Leggett & Platt, Incorporated (NYSE:LEG) Given Average Recommendation of “Reduce” by Brokerages

Leggett & Platt, Incorporated (NYSE:LEG) has received an average recommendation of “Reduce” from the five analysts that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $11.6667.

Several equities research analysts have recently issued reports on LEG shares. Zacks Research lowered Leggett & Platt from a “strong-buy” rating to a “hold” rating in a report on Friday, December 5th. Weiss Ratings lowered shares of Leggett & Platt from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, March 16th. Wall Street Zen cut shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Finally, Piper Sandler increased their price target on shares of Leggett & Platt from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, December 11th.

Leggett & Platt Trading Down 2.0%

Leggett & Platt stock opened at $9.90 on Friday. The company has a quick ratio of 1.45, a current ratio of 2.25 and a debt-to-equity ratio of 1.46. Leggett & Platt has a 12 month low of $6.47 and a 12 month high of $13.00. The company’s fifty day simple moving average is $11.45 and its 200-day simple moving average is $10.51. The stock has a market cap of $1.34 billion, a P/E ratio of 5.86 and a beta of 0.71.

Leggett & Platt (NYSE:LEG) last issued its earnings results on Wednesday, February 11th. The company reported $0.22 EPS for the quarter, meeting analysts’ consensus estimates of $0.22. Leggett & Platt had a return on equity of 15.00% and a net margin of 5.80%.The firm had revenue of $938.60 million for the quarter, compared to the consensus estimate of $938.74 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The business’s quarterly revenue was down 11.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Leggett & Platt will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Friday, March 13th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, March 13th. Leggett & Platt’s dividend payout ratio is presently 11.83%.

Institutional Trading of Leggett & Platt

Institutional investors and hedge funds have recently made changes to their positions in the stock. Motiv8 Investments LLC bought a new stake in shares of Leggett & Platt in the fourth quarter valued at approximately $34,000. Palisade Asset Management LLC bought a new position in Leggett & Platt during the third quarter worth $29,000. Hantz Financial Services Inc. raised its stake in Leggett & Platt by 32.0% during the 4th quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock valued at $36,000 after purchasing an additional 783 shares during the last quarter. Quent Capital LLC acquired a new position in Leggett & Platt during the 3rd quarter valued at $34,000. Finally, Advisory Services Network LLC bought a new stake in Leggett & Platt in the 3rd quarter valued at $51,000. Institutional investors and hedge funds own 64.23% of the company’s stock.

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.