Gabelli Equities Analysts Reduce Earnings Estimates for Leggett & Platt, Inc. (LEG)
Leggett & Platt, Inc. (NYSE:LEG) – Gabelli cut their FY2019 earnings per share estimates for Leggett & Platt in a research note issued to investors on Monday, November 12th. Gabelli analyst J. Bergner now anticipates that the company will post earnings per share of $2.70 for the year, down from their prior forecast of $2.75. Gabelli also issued estimates for Leggett & Platt’s FY2020 earnings at $2.85 EPS and FY2021 earnings at $3.05 EPS.
A number of other equities research analysts have also commented on the stock. Zacks Investment Research reaffirmed a “sell” rating on shares of Leggett & Platt in a research note on Tuesday. SunTrust Banks reduced their price objective on shares of Leggett & Platt to $40.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 30th. TheStreet lowered shares of Leggett & Platt from a “b-” rating to a “c+” rating in a research note on Friday, October 26th. Raymond James lowered shares of Leggett & Platt from a “strong-buy” rating to an “outperform” rating and set a $44.00 price objective on the stock. in a research note on Monday, October 29th. Finally, ValuEngine lowered shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $46.17.
Leggett & Platt (NYSE:LEG) last posted its earnings results on Thursday, October 25th. The company reported $0.67 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.05). Leggett & Platt had a return on equity of 28.37% and a net margin of 6.87%. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.10 billion.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, December 14th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date of this dividend is Thursday, December 13th. Leggett & Platt’s dividend payout ratio is currently 61.79%.
In other news, insider Matthew C. Flanigan sold 15,672 shares of the company’s stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $46.00, for a total value of $720,912.00. Following the sale, the insider now directly owns 116,341 shares of the company’s stock, valued at approximately $5,351,686. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.52% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of LEG. Girard Partners LTD. bought a new position in Leggett & Platt during the third quarter worth $100,000. FNY Investment Advisers LLC bought a new position in Leggett & Platt during the third quarter worth $132,000. Moneta Group Investment Advisors LLC boosted its stake in Leggett & Platt by 159.2% during 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 in the last quarter. TLP Group LLC bought a new position in Leggett & Platt during the third quarter worth $145,000. Finally, Confluence Wealth Management LLC bought a new position in Leggett & Platt during the second quarter worth $213,000. 76.87% of the stock is currently owned by institutional investors and hedge funds.
About Leggett & Platt
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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