Leggett & Platt (NYSE:LEG) Rating Lowered to Strong Sell at Zacks Research

Leggett & Platt (NYSE:LEG) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Thursday,Zacks.com reports.

Several other research firms have also recently issued reports on LEG. 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. Wall Street Zen cut Leggett & Platt from a “buy” rating to a “hold” rating in a report on Saturday, February 21st. Finally, Weiss Ratings raised Leggett & Platt from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 1st. Four analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Leggett & Platt presently has an average rating of “Reduce” and a consensus price target of $11.33.

Leggett & Platt Stock Down 3.3%

Shares of NYSE:LEG opened at $9.17 on Thursday. Leggett & Platt has a 1 year low of $7.86 and a 1 year high of $13.00. The company has a market cap of $1.25 billion, a PE ratio of 5.69 and a beta of 0.75. The company has a debt-to-equity ratio of 1.44, a current ratio of 2.33 and a quick ratio of 1.45. The stock’s 50-day moving average is $10.41 and its 200 day moving average is $10.84.

Leggett & Platt (NYSE:LEG) last posted 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 firm had revenue of $918.20 million for the quarter, compared to analysts’ expectations of $946.79 million. Leggett & Platt had a return on equity of 12.62% and a net margin of 5.69%.The firm’s revenue was down 10.2% on a year-over-year basis. During the same quarter last year, the company posted $0.24 EPS. Sell-side analysts anticipate that Leggett & Platt will post 0.97 EPS for the current year.

Institutional Trading of Leggett & Platt

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Leggett & Platt by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company’s stock valued at $208,890,000 after acquiring an additional 282,940 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Leggett & Platt by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 3,173,733 shares of the company’s stock valued at $34,917,000 after acquiring an additional 183,218 shares in the last quarter. Invenomic Capital Management LP raised its stake in shares of Leggett & Platt by 4.0% during the fourth quarter. Invenomic Capital Management LP now owns 2,437,519 shares of the company’s stock valued at $26,813,000 after acquiring an additional 93,213 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Leggett & Platt by 4.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,123,623 shares of the company’s stock valued at $23,360,000 after acquiring an additional 98,430 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Leggett & Platt by 1.3% during the fourth quarter. Wellington Management Group LLP now owns 2,102,190 shares of the company’s stock valued at $23,124,000 after acquiring an additional 27,273 shares in the last quarter. Institutional investors 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.