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

Zacks Research upgraded shares of Leggett & Platt (NYSE:LEG) from a strong sell rating to a hold rating in a research note released on Monday,Zacks.com reports.

A number of other research firms also recently commented on LEG. Weiss Ratings raised Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 15th. Truist Financial reduced their price objective 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 research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Leggett & Platt presently has an average rating of “Hold” and a consensus price target of $11.33.

Leggett & Platt Price Performance

Leggett & Platt stock opened at $10.68 on Monday. The stock’s fifty day moving average price is $10.63 and its two-hundred day moving average price is $11.01. Leggett & Platt has a one year low of $7.86 and a one year high of $13.00. The company has a debt-to-equity ratio of 1.44, a current ratio of 2.33 and a quick ratio of 1.45. The firm has a market cap of $1.46 billion, a PE ratio of 6.63 and a beta of 0.71.

Leggett & Platt (NYSE:LEG) last released its 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). The company had revenue of $918.20 million for the quarter, compared to the consensus estimate of $946.79 million. Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The business’s revenue was down 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 earnings per share. As a group, research analysts expect that Leggett & Platt will post 0.9 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th were paid 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 presently 12.42%.

Hedge Funds Weigh In On Leggett & Platt

Hedge funds and other institutional investors have recently modified their holdings of the business. M&T Bank Corp boosted its stake in Leggett & Platt by 8,333.0% in the fourth quarter. M&T Bank Corp now owns 1,132,132 shares of the company’s stock valued at $12,453,000 after buying an additional 1,118,707 shares in the last quarter. Vanguard Group Inc. raised its stake in Leggett & Platt by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company’s stock worth $208,890,000 after acquiring an additional 282,940 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Leggett & Platt by 165.5% in the third quarter. JPMorgan Chase & Co. now owns 657,997 shares of the company’s stock worth $5,843,000 after acquiring an additional 410,171 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Leggett & Platt by 602.2% in the fourth quarter. SG Americas Securities LLC now owns 370,643 shares of the company’s stock worth $4,077,000 after acquiring an additional 317,861 shares during the last quarter. Finally, Invenomic Capital Management LP boosted its stake in shares of Leggett & Platt by 4.0% in the 4th quarter. Invenomic Capital Management LP now owns 2,437,519 shares of the company’s stock valued at $26,813,000 after purchasing an additional 93,213 shares in the last quarter. 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.