Leggett & Platt (NYSE:LEG) Issues Earnings Results

Leggett & Platt (NYSE:LEG) released its quarterly earnings results on Tuesday. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01), RTT News reports. Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the company earned $0.39 earnings per share. Leggett & Platt’s quarterly revenue was down 9.6% compared to the same quarter last year. Leggett & Platt updated its FY24 guidance to $1.05-$1.35 EPS and its FY 2024 guidance to 1.050-1.350 EPS.

Leggett & Platt Trading Up 2.9 %

Shares of NYSE:LEG traded up $0.39 on Friday, hitting $13.95. 3,955,941 shares of the company’s stock were exchanged, compared to its average volume of 1,888,496. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of -12.03 and a beta of 1.19. Leggett & Platt has a 12 month low of $11.02 and a 12 month high of $33.11. The business’s 50 day simple moving average is $18.76 and its two-hundred day simple moving average is $22.15. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.57 and a quick ratio of 0.84.

Leggett & Platt Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend is Friday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is presently -158.62%.

Insiders Place Their Bets

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of Leggett & Platt stock in a transaction that occurred on Thursday, May 2nd. The stock was bought at an average price of $13.39 per share, with a total value of $133,900.00. Following the completion of the purchase, the executive vice president now directly owns 41,535 shares of the company’s stock, valued at approximately $556,153.65. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.57% of the company’s stock.

Wall Street Analyst Weigh In

LEG has been the subject of several recent research reports. Truist Financial cut their price target on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a report on Friday. Piper Sandler lowered their price objective on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday. TheStreet cut Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. StockNews.com lowered shares of Leggett & Platt from a “hold” rating to a “sell” rating in a report on Monday, March 11th. Finally, The Goldman Sachs Group dropped their price objective on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.33.

Leggett & Platt Company Profile

Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.