Leggett & Platt, Incorporated (NYSE:LEG) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Leggett & Platt has a consensus “Hold” rating from five analysts, with an average 12-month price target of $11.33 versus the stock’s $10.28 opening price.
• The company’s latest quarterly results fell short of expectations: earnings per share were $0.15 versus a $0.26 estimate, while revenue declined 10.2% year over year to $918.2 million.
• Institutional investors own 64.23% of the stock, and Leggett & Platt recently paid a quarterly dividend of $0.05 per share, equivalent to a 1.9% annualized yield.

Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report) has earned a consensus recommendation of "Hold" from the five analysts that are currently covering the company, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation. The average 12-month target price among analysts that have issued a report on the stock in the last year is $11.3333.

A number of brokerages recently commented on LEG. Zacks Research upgraded shares of Leggett & Platt from a "strong sell" rating to a "hold" rating in a research report on Monday, July 20th. Weiss Ratings upgraded shares of Leggett & Platt from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, May 15th. Finally, Truist Financial reduced their price objective on Leggett & Platt from $13.00 to $11.00 and set a "hold" rating on the stock in a research note on Friday, May 8th.

Hedge Funds Weigh In On Leggett & Platt

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Elevation Wealth Partners LLC lifted its position 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 purchasing an additional 2,040 shares during the last quarter. Palisade Asset Management LLC purchased a new stake in shares of Leggett & Platt during the third quarter valued at approximately $29,000. Motiv8 Investments LLC bought a new position in shares of Leggett & Platt in the fourth quarter worth approximately $34,000. Hantz Financial Services Inc. grew its holdings 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 worth $36,000 after purchasing an additional 783 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new position in shares of Leggett & Platt in the third quarter worth $51,000. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Stock Down 4.3%

Shares of NYSE LEG opened at $10.28 on Thursday. The stock has a market capitalization of $1.40 billion, a P/E ratio of 6.38 and a beta of 0.71. Leggett & Platt has a one year low of $7.86 and a one year high of $13.00. The firm's 50 day simple moving average is $10.79 and its two-hundred day simple moving average is $10.98. The company has a debt-to-equity ratio of 1.44, a current ratio of 2.33 and a quick ratio of 1.45.

Leggett & Platt (NYSE:LEG - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $946.79 million. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The company's revenue was down 10.2% compared to the same quarter last year. As a group, analysts expect that Leggett & Platt will post 0.9 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were issued a dividend of $0.05 per share. The ex-dividend date was Monday, June 15th. This represents a $0.20 annualized dividend and a yield of 1.9%. Leggett & Platt's dividend payout ratio is currently 12.42%.

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.

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