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

Leggett & Platt (NYSE:LEG) announced its quarterly earnings results on Thursday. The company reported $0.39 earnings per share for the quarter, beating 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 13.31% and a net margin of 5.64%.The business’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter last year, the business posted $0.30 earnings per share.

Leggett & Platt Stock Up 0.1%

LEG opened at $9.61 on Friday. Leggett & Platt has a 12 month low of $8.32 and a 12 month high of $13.00. The business has a 50-day moving average of $10.76 and a two-hundred day moving average of $10.87. The company has a debt-to-equity ratio of 1.38, a current ratio of 2.35 and a quick ratio of 1.45. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 6.16 and a beta of 0.73.

Leggett & Platt Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 10th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Monday, August 10th. Leggett & Platt’s dividend payout ratio (DPR) is presently 12.42%.

Analyst Ratings Changes

A number of brokerages recently commented on LEG. Zacks Research raised shares of Leggett & Platt from a “strong sell” rating to a “hold” rating in a research note on Monday, July 20th. Weiss Ratings cut shares of Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. Finally, Truist Financial reduced their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Friday, May 8th. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat, Leggett & Platt has a consensus rating of “Hold” and a consensus price target of $11.33.

Institutional Investors Weigh In On Leggett & Platt

Several hedge funds have recently modified their holdings of the stock. Jones Financial Companies Lllp raised its holdings in Leggett & Platt by 8.4% in the 1st quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock valued at $116,000 after acquiring an additional 1,132 shares in the last quarter. Brooklyn Investment Group grew 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 purchasing an additional 1,484 shares in the last quarter. EP Wealth Advisors LLC increased its position in shares of Leggett & Platt by 5.8% during the second quarter. EP Wealth Advisors LLC now owns 34,859 shares of the company’s stock valued at $311,000 after purchasing an additional 1,912 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Leggett & Platt by 0.6% during 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 purchasing an additional 2,070 shares during the period. Finally, Bayesian Capital Management LP increased its position in shares of Leggett & Platt by 13.4% during the second quarter. Bayesian Capital Management LP now owns 22,866 shares of the company’s stock valued at $204,000 after purchasing an additional 2,700 shares during the period. 64.23% of the stock is owned by institutional investors and hedge funds.

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.