Leggett & Platt, (NYSE: LEG) recently received a number of ratings updates from brokerages and research firms:

  • 8/6/2017 – Leggett & Platt, was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 8/1/2017 – Leggett & Platt, was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Leggett reported second-quarter 2017 results, wherein both the top and bottom line lagged estimates and the latter fell year over year. The earnings debacle could be attributable to raw material price inflation, which more than offset benefits from higher sales and lower tax rate. In fact, the inflationary pressure also dented EBIT margins. Volatile steel prices have long been a hurdle for Leggett that has underperformed the industry in the last one year. The dismal quarter also compelled management to narrow its 2017 outlook that, in turn weighed upon estimates. On the contrary, sales grew year over year with organic sales gaining from solid volumes. Volumes were driven by robust performance at Automotive and Adjustable Beds, which are expected to remain growth drivers in 2017. Additionally, the company remains on track with its 2019 targets, which is somewhat reflected by its constant shareholder-friendly moves.”
  • 7/31/2017 – Leggett & Platt, was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating.
  • 7/24/2017 – Leggett & Platt, was upgraded by analysts at Hilliard Lyons from a “neutral” rating to a “long-term buy” rating. They now have a $66.00 price target on the stock.
  • 7/14/2017 – Leggett & Platt, had its “buy” rating reaffirmed by analysts at Piper Jaffray Companies. They now have a $59.00 price target on the stock.
  • 7/11/2017 – Leggett & Platt, was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “Leggett has been progressing well on its long-term strategy and remains on track with achieving 2019 targets. Further, management’s reiterated view reflects its confidence in achieving sales growth of 5–8% in 2017, which in turn is expected to generate solid profit margins and increased EPS. Also, strategic initiatives and a disciplined capital allocation strategy bode well. However, the company has underperformed the broader industry in the last three months. Much of this could be attributed to the fluctuation in raw material prices, particularly steel. Moreover, management expects the inflationary pressure on steel prices to persist in 2017, which may hurt Leggett’s earnings. Further, currency woes and stiff competition pose significant threats. Estimates have been stable lately ahead of the second quarter earnings release. The company has a postivie record of earnings surprises in recent quarters.”
  • 7/4/2017 – Leggett & Platt, was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Leggett has underperformed the broader industry in the last one year. Much of this could be attributed to the fluctuation in raw material prices, particularly steel. Moreover, management expects the inflationary pressure on steel prices to persist in 2017, which may hurt Leggett’s earnings. Further, currency woes and stiff competition pose significant threats. Estimates have been stable lately ahead of the second quarter earnings release. However, management’s reiterated view reflects its confidence in achieving sales growth of 5–8% in 2017, which in turn is expected to generate solid profit margins and increased EPS. The company has been  progressing well on its long-term strategy and remains on track with achieving 2019 targets. Also, strategic initiatives and a disciplined capital allocation strategy bode well.”
  • 6/22/2017 – Leggett & Platt, is now covered by analysts at Credit Suisse Group. They set a “neutral” rating and a $56.00 price target on the stock.
  • 6/21/2017 – Leggett & Platt, is now covered by analysts at Gabelli. They set a “hold” rating and a $53.00 price target on the stock.
  • 6/17/2017 – Leggett & Platt, was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating.

Shares of Leggett & Platt, Incorporated (NYSE LEG) opened at 46.98 on Friday. The stock’s 50 day moving average price is $51.34 and its 200 day moving average price is $50.87. The stock has a market cap of $6.21 billion, a price-to-earnings ratio of 18.64 and a beta of 0.98. Leggett & Platt, Incorporated has a 52 week low of $44.02 and a 52 week high of $54.97.

Leggett & Platt, (NYSE:LEG) last posted its quarterly earnings data on Thursday, July 27th. The company reported $0.64 EPS for the quarter, missing the Zacks’ consensus estimate of $0.65 by $0.01. Leggett & Platt, had a net margin of 9.17% and a return on equity of 31.02%. The company had revenue of $989.30 million for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the business earned $0.66 EPS. Leggett & Platt,’s revenue was up 3.2% compared to the same quarter last year. Equities research analysts anticipate that Leggett & Platt, Incorporated will post $2.60 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 15th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.07%. Leggett & Platt,’s dividend payout ratio is presently 57.14%.

In related news, insider Matthew C. Flanigan sold 19,589 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $49.58, for a total transaction of $971,222.62. Following the transaction, the insider now owns 159,522 shares in the company, valued at $7,909,100.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.78% of the stock is owned by company insiders.

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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