Leggett & Platt, Incorporated (NYSE:LEG) Receives $48.20 Average Target Price from Analysts

Leggett & Platt, Incorporated (NYSE:LEG) has received an average recommendation of “Hold” from the six ratings firms that are presently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $48.20.

LEG has been the topic of several recent analyst reports. Raymond James lifted their target price on Leggett & Platt from $48.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, May 5th. Zacks Investment Research lowered Leggett & Platt from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a report on Tuesday, April 20th.

In other news, Director Joseph W. Mcclanathan sold 1,500 shares of the business’s stock in a transaction dated Tuesday, May 18th. The stock was sold at an average price of $55.61, for a total value of $83,415.00. Following the sale, the director now directly owns 27,041 shares in the company, valued at $1,503,750.01. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph W. Mcclanathan sold 5,000 shares of the business’s stock in a transaction dated Friday, May 14th. The shares were sold at an average price of $56.47, for a total value of $282,350.00. Following the completion of the sale, the director now owns 28,541 shares in the company, valued at $1,611,710.27. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,677 shares of company stock worth $1,282,302. Corporate insiders own 1.32% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The PNC Financial Services Group Inc. raised its holdings in Leggett & Platt by 4.1% during the first quarter. The PNC Financial Services Group Inc. now owns 231,742 shares of the company’s stock worth $10,579,000 after acquiring an additional 9,128 shares in the last quarter. Mork Capital Management LLC bought a new stake in Leggett & Platt during the fourth quarter worth about $1,001,000. Creative Planning raised its holdings in Leggett & Platt by 38.9% during the fourth quarter. Creative Planning now owns 24,605 shares of the company’s stock worth $1,090,000 after acquiring an additional 6,896 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Leggett & Platt by 6.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 154,920 shares of the company’s stock worth $6,863,000 after acquiring an additional 9,966 shares in the last quarter. Finally, Sawtooth Solutions LLC raised its holdings in Leggett & Platt by 391.8% during the fourth quarter. Sawtooth Solutions LLC now owns 27,053 shares of the company’s stock worth $1,198,000 after acquiring an additional 21,552 shares in the last quarter. Institutional investors and hedge funds own 72.18% of the company’s stock.

Shares of Leggett & Platt stock opened at $53.43 on Tuesday. The company has a current ratio of 1.80, a quick ratio of 0.99 and a debt-to-equity ratio of 1.34. Leggett & Platt has a 12 month low of $31.10 and a 12 month high of $59.16. The business’s fifty day moving average is $52.34. The firm has a market capitalization of $7.12 billion, a PE ratio of 25.20, a PEG ratio of 2.01 and a beta of 1.49.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data on Monday, May 3rd. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.22. Leggett & Platt had a return on equity of 24.02% and a net margin of 6.60%. The business had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the previous year, the firm earned $0.41 earnings per share. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. As a group, research analysts predict that Leggett & Platt will post 2.71 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 15th. Stockholders of record on Tuesday, June 15th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.14%. This is a positive change from Leggett & Platt’s previous quarterly dividend of $0.40. The ex-dividend date is Monday, June 14th. Leggett & Platt’s payout ratio is 75.12%.

Leggett & Platt Company Profile

Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, specialty foams, private label finished mattresses, mattress foundations, wire forms for adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to shape wires into innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.

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