Leggett & Platt, Inc. (NYSE:LEG) Receives Average Rating of “Hold” from Brokerages

Leggett & Platt, Inc. (NYSE:LEG) has earned a consensus rating of “Hold” from the six brokerages that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $40.00.

LEG has been the topic of a number of recent analyst reports. Raymond James downgraded shares of Leggett & Platt from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 24th. ValuEngine downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Zacks Investment Research downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Finally, TheStreet downgraded shares of Leggett & Platt from a “b-” rating to a “c+” rating in a research report on Friday, May 31st.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Qube Research & Technologies Ltd acquired a new stake in shares of Leggett & Platt during the second quarter valued at approximately $236,000. Envestnet Asset Management Inc. grew its position in Leggett & Platt by 38.3% during the second quarter. Envestnet Asset Management Inc. now owns 216,466 shares of the company’s stock valued at $8,306,000 after purchasing an additional 59,907 shares in the last quarter. Stephens Inc. AR grew its position in Leggett & Platt by 5.5% during the second quarter. Stephens Inc. AR now owns 42,639 shares of the company’s stock valued at $1,636,000 after purchasing an additional 2,240 shares in the last quarter. Advisory Services Network LLC grew its position in Leggett & Platt by 25.1% during the second quarter. Advisory Services Network LLC now owns 1,248 shares of the company’s stock valued at $48,000 after purchasing an additional 250 shares in the last quarter. Finally, Coastal Investment Advisors Inc. grew its position in Leggett & Platt by 63.3% during the second quarter. Coastal Investment Advisors Inc. now owns 1,605 shares of the company’s stock valued at $62,000 after purchasing an additional 622 shares in the last quarter. Institutional investors and hedge funds own 76.53% of the company’s stock.

Shares of LEG stock traded down $0.36 during midday trading on Friday, reaching $38.51. 1,247,025 shares of the company were exchanged, compared to its average volume of 1,608,049. Leggett & Platt has a 12 month low of $33.48 and a 12 month high of $46.71. The stock has a market capitalization of $5.25 billion, a P/E ratio of 15.53, a P/E/G ratio of 1.80 and a beta of 1.08. The business has a 50 day simple moving average of $38.72. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.13 and a current ratio of 1.89.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Monday, July 29th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.01. Leggett & Platt had a net margin of 6.44% and a return on equity of 27.47%. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the previous year, the firm earned $0.63 EPS. Equities research analysts predict that Leggett & Platt will post 2.44 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 14th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.15%. This is an increase from Leggett & Platt’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, June 13th. Leggett & Platt’s payout ratio is 64.52%.

About Leggett & Platt

Leggett & Platt, Incorporated designs and produces various engineered components and products worldwide. It operates through four segments: Residential Products, Furniture Products, Industrial Products, and Specialized Products. The Residential Products segment offers innersprings, wire forms, and machines to shape wire into various types of springs; industrial sewing/finishing machines, conveyor lines, mattress packaging, and glue-drying equipment, as well as quilting machines; and structural fabrics, carpet cushions, and geo components.

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