Zacks Research Upgrades Leggett & Platt (NYSE:LEG) to “Hold”

Leggett & Platt (NYSE:LEG) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Weiss Ratings raised shares of Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 15th. Truist Financial dropped their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $11.33.

Leggett & Platt Price Performance

Leggett & Platt stock opened at $10.68 on Monday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.45 and a current ratio of 2.33. The firm has a market cap of $1.46 billion, a P/E ratio of 6.63 and a beta of 0.71. The business’s fifty day moving average is $10.63 and its two-hundred day moving average is $11.01. Leggett & Platt has a 52 week low of $7.86 and a 52 week high of $13.00.

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

Institutional Investors Weigh In On Leggett & Platt

Institutional investors and hedge funds have recently made changes to their positions in the company. Elevation Wealth Partners LLC boosted its holdings in Leggett & Platt by 752.8% in the second quarter. Elevation Wealth Partners LLC now owns 2,311 shares of the company’s stock valued at $27,000 after acquiring an additional 2,040 shares during the last quarter. Motiv8 Investments LLC bought a new stake in Leggett & Platt during the 4th quarter worth about $34,000. Palisade Asset Management LLC bought a new stake in Leggett & Platt during the 3rd quarter worth about $29,000. Hantz Financial Services Inc. lifted its position in Leggett & Platt by 32.0% during the 4th quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock valued at $36,000 after purchasing an additional 783 shares during the period. Finally, Advisory Services Network LLC acquired a new position in Leggett & Platt during the 3rd quarter valued at about $51,000. 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.