Piper Jaffray Companies Reiterates Buy Rating for Leggett & Platt, Incorporated (NYSE:LEG)

Piper Jaffray Companies reissued their buy rating on shares of Leggett & Platt, Incorporated (NYSE:LEG) in a research note issued to investors on Friday, July 14th. The brokerage currently has a $59.00 price target on the stock.

A number of other research firms have also recently weighed in on LEG. BidaskClub raised shares of Leggett & Platt, from a hold rating to a buy rating in a research note on Saturday, June 17th. Zacks Investment Research cut shares of Leggett & Platt, from a hold rating to a sell rating in a research note on Wednesday, April 19th. Credit Suisse Group initiated coverage on shares of Leggett & Platt, in a research note on Thursday, June 22nd. They set a neutral rating and a $56.00 target price on the stock. Stifel Nicolaus boosted their target price on shares of Leggett & Platt, from $48.00 to $52.00 and gave the stock a hold rating in a research note on Monday, April 3rd. Finally, Gabelli initiated coverage on shares of Leggett & Platt, in a research note on Wednesday, June 21st. They set a hold rating and a $53.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $56.88.

Leggett & Platt, (LEG) opened at 46.97 on Friday. The stock has a 50 day moving average price of $51.18 and a 200-day moving average price of $50.86. Leggett & Platt, has a 12-month low of $44.02 and a 12-month high of $54.97. The stock has a market capitalization of $6.21 billion, a P/E ratio of 18.64 and a beta of 0.98.

Leggett & Platt, (NYSE:LEG) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by $0.01. The firm had revenue of $989.30 million during the quarter, compared to the consensus estimate of $1 billion. Leggett & Platt, had a net margin of 9.17% and a return on equity of 31.02%. The business’s revenue was up 3.2% compared to the same quarter last year. During the same period last year, the business earned $0.66 earnings per share. Equities research analysts expect that Leggett & Platt, will post $2.60 EPS for the current year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.36 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.07%. Leggett & Platt,’s dividend payout ratio (DPR) is presently 57.14%.

In related news, insider Matthew C. Flanigan sold 19,589 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $49.58, for a total value of $971,222.62. Following the transaction, the insider now owns 159,522 shares in the company, valued at $7,909,100.76. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.78% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Leggett & Platt, by 3.2% in the first quarter. Vanguard Group Inc. now owns 15,434,519 shares of the company’s stock valued at $776,664,000 after buying an additional 481,689 shares during the last quarter. BlackRock Inc. raised its position in shares of Leggett & Platt, by 0.6% in the second quarter. BlackRock Inc. now owns 12,019,449 shares of the company’s stock valued at $631,381,000 after buying an additional 76,484 shares in the last quarter. Thomaspartners Inc. raised its position in shares of Leggett & Platt, by 8.7% in the first quarter. Thomaspartners Inc. now owns 3,821,679 shares of the company’s stock valued at $192,307,000 after buying an additional 305,900 shares in the last quarter. US Bancorp DE raised its position in shares of Leggett & Platt, by 2.3% in the second quarter. US Bancorp DE now owns 2,038,293 shares of the company’s stock valued at $107,072,000 after buying an additional 46,071 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Leggett & Platt, by 0.9% in the second quarter. Franklin Resources Inc. now owns 1,584,782 shares of the company’s stock valued at $83,249,000 after buying an additional 13,837 shares in the last quarter. Institutional investors and hedge funds own 72.10% of the company’s stock.

About Leggett & Platt,

Leggett & Platt, Incorporated is a manufacturer that conceives, designs and produces a range of engineered components and products found in homes, offices and automobiles. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products.

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