Leggett & Platt (NYSE:LEG) Upgraded by Zacks Research to Hold Rating

Key Points

• Leggett & Platt was upgraded by Zacks Research from “strong sell” to “hold”, adding to a broadly cautious analyst view of the stock.
• The company’s latest quarterly results were weak: EPS of $0.15 missed estimates of $0.26, and revenue fell 10.2% year over year to $918.2 million.
• Despite recent pressure, the stock opened at $10.68 and analysts now have a consensus Hold rating with an average target price of $11.33.

Leggett & Platt (NYSE:LEG - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Monday,Zacks.com reports.

A number of other equities analysts also recently commented on 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 lowered their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a "hold" rating on the stock in a research note on Friday, May 8th. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $11.33.

Leggett & Platt Price Performance

Shares of NYSE:LEG opened at $10.68 on Monday. The firm has a market capitalization of $1.46 billion, a PE ratio of 6.63 and a beta of 0.71. The company has a current ratio of 2.33, a quick ratio of 1.45 and a debt-to-equity ratio of 1.44. Leggett & Platt has a 1-year low of $7.86 and a 1-year high of $13.00. The business's 50 day moving average is $10.63 and its 200-day moving average is $11.01.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, missing analysts' consensus estimates of $0.26 by ($0.11). Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The firm had revenue of $918.20 million during the quarter, compared to analyst estimates of $946.79 million. During the same quarter in the previous year, the company posted $0.24 earnings per share. The business's revenue for the quarter was down 10.2% compared to the same quarter last year. Sell-side analysts predict that Leggett & Platt will post 0.9 earnings per share for the current year.

Institutional Investors Weigh In On Leggett & Platt

Institutional investors and hedge funds have recently made changes to their positions in the company. Tactive Advisors LLC acquired a new stake in shares of Leggett & Platt during the 2nd quarter worth about $389,000. Elevation Wealth Partners LLC boosted 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 buying an additional 2,040 shares in the last quarter. 55 North Private Wealth LLC acquired a new position in Leggett & Platt in the second quarter valued at about $125,000. GAMMA Investing LLC grew its stake in Leggett & Platt by 18.3% during the second quarter. GAMMA Investing LLC now owns 6,800 shares of the company's stock worth $80,000 after buying an additional 1,051 shares during the last quarter. Finally, Versant Capital Management Inc grew its stake in Leggett & Platt by 156.3% during the second quarter. Versant Capital Management Inc now owns 13,196 shares of the company's stock worth $155,000 after buying an additional 8,047 shares during the last quarter. Institutional investors and hedge funds own 64.23% of the company's stock.

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.

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