Analysts Set Leggett & Platt, Incorporated (NYSE:LEG) Target Price at $11.67

Shares of Leggett & Platt, Incorporated (NYSE:LEG) have received a consensus recommendation of “Hold” from the five brokerages that are presently covering the firm, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $11.6667.

LEG has been the subject of several research reports. Wall Street Zen lowered Leggett & Platt from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Leggett & Platt in a report on Monday, December 29th. Piper Sandler raised their price objective on Leggett & Platt from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Finally, Zacks Research downgraded shares of Leggett & Platt from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 5th.

Institutional Trading of Leggett & Platt

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP boosted its holdings in Leggett & Platt by 35.8% in the second quarter. Marshall Wace LLP now owns 3,380,980 shares of the company’s stock worth $30,158,000 after acquiring an additional 890,577 shares in the last quarter. Prudential Financial Inc. increased its holdings in shares of Leggett & Platt by 202.7% during the second quarter. Prudential Financial Inc. now owns 402,232 shares of the company’s stock valued at $3,588,000 after acquiring an additional 269,347 shares in the last quarter. Franklin Resources Inc. purchased a new position in shares of Leggett & Platt in the 2nd quarter worth about $2,137,000. Exchange Traded Concepts LLC purchased a new position in shares of Leggett & Platt in the 3rd quarter worth about $1,093,000. Finally, Norges Bank bought a new position in Leggett & Platt in the 2nd quarter worth about $10,706,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Leggett & Platt Trading Down 3.5%

Shares of LEG opened at $10.64 on Monday. Leggett & Platt has a 1-year low of $6.47 and a 1-year high of $13.00. The company has a current ratio of 2.25, a quick ratio of 1.45 and a debt-to-equity ratio of 1.46. The firm’s 50-day moving average price is $11.88 and its 200-day moving average price is $10.45. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 6.30 and a beta of 0.71.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $0.22 EPS for the quarter, hitting the consensus estimate of $0.22. The business had revenue of $938.60 million during the quarter, compared to analyst estimates of $938.74 million. Leggett & Platt had a net margin of 5.80% and a return on equity of 15.00%. Leggett & Platt’s quarterly revenue was down 11.2% compared to the same quarter last year. During the same period last year, the business posted $0.21 earnings per share. Sell-side analysts anticipate that Leggett & Platt will post 1.14 EPS for the current year.

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Friday, March 13th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, March 13th. Leggett & Platt’s dividend payout ratio (DPR) is presently 11.83%.

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.