Brokerages Set Leggett & Platt, Incorporated (NYSE:LEG) Price Target at $11.33

Leggett & Platt, Incorporated (NYSE:LEG) has been given a consensus recommendation of “Reduce” by the five ratings firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $11.3333.

Several equities analysts have weighed in on LEG shares. Truist Financial dropped their price target on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Friday, May 8th. Zacks Research lowered Leggett & Platt from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 14th. Finally, Weiss Ratings upgraded Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 15th.

Institutional Trading of Leggett & Platt

A number of hedge funds have recently bought and sold shares of the company. Royal Bank of Canada boosted its holdings in shares of Leggett & Platt by 59.5% during the first quarter. Royal Bank of Canada now owns 47,054 shares of the company’s stock worth $372,000 after purchasing an additional 17,561 shares during the last quarter. Jones Financial Companies Lllp lifted its position in Leggett & Platt by 8.4% during the first quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock worth $116,000 after buying an additional 1,132 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Leggett & Platt by 3.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 454,096 shares of the company’s stock worth $3,592,000 after buying an additional 13,187 shares during the last quarter. Jane Street Group LLC grew its holdings in Leggett & Platt by 36.3% in the 1st quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock valued at $9,298,000 after buying an additional 312,840 shares during the period. Finally, Acadian Asset Management LLC increased its stake in shares of Leggett & Platt by 113.5% during the 1st quarter. Acadian Asset Management LLC now owns 109,638 shares of the company’s stock valued at $866,000 after acquiring an additional 58,292 shares during the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Price Performance

LEG traded down $0.20 during midday trading on Friday, reaching $10.96. 2,401,393 shares of the company’s stock were exchanged, compared to its average volume of 2,716,696. Leggett & Platt has a 1-year low of $7.86 and a 1-year high of $13.00. The stock has a market capitalization of $1.50 billion, a PE ratio of 6.81 and a beta of 0.71. 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 business’s 50-day moving average price is $10.56 and its 200 day moving average price is $11.01.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data 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). Leggett & Platt had a return on equity of 12.62% and a net margin of 5.69%.The business had revenue of $918.20 million for the quarter, compared to analysts’ expectations of $946.79 million. During the same period last year, the business earned $0.24 earnings per share. The company’s revenue for the quarter was down 10.2% on a year-over-year basis. As a group, equities analysts anticipate that Leggett & Platt will post 0.9 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.05 per share. The ex-dividend date is Monday, June 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.8%. Leggett & Platt’s payout ratio is 12.42%.

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.