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

Leggett & Platt, Incorporated (NYSE:LEG) has been given an average rating of “Reduce” by the five ratings firms that are currently covering the company, Marketbeat.com reports. One investment 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 brokerages that have updated their coverage on the stock in the last year is $11.3333.

A number of research analysts have weighed in on LEG shares. Weiss Ratings upgraded Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 15th. Zacks Research downgraded shares of Leggett & Platt from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 14th. Truist Financial decreased their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Friday, May 8th. Finally, Wall Street Zen downgraded shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LEG. Royal Bank of Canada boosted its stake in shares of Leggett & Platt by 59.5% during the 1st quarter. Royal Bank of Canada now owns 47,054 shares of the company’s stock worth $372,000 after acquiring an additional 17,561 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of Leggett & Platt by 8.4% during the 1st quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock worth $116,000 after acquiring an additional 1,132 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Leggett & Platt by 3.0% during 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 acquiring an additional 13,187 shares during the period. Jane Street Group LLC boosted its stake in shares of Leggett & Platt by 36.3% during the 1st quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock worth $9,298,000 after acquiring an additional 312,840 shares during the period. Finally, Acadian Asset Management LLC boosted 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 worth $866,000 after acquiring an additional 58,292 shares during the period. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Stock Up 4.8%

LEG stock opened at $10.48 on Wednesday. The company has a quick ratio of 1.45, a current ratio of 2.33 and a debt-to-equity ratio of 1.44. The business has a 50 day moving average price of $10.34 and a two-hundred day moving average price of $10.96. The company has a market cap of $1.43 billion, a price-to-earnings ratio of 6.51 and a beta of 0.74. Leggett & Platt has a twelve month low of $7.86 and a twelve month high of $13.00.

Leggett & Platt (NYSE:LEG) last posted its quarterly 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 company had revenue of $918.20 million during the quarter, compared to the consensus estimate of $946.79 million. Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The firm’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 earnings per share. Analysts anticipate that Leggett & Platt will post 0.9 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, June 15th. Leggett & Platt’s dividend payout ratio (DPR) is 12.42%.

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.