Leggett & Platt (NYSE:LEG) Rating Lowered to “Strong Sell” at Zacks Research

Leggett & Platt (NYSE:LEG) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday,Zacks.com reports.

Several other research analysts have also weighed in on LEG. Truist Financial lowered their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research report on Friday, May 8th. Weiss Ratings upgraded shares of Leggett & Platt from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 1st. Finally, Wall Street Zen lowered shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and an average target price of $11.33.

Leggett & Platt Trading Down 3.3%

Shares of LEG opened at $9.17 on Thursday. The company has a current ratio of 2.33, a quick ratio of 1.45 and a debt-to-equity ratio of 1.44. The firm’s 50-day moving average is $10.41 and its two-hundred day moving average is $10.84. Leggett & Platt has a twelve month low of $7.86 and a twelve month high of $13.00. The firm has a market capitalization of $1.25 billion, a P/E ratio of 5.69 and a beta of 0.75.

Leggett & Platt (NYSE:LEG) last issued its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.11). Leggett & Platt had a return on equity of 12.62% and a net margin of 5.69%.The company had revenue of $918.20 million for the quarter, compared to analyst estimates of $946.79 million. During the same quarter in the previous year, the company posted $0.24 earnings per share. The company’s quarterly revenue was down 10.2% compared to the same quarter last year. On average, research analysts predict that Leggett & Platt will post 0.97 earnings per share for the current fiscal year.

Institutional Trading of Leggett & Platt

Several large investors have recently modified their holdings of the business. Rangeley Capital LLC grew its position in shares of Leggett & Platt by 56.7% in the first quarter. Rangeley Capital LLC now owns 213,000 shares of the company’s stock valued at $2,104,000 after purchasing an additional 77,070 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Leggett & Platt by 10.1% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 401,513 shares of the company’s stock valued at $3,967,000 after purchasing an additional 36,699 shares during the last quarter. Gabelli Funds LLC acquired a new stake in shares of Leggett & Platt in the first quarter valued at approximately $741,000. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in shares of Leggett & Platt in the first quarter valued at approximately $659,000. Finally, Capula Management Ltd purchased a new position in shares of Leggett & Platt during the first quarter valued at approximately $784,000. 64.23% of the stock is currently owned by institutional investors and hedge funds.

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.