Leggett & Platt (NYSE:LEG) Posts Earnings Results

Key Points

• Earnings miss: Leggett & Platt reported Q EPS of $0.15 versus analysts' $0.26 estimate and revenue of $918.2M versus $946.8M expected, with revenue down 10.2% year‑over‑year.
• Sharp stock drop: The shares fell about 9.4% to $10.31 on heavy volume after the results, leaving the company with a market cap near $1.41 billion and a P/E of 6.1.
• Dividend and outlook: The firm paid a $0.05 quarterly dividend (annualized $0.20, ~1.9% yield) while analysts maintain an average rating of "Hold" with a $11.67 consensus price target.

Leggett & Platt (NYSE:LEG - Get Free Report) issued its quarterly earnings results on Thursday. The company reported $0.15 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.11), FiscalAI reports. 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 15.00% and a net margin of 5.80%.The company's revenue for the quarter was down 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.24 EPS.

Leggett & Platt Trading Down 9.4%

LEG traded down $1.07 during trading on Thursday, hitting $10.31. 5,712,476 shares of the company's stock were exchanged, compared to its average volume of 4,390,905. Leggett & Platt has a 1 year low of $7.86 and a 1 year high of $13.00. The stock has a 50 day moving average price of $10.64 and a 200 day moving average price of $10.84. The firm has a market cap of $1.41 billion, a P/E ratio of 6.10 and a beta of 0.75. The company has a current ratio of 2.25, a quick ratio of 1.45 and a debt-to-equity ratio of 1.46.

Leggett & Platt Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Friday, March 13th were issued a $0.05 dividend. The ex-dividend date was Friday, March 13th. This represents a $0.20 annualized dividend and a yield of 1.9%. Leggett & Platt's dividend payout ratio (DPR) is presently 11.83%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Weiss Ratings upgraded Leggett & Platt from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, May 1st. Wall Street Zen cut Leggett & Platt from a "buy" rating to a "hold" rating in a report on Saturday, February 21st. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Leggett & Platt presently has an average rating of "Hold" and a consensus price target of $11.67.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Palisade Asset Management LLC purchased a new stake in shares of Leggett & Platt during the 3rd quarter valued at about $29,000. Advisory Services Network LLC acquired a new position in shares of Leggett & Platt during the third quarter worth $51,000. Captrust Financial Advisors purchased a new position in shares of Leggett & Platt in the second quarter valued at $91,000. PDT Partners LLC acquired a new stake in Leggett & Platt during the 2nd quarter valued at $94,000. Finally, Freestone Grove Partners LP acquired a new position in shares of Leggett & Platt in the third quarter worth about $98,000. Institutional investors and hedge funds own 64.23% of the company's stock.

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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