Leggett & Platt (NYSE:LEG) Downgraded by Wall Street Zen to “Hold”

Leggett & Platt (NYSE:LEG) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

A number of other research analysts have also recently commented on the company. Piper Sandler upped their price target on Leggett & Platt from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. The Goldman Sachs Group restated a “neutral” rating and issued a $11.00 price objective on shares of Leggett & Platt in a research note on Wednesday, October 29th. Zacks Research downgraded shares of Leggett & Platt from a “strong-buy” rating to a “hold” rating in a report on Friday, December 5th. Truist Financial increased their target price on shares of Leggett & Platt from $10.00 to $12.00 and gave the stock a “hold” rating in a research report on Wednesday, October 29th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Leggett & Platt in a research report on Monday, December 29th. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $11.67.

Leggett & Platt Trading Down 2.2%

Shares of LEG stock opened at $11.92 on Friday. The company has a 50 day moving average of $11.84 and a 200-day moving average of $10.28. The company has a quick ratio of 1.45, a current ratio of 2.25 and a debt-to-equity ratio of 1.46. Leggett & Platt has a 12-month low of $6.47 and a 12-month high of $13.00. The firm has a market cap of $1.61 billion, a P/E ratio of 7.05 and a beta of 0.72.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. Leggett & Platt had a return on equity of 15.00% and a net margin of 5.80%.The business had revenue of $938.60 million for the quarter, compared to the consensus estimate of $938.74 million. During the same quarter in the prior year, the business earned $0.21 earnings per share. Leggett & Platt’s revenue for the quarter was down 11.2% on a year-over-year basis. Sell-side analysts anticipate that Leggett & Platt will post 1.14 earnings per share for the current year.

Institutional Investors Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently modified their holdings of the company. Hantz Financial Services Inc. boosted its position in shares of Leggett & Platt by 32.0% in the fourth quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock valued at $36,000 after acquiring an additional 783 shares during the period. Optimize Financial Inc lifted its stake in Leggett & Platt by 1.5% in the 4th quarter. Optimize Financial Inc now owns 60,507 shares of the company’s stock worth $666,000 after purchasing an additional 868 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in Leggett & Platt by 8.4% in the 1st quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock valued at $116,000 after purchasing an additional 1,132 shares during the period. Nisa Investment Advisors LLC boosted its holdings in Leggett & Platt by 12.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 10,271 shares of the company’s stock valued at $113,000 after purchasing an additional 1,152 shares during the period. Finally, State of Alaska Department of Revenue grew its position in shares of Leggett & Platt by 1.8% during the 4th quarter. State of Alaska Department of Revenue now owns 76,948 shares of the company’s stock valued at $845,000 after purchasing an additional 1,338 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.