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Zacks Investment Research upgraded shares of Leggett & Platt (NYSE:LEG) from a sell rating to a hold rating in a research note issued to investors on Monday, October 1st.
According to Zacks, “Leggett’s dismal sales surprise history is a key concern with sales lagging estimates in four consecutive quarters and negative earnings surprise in three of the last four quarters. Results continue to be hurt by volatility in raw material prices, particularly steel. Further, the company expects margin pressures due to steel costs inflation to continue in the second quarter. The company cut its earnings view for 2018. Earnings estimates for 2018 and 2019 have remained stable over the past 60 days, limiting upside potential for the stock. However, Leggett remains encouraged by its strategies to enhance business portfolio, disciplined capital allocation and progress on long-term goals. By 2020, it intends to achieve its top-third TSR target through revenue growth, margin enhancement and shareholder-friendly moves.”
Separately, ValuEngine raised shares of Leggett & Platt from a sell rating to a hold rating in a research report on Wednesday, August 22nd. One equities research badyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $48.20.
NYSE:LEG opened at $38.28 on Monday. Leggett & Platt has a 12 month low of $38.11 and a 12 month high of $51.99. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.90 and a quick ratio of 1.23. The stock has a market capitalization of $5.11 billion, a PE ratio of 15.56, a P/E/G ratio of 1.40 and a beta of 0.83.
Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Thursday, July 26th. The company reported $0.63 earnings per share (EPS) for the quarter, beating badysts’ consensus estimates of $0.61 by $0.02. Leggett & Platt had a net margin of 6.83% and a return on equity of 27.73%. The company had revenue of $1.10 billion during the quarter, compared to badysts’ expectations of $1.09 billion. During the same period last year, the company posted $0.64 EPS. Leggett & Platt’s revenue was up 11.4% on a year-over-year basis. As a group, research badysts forecast that Leggett & Platt will post 2.62 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Monday, September 24th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, September 21st. This represents a $1.52 dividend on an annualized basis and a yield of 3.97%. Leggett & Platt’s dividend payout ratio is currently 61.79%.
In other Leggett & Platt news, insider Matthew C. Flanigan sold 15,672 shares of the firm’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $46.00, for a total transaction of $720,912.00. Following the completion of the sale, the insider now directly owns 116,341 shares in the company, valued at approximately $5,351,686. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Matthew C. Flanigan sold 29,248 shares of the firm’s stock in a transaction dated Monday, July 30th. The shares were sold at an average price of $44.09, for a total transaction of $1,289,544.32. Following the sale, the insider now owns 115,039 shares of the company’s stock, valued at $5,072,069.51. The disclosure for this sale can be found here. 1.52% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the company. Federated Investors Inc. PA bought a new stake in shares of Leggett & Platt in the first quarter worth approximately $138,000. Moneta Group Investment Advisors LLC grew its stake in shares of Leggett & Platt by 159.2% in the second quarter. Moneta Group Investment Advisors LLC now owns 3,175 shares of the company’s stock worth $142,000 after acquiring an additional 1,950 shares during the period. Hilltop Holdings Inc. bought a new stake in shares of Leggett & Platt in the first quarter worth approximately $200,000. Osborn Williams & Donohoe LLC bought a new stake in shares of Leggett & Platt in the second quarter worth approximately $201,000. Finally, Signition LP bought a new stake in shares of Leggett & Platt in the second quarter worth approximately $213,000. Hedge funds and other institutional investors own 77.71% of the company’s stock.
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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