Leggett & Platt, Incorporated (NYSE:LEG) Given Average Rating of “Hold” by Analysts

Shares of Leggett & Platt, Incorporated (NYSE:LEG) have been given a consensus recommendation of “Hold” by the five ratings firms that are covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold recommendation. The average 12-month price objective among analysts that have covered the stock in the last year is $11.3333.

A number of research firms have commented on LEG. Zacks Research raised Leggett & Platt from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Truist Financial cut 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. Finally, Weiss Ratings raised Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 15th.

Leggett & Platt Price Performance

LEG stock opened at $10.28 on Thursday. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 6.38 and a beta of 0.71. The firm’s 50-day moving average price is $10.79 and its two-hundred day moving average price is $10.98. The company has a current ratio of 2.33, a quick ratio of 1.45 and a debt-to-equity ratio of 1.44. Leggett & Platt has a 12-month low of $7.86 and a 12-month high of $13.00.

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 business’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.24 earnings per share. As a group, equities analysts predict that Leggett & Platt will post 0.9 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were paid a $0.05 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.20 dividend on an annualized basis and a yield of 1.9%. Leggett & Platt’s dividend payout ratio (DPR) is presently 12.42%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. M&T Bank Corp increased its position in shares of Leggett & Platt by 8,333.0% during the fourth quarter. M&T Bank Corp now owns 1,132,132 shares of the company’s stock valued at $12,453,000 after buying an additional 1,118,707 shares during the period. Vanguard Group Inc. lifted its holdings in Leggett & Platt by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company’s stock worth $208,890,000 after buying an additional 282,940 shares during the period. JPMorgan Chase & Co. boosted its position in Leggett & Platt by 165.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 657,997 shares of the company’s stock valued at $5,843,000 after acquiring an additional 410,171 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Leggett & Platt by 602.2% during the 4th quarter. SG Americas Securities LLC now owns 370,643 shares of the company’s stock worth $4,077,000 after acquiring an additional 317,861 shares during the period. Finally, Invenomic Capital Management LP raised its position in shares of Leggett & Platt by 4.0% in the 4th quarter. Invenomic Capital Management LP now owns 2,437,519 shares of the company’s stock worth $26,813,000 after acquiring an additional 93,213 shares in the last quarter. 64.23% of the stock is owned by hedge funds and other institutional investors.

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.