Leggett & Platt (NYSE:LEG) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen lowered shares of Leggett & Platt (NYSE:LEG - Free Report) from a buy rating to a hold rating in a research report released on Saturday morning.

A number of other analysts have also recently issued reports on LEG. Piper Sandler reissued a "neutral" rating and issued a $9.00 price objective (down from $12.00) on shares of Leggett & Platt in a research note on Friday, April 11th. The Goldman Sachs Group raised their price target on Leggett & Platt from $8.00 to $9.00 and gave the company a "neutral" rating in a report on Wednesday, April 30th.

Leggett & Platt Stock Performance

Leggett & Platt stock traded up $0.05 during trading on Friday, reaching $9.33. The company had a trading volume of 2,005,556 shares, compared to its average volume of 2,148,599. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of -2.50 and a beta of 0.75. The company has a current ratio of 2.20, a quick ratio of 1.36 and a debt-to-equity ratio of 2.59. The firm's 50-day simple moving average is $8.80 and its 200 day simple moving average is $9.19. Leggett & Platt has a 52 week low of $6.48 and a 52 week high of $14.24.

Leggett & Platt (NYSE:LEG - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.01. The firm had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.02 billion. Leggett & Platt had a positive return on equity of 20.46% and a negative net margin of 11.89%. The business's quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.23 EPS. Sell-side analysts forecast that Leggett & Platt will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be given a dividend of $0.05 per share. The ex-dividend date is Friday, June 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.14%. Leggett & Platt's dividend payout ratio is -5.35%.

Institutional Trading of Leggett & Platt

Institutional investors and hedge funds have recently bought and sold shares of the stock. SRS Capital Advisors Inc. grew its position in shares of Leggett & Platt by 555.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 3,102 shares of the company's stock valued at $30,000 after purchasing an additional 2,629 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Leggett & Platt during the 4th quarter valued at approximately $50,000. Sterling Capital Management LLC increased its stake in Leggett & Platt by 17.1% in the 4th quarter. Sterling Capital Management LLC now owns 7,972 shares of the company's stock worth $77,000 after acquiring an additional 1,163 shares during the last quarter. State of Wyoming purchased a new stake in shares of Leggett & Platt during the 1st quarter worth approximately $89,000. Finally, HighTower Advisors LLC bought a new position in shares of Leggett & Platt during the 4th quarter valued at approximately $97,000. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Company Profile

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.