Leggett & Platt, Incorporated (NYSE:LEG) Plans Quarterly Dividend of $0.05

Key Points

• Leggett & Platt declared a quarterly dividend of $0.05 per share, payable August 24 to shareholders of record on August 10; the annualized dividend is $0.20, representing a 2.0% yield.
• The dividend appears well covered, with a payout ratio of 16.3% and an expected future payout ratio of 19.4%, although payments have declined by an average of 0.3% annually over the past three years.
• The company’s latest quarterly results fell short of expectations, with EPS of $0.15 versus the $0.26 consensus and revenue down 10.2% year over year. Analysts maintain an average Hold rating and an $11.33 target price.

Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report) declared a quarterly dividend on Thursday, July 30th. Shareholders of record on Monday, August 10th will be paid a dividend of 0.05 per share on Monday, August 24th. This represents a c) dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Monday, August 10th.

Leggett & Platt has decreased its dividend payment by an average of 0.3%annually over the last three years. Leggett & Platt has a dividend payout ratio of 16.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Leggett & Platt to earn $1.03 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 19.4%.

Leggett & Platt Price Performance

Shares of NYSE:LEG traded down $0.27 on Thursday, hitting $10.01. The company's stock had a trading volume of 1,879,742 shares, compared to its average volume of 2,384,537. The company has a market capitalization of $1.37 billion, a PE ratio of 6.21 and a beta of 0.71. The company has a debt-to-equity ratio of 1.44, a current ratio of 2.33 and a quick ratio of 1.45. The company has a 50-day simple moving average of $10.79 and a 200 day simple moving average of $10.98. Leggett & Platt has a 1 year low of $7.86 and a 1 year high of $13.00.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.11). The business had revenue of $918.20 million for the quarter, compared to analysts' expectations of $946.79 million. Leggett & Platt had a return on equity of 12.62% and a net margin of 5.69%.The firm's revenue for the quarter was down 10.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 EPS. Sell-side analysts forecast that Leggett & Platt will post 0.9 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Weiss Ratings lowered shares of Leggett & Platt from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday. Zacks Research raised shares of Leggett & Platt from a "strong sell" rating to a "hold" rating in a report on Monday, July 20th. Finally, Truist Financial cut their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a "hold" rating for the company in a research report on Friday, May 8th. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price 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.

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