Leggett & Platt, Incorporated (NYSE:LEG) Receives Consensus Recommendation of “Reduce” from Analysts

Leggett & Platt, Incorporated (NYSE:LEG) has been assigned an average rating of “Reduce” from the five research firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $11.6667.

A number of equities research analysts have weighed in on the stock. Wall Street Zen downgraded shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. 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. Zacks Research downgraded Leggett & Platt from a “strong-buy” rating to a “hold” rating in a report on Friday, December 5th. Finally, Piper Sandler upped their price objective on Leggett & Platt from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, December 11th.

Leggett & Platt Stock Down 2.0%

LEG stock opened at $9.90 on Friday. Leggett & Platt has a twelve month low of $6.47 and a twelve month high of $13.00. The company has a quick ratio of 1.45, a current ratio of 2.25 and a debt-to-equity ratio of 1.46. The company has a market cap of $1.34 billion, a PE ratio of 5.86 and a beta of 0.71. The business’s 50-day simple moving average is $11.45 and its 200 day simple moving average is $10.51.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $0.22 EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to analysts’ expectations of $938.74 million. During the same quarter in the prior year, the firm posted $0.21 EPS. The company’s revenue for the quarter was down 11.2% on a year-over-year basis. On average, research analysts anticipate that Leggett & Platt will post 1.14 earnings per share for the current year.

Leggett & Platt Announces Dividend

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

Institutional Investors Weigh In On Leggett & Platt

A number of hedge funds have recently made changes to their positions in LEG. Hantz Financial Services Inc. boosted its position in Leggett & Platt by 32.0% in the fourth quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock valued at $36,000 after buying an additional 783 shares in the last quarter. Optimize Financial Inc grew its position in Leggett & Platt by 1.5% during the 4th quarter. Optimize Financial Inc now owns 60,507 shares of the company’s stock worth $666,000 after acquiring an additional 868 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in Leggett & Platt by 8.4% during the 1st quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock valued at $116,000 after purchasing an additional 1,132 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Leggett & Platt by 12.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 10,271 shares of the company’s stock valued at $113,000 after purchasing an additional 1,152 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in shares of Leggett & Platt by 1.8% during the fourth quarter. State of Alaska Department of Revenue now owns 76,948 shares of the company’s stock worth $845,000 after purchasing an additional 1,338 shares during the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Company Profile

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.