Leggett & Platt, Inc. (NYSE:LEG) Receives $34.17 Average Target Price from Analysts
Shares of Leggett & Platt, Inc. (NYSE:LEG) have been assigned an average recommendation of “Hold” from the nine research firms that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $34.17.
Several equities analysts have recently commented on LEG shares. SunTrust Banks upped their price target on shares of Leggett & Platt from $27.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, May 18th. Piper Sandler reduced their price objective on shares of Leggett & Platt from $47.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, April 15th. TheStreet downgraded shares of Leggett & Platt from a “b” rating to a “c+” rating in a report on Friday, March 6th. Raymond James upped their price objective on shares of Leggett & Platt from $32.00 to $38.00 and gave the stock a “strong-buy” rating in a report on Thursday, May 28th. Finally, Stifel Nicolaus reduced their price objective on shares of Leggett & Platt from $49.00 to $20.00 and set a “hold” rating for the company in a report on Monday, April 6th.
Several institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in Leggett & Platt by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 1,763,215 shares of the company’s stock valued at $47,042,000 after purchasing an additional 22,881 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in Leggett & Platt by 135.9% during the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 24,650 shares of the company’s stock valued at $1,253,000 after purchasing an additional 14,200 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Leggett & Platt by 25.5% during the fourth quarter. Victory Capital Management Inc. now owns 93,398 shares of the company’s stock valued at $4,747,000 after purchasing an additional 18,948 shares during the last quarter. Oxford Asset Management LLP acquired a new position in Leggett & Platt during the fourth quarter valued at approximately $402,000. Finally, Janus Henderson Group PLC boosted its position in shares of Leggett & Platt by 66.3% in the first quarter. Janus Henderson Group PLC now owns 169,546 shares of the company’s stock valued at $4,524,000 after acquiring an additional 67,591 shares during the period. Institutional investors own 69.25% of the company’s stock.
Leggett & Platt (NYSE:LEG) last released its earnings results on Monday, May 4th. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.01. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.09 billion. Leggett & Platt had a net margin of 6.86% and a return on equity of 26.61%. The firm’s revenue for the quarter was down 9.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.49 earnings per share. As a group, equities research analysts expect that Leggett & Platt will post 1.22 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be issued a $0.40 dividend. The ex-dividend date is Friday, June 12th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.62%. Leggett & Platt’s dividend payout ratio is 62.26%.
Leggett & Platt Company Profile
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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