Leggett & Platt (NYSE:LEG) Posts Earnings Results, Beats Estimates By $0.13 EPS

Leggett & Platt (NYSE:LEG) issued its earnings results on Thursday. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.13, FiscalAI reports. The business had revenue of $999.70 million during the quarter, compared to analysts’ expectations of $982.86 million. Leggett & Platt had a return on equity of 12.62% and a net margin of 5.69%.Leggett & Platt’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.30 EPS.

Leggett & Platt Stock Down 0.1%

Shares of NYSE LEG traded down $0.01 during trading hours on Friday, hitting $9.60. The company had a trading volume of 430,334 shares, compared to its average volume of 2,355,352. The stock has a market capitalization of $1.31 billion, a P/E ratio of 5.95 and a beta of 0.73. The company has a quick ratio of 1.45, a current ratio of 2.33 and a debt-to-equity ratio of 1.44. Leggett & Platt has a 1-year low of $8.32 and a 1-year high of $13.00. The firm’s 50 day moving average is $10.77 and its 200-day moving average is $10.88.

Leggett & Platt Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be paid a dividend of $0.05 per share. The ex-dividend date is Monday, August 10th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.1%. Leggett & Platt’s dividend payout ratio is currently 12.42%.

Institutional Trading of Leggett & Platt

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its holdings in shares of Leggett & Platt by 8.4% in the 1st quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock worth $116,000 after buying an additional 1,132 shares during the last quarter. Brooklyn Investment Group lifted its holdings in shares of Leggett & Platt by 3.6% during the 4th quarter. Brooklyn Investment Group now owns 42,539 shares of the company’s stock worth $468,000 after acquiring an additional 1,484 shares during the last quarter. EP Wealth Advisors LLC grew its position in Leggett & Platt by 5.8% in the second quarter. EP Wealth Advisors LLC now owns 34,859 shares of the company’s stock worth $311,000 after acquiring an additional 1,912 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Leggett & Platt by 0.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 329,909 shares of the company’s stock valued at $3,629,000 after acquiring an additional 2,070 shares during the last quarter. Finally, Bayesian Capital Management LP increased its stake in Leggett & Platt by 13.4% in the second quarter. Bayesian Capital Management LP now owns 22,866 shares of the company’s stock valued at $204,000 after acquiring an additional 2,700 shares during the last quarter. 64.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on LEG shares. Zacks Research upgraded Leggett & Platt from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. Truist Financial cut their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Finally, Weiss Ratings downgraded shares of Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $11.33.

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.