Platt in the 3rd quarter worth $29,000. Hantz Financial Services Inc. increased its stake in shares of Leggett & Platt by 32.0% in the 4th quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock worth $36,000 after purchasing an additional 783 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of Leggett & Platt in the 3rd quarter worth $51,000. Finally, Kingdom Financial Group LLC. purchased a new stake in shares of Leggett & Platt in the 4th quarter worth $66,000. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

About Leggett & Platt

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.