Zacks Research Upgrades Leggett & Platt (NYSE:LEG) to “Hold”

Leggett & Platt (NYSE:LEG) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other research analysts have also recently issued reports on the stock. Truist Financial dropped their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Friday, May 8th. Weiss Ratings upgraded Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 15th. Five equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Leggett & Platt presently 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. Leggett & Platt has a 52 week low of $7.86 and a 52 week high of $13.00. The company has a 50-day moving average price of $10.63 and a 200 day moving average price of $11.01. The company has a market cap of $1.46 billion, a P/E ratio of 6.63 and a beta of 0.71. The company has a quick ratio of 1.45, a current ratio of 2.33 and a debt-to-equity ratio of 1.44.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results 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 net margin of 5.69% and a return on equity of 12.62%. The business had revenue of $918.20 million during the quarter, compared to analysts’ expectations of $946.79 million. During the same quarter last year, the firm earned $0.24 earnings per share. The firm’s quarterly revenue was down 10.2% compared to the same quarter last year. Research analysts predict that Leggett & Platt will post 0.9 earnings per share for the current year.

Institutional Trading of Leggett & Platt

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Elevation Wealth Partners LLC lifted its holdings in Leggett & Platt by 752.8% in the 2nd 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 in the last quarter. Palisade Asset Management LLC acquired a new position in shares of Leggett & Platt in the third quarter valued at approximately $29,000. Motiv8 Investments LLC purchased a new position in shares of Leggett & Platt during the fourth quarter valued at approximately $34,000. Hantz Financial Services Inc. lifted its stake in shares of Leggett & Platt by 32.0% during the fourth quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock valued at $36,000 after buying an additional 783 shares during the period. Finally, Advisory Services Network LLC acquired a new stake in Leggett & Platt during the third quarter worth approximately $51,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

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.