Leggett & Platt, Incorporated (NYSE:LEG) Receives $11.33 Average PT from Analysts

Shares of Leggett & Platt, Incorporated (NYSE:LEG) have been assigned a consensus recommendation of “Reduce” from the five analysts that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $11.3333.

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

Leggett & Platt Price Performance

Shares of NYSE LEG opened at $10.86 on Wednesday. Leggett & Platt has a twelve month low of $7.86 and a twelve month high of $13.00. The company has a current ratio of 2.33, a quick ratio of 1.45 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 6.74 and a beta of 0.74. The firm has a 50-day moving average of $10.43 and a two-hundred day moving average of $11.00.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.11). The company had revenue of $918.20 million for the quarter, compared to analyst estimates of $946.79 million. Leggett & Platt had a return on equity of 12.62% and a net margin of 5.69%.Leggett & Platt’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 EPS. As a group, analysts expect that Leggett & Platt will post 0.9 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be issued a $0.05 dividend. 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 dividend payout ratio is currently 12.42%.

Institutional Investors Weigh In On Leggett & Platt

Several large investors have recently made changes to their positions in LEG. Vanguard Group Inc. grew its stake in shares of Leggett & Platt by 9.1% in the 3rd quarter. Vanguard Group Inc. now owns 18,707,102 shares of the company’s stock valued at $166,119,000 after buying an additional 1,557,459 shares in the last quarter. M&T Bank Corp grew its stake in shares of Leggett & Platt by 8,333.0% in the 4th 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 in the last quarter. Lazard Asset Management LLC bought a new stake in shares of Leggett & Platt in the 4th quarter valued at approximately $11,297,000. Towle & Co. bought a new stake in shares of Leggett & Platt in the 4th quarter valued at approximately $10,484,000. Finally, Forest Avenue Capital Management LP boosted its position in Leggett & Platt by 208.4% during the fourth quarter. Forest Avenue Capital Management LP now owns 1,233,534 shares of the company’s stock worth $13,569,000 after purchasing an additional 833,534 shares during the period. Institutional investors own 64.23% of the company’s stock.

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.