Leggett & Platt, Incorporated (NYSE:LEG) Receives $11.67 Consensus PT from Brokerages

Shares of Leggett & Platt, Incorporated (NYSE:LEG) have been assigned a consensus recommendation of “Reduce” from the five brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $11.6667.

Several analysts recently issued reports on the stock. Piper Sandler boosted their target price on shares of Leggett & Platt from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Wall Street Zen downgraded shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Weiss Ratings downgraded shares of Leggett & Platt from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, March 16th. Finally, Zacks Research lowered Leggett & Platt from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th.

Leggett & Platt Stock Up 0.1%

LEG stock opened at $9.59 on Friday. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 5.67 and a beta of 0.71. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.45 and a current ratio of 2.25. The business’s 50-day moving average is $11.39 and its two-hundred day moving average is $10.51. Leggett & Platt has a fifty-two week low of $6.47 and a fifty-two week high of $13.00.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Wednesday, February 11th. The company reported $0.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $938.74 million. During the same period in the previous year, the company posted $0.21 EPS. The business’s quarterly revenue was down 11.2% compared to the same quarter last year. As a group, analysts forecast that Leggett & Platt will post 1.14 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Friday, March 13th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.20 annualized dividend and a dividend yield of 2.1%. Leggett & Platt’s dividend payout ratio (DPR) is 11.83%.

Institutional Investors Weigh In On Leggett & Platt

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LEG. Royal Bank of Canada lifted 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 valued at $372,000 after buying an additional 17,561 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 worth $116,000 after buying an additional 1,132 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Leggett & Platt by 3.0% in 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 buying an additional 13,187 shares in the last quarter. Jane Street Group LLC increased its stake in Leggett & Platt by 36.3% in the 1st quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock worth $9,298,000 after buying an additional 312,840 shares in the last quarter. Finally, Acadian Asset Management LLC raised its holdings in Leggett & Platt by 113.5% during the first quarter. Acadian Asset Management LLC now owns 109,638 shares of the company’s stock valued at $866,000 after acquiring an additional 58,292 shares during the period. 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.