Leggett & Platt, Incorporated (LEG) Downgraded to Neutral at Piper Jaffray Companies
Piper Jaffray Companies cut shares of Leggett & Platt, Incorporated (NYSE:LEG) from an overweight rating to a neutral rating in a research note issued to investors on Monday morning. The brokerage currently has $46.00 target price on the stock.
LEG has been the topic of a number of other research reports. SunTrust Banks, Inc. restated a buy rating and issued a $53.00 target price on shares of Leggett & Platt, in a research note on Friday. Zacks Investment Research downgraded Leggett & Platt, from a hold rating to a sell rating in a research note on Tuesday, October 10th. Stifel Nicolaus restated a hold rating on shares of Leggett & Platt, in a research note on Thursday, September 7th. BidaskClub downgraded Leggett & Platt, from a sell rating to a strong sell rating in a research note on Friday, August 25th. Finally, Hilliard Lyons upgraded Leggett & Platt, from a neutral rating to a long-term buy rating and set a $66.00 target price on the stock in a research note on Monday, July 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. Leggett & Platt, has a consensus rating of Hold and an average price target of $54.38.
Leggett & Platt, (NYSE:LEG) traded up 0.13% during midday trading on Monday, hitting $47.26. The stock had a trading volume of 522,096 shares. Leggett & Platt, has a 52-week low of $43.17 and a 52-week high of $54.97. The company’s 50 day moving average price is $47.48 and its 200-day moving average price is $49.92. The stock has a market cap of $6.25 billion, a PE ratio of 18.75 and a beta of 0.99.
Leggett & Platt, (NYSE:LEG) last announced its earnings results on Thursday, October 26th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Leggett & Platt, had a return on equity of 29.60% and a net margin of 8.75%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the company posted $0.67 EPS. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. Analysts forecast that Leggett & Platt, will post $2.46 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 15th were issued a $0.36 dividend. The ex-dividend date was Thursday, September 14th. This represents a $1.44 dividend on an annualized basis and a yield of 3.05%. Leggett & Platt,’s payout ratio is 58.78%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. raised its holdings in Leggett & Platt, by 6.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,407 shares of the company’s stock worth $127,000 after purchasing an additional 153 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Leggett & Platt, in the 1st quarter worth about $126,000. Exane Derivatives raised its holdings in Leggett & Platt, by 132,500.0% in the 2nd quarter. Exane Derivatives now owns 2,652 shares of the company’s stock worth $139,000 after purchasing an additional 2,650 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. raised its holdings in Leggett & Platt, by 123.8% in the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,686 shares of the company’s stock worth $135,000 after purchasing an additional 1,486 shares during the period. Finally, Investment Management of Virginia LLC acquired a new position in Leggett & Platt, in the 2nd quarter worth about $206,000. 68.72% of the stock is owned by institutional investors.
About Leggett & Platt,
Leggett & Platt, Incorporated is a manufacturer that conceives, designs and produces a range of engineered components and products found in homes, offices and automobiles. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products.
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