Leggett & Platt (NYSE:LEG) Updates FY24 Earnings Guidance

Leggett & Platt (NYSE:LEG) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.10-1.25 for the period, compared to the consensus earnings per share estimate of $1.11. The company issued revenue guidance of $4.30-4.50 billion, compared to the consensus revenue estimate of $4.43 billion. Leggett & Platt also updated its FY 2024 guidance to 1.100-1.250 EPS.

Leggett & Platt Price Performance

Shares of Leggett & Platt stock traded up $0.13 during mid-day trading on Friday, reaching $13.00. 3,147,216 shares of the stock were exchanged, compared to its average volume of 1,916,592. The company has a market cap of $1.74 billion, a price-to-earnings ratio of -11.21 and a beta of 1.08. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37. The firm has a 50-day simple moving average of $11.86 and a 200 day simple moving average of $16.33. Leggett & Platt has a fifty-two week low of $10.11 and a fifty-two week high of $30.47.

Leggett & Platt (NYSE:LEG) last announced its earnings results on Thursday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.29. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Leggett & Platt had a negative net margin of 18.05% and a positive return on equity of 10.98%. On average, sell-side analysts predict that Leggett & Platt will post 1.11 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. The Goldman Sachs Group reduced their price objective on shares of Leggett & Platt from $14.00 to $12.00 and set a neutral rating on the stock in a research note on Wednesday, July 10th. Truist Financial reduced their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a hold rating on the stock in a research note on Thursday, June 27th. Piper Sandler dropped their target price on shares of Leggett & Platt from $16.00 to $13.00 and set an underweight rating on the stock in a report on Wednesday, May 1st. Finally, StockNews.com downgraded shares of Leggett & Platt from a hold rating to a sell rating in a report on Saturday, July 6th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $12.00.

Insiders Place Their Bets

In related news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of Leggett & Platt stock in a transaction on Thursday, May 30th. The stock was purchased at an average cost of $10.95 per share, with a total value of $109,500.00. Following the completion of the transaction, the executive vice president now directly owns 52,110 shares in the company, valued at approximately $570,604.50. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other Leggett & Platt news, CFO Benjamin Michael Burns bought 3,850 shares of Leggett & Platt stock in a transaction dated Thursday, June 6th. The stock was bought at an average price of $12.20 per share, with a total value of $46,970.00. Following the completion of the transaction, the chief financial officer now owns 81,362 shares in the company, valued at approximately $992,616.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ryan Michael Kleiboeker bought 10,000 shares of Leggett & Platt stock in a transaction dated Thursday, May 30th. The stock was acquired at an average cost of $10.95 per share, with a total value of $109,500.00. Following the transaction, the executive vice president now owns 52,110 shares of the company’s stock, valued at approximately $570,604.50. The disclosure for this purchase can be found here. Insiders purchased a total of 55,635 shares of company stock valued at $639,547 over the last ninety days. 1.57% of the stock is currently owned by company insiders.

About Leggett & Platt

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.