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

Key Points

• Leggett & Platt beat earnings expectations: Quarterly EPS was $0.39, $0.13 above consensus, while revenue reached $999.7 million, exceeding estimates by about $16.8 million. However, revenue declined 5.5% year over year.
• The stock fell 5.6% to $9.68 after the results, with shares trading near the lower end of their 52-week range. Analysts maintain a consensus “Hold” rating and an $11.33 price target.
• The company declared a quarterly dividend of $0.05, equivalent to $0.20 annually and a 2.1% yield; institutional investors own 64.23% of the outstanding shares.

Leggett & Platt (NYSE:LEG - Get Free Report) posted its earnings results on Thursday. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.26 by $0.13, FiscalAI reports. Leggett & Platt had a return on equity of 12.62% and a net margin of 5.69%.The company had revenue of $999.70 million for the quarter, compared to the consensus estimate of $982.86 million. During the same quarter in the prior year, the business earned $0.30 earnings per share. The firm's revenue for the quarter was down 5.5% on a year-over-year basis.

Leggett & Platt Trading Down 5.6%

NYSE LEG traded down $0.57 on Thursday, reaching $9.68. The company had a trading volume of 2,429,439 shares, compared to its average volume of 1,900,890. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 6.01 and a beta of 0.73. The company has a debt-to-equity ratio of 1.44, a current ratio of 2.33 and a quick ratio of 1.45. Leggett & Platt has a fifty-two week low of $8.32 and a fifty-two week high of $13.00. The business has a 50 day moving average of $10.77 and a two-hundred day moving average of $10.88.

Leggett & Platt Announces Dividend

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

Analyst Ratings Changes

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

Institutional Investors Weigh In On Leggett & Platt

Institutional investors and hedge funds have recently made changes to their positions in the stock. Lazard Asset Management LLC acquired a new position in Leggett & Platt in the fourth quarter valued at $11,297,000. Towle & Co. bought a new position in Leggett & Platt in the fourth quarter worth approximately $10,484,000. Forest Avenue Capital Management LP lifted its holdings in shares of Leggett & Platt by 208.4% in the 4th quarter. Forest Avenue Capital Management LP now owns 1,233,534 shares of the company's stock worth $13,569,000 after purchasing an additional 833,534 shares in the last quarter. Quantinno Capital Management LP increased its position in shares of Leggett & Platt by 208.2% during the second quarter. Quantinno Capital Management LP now owns 1,143,164 shares of the company's stock worth $10,197,000 after acquiring an additional 772,263 shares in the last quarter. Finally, Bridgeway Capital Management LLC bought a new position in Leggett & Platt in the 3rd quarter valued at about $5,236,000. 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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