Leggett & Platt (NYSE:LEG) Shares Gap Up on Earnings Beat

Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report)'s stock price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $7.27, but opened at $8.88. Leggett & Platt shares last traded at $8.91, with a volume of 1,140,459 shares traded.

The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.02 billion. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. Leggett & Platt's quarterly revenue was down 6.8% on a year-over-year basis. During the same period last year, the company earned $0.23 earnings per share.

Leggett & Platt Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 2.11%. The ex-dividend date was Friday, March 14th. Leggett & Platt's payout ratio is -5.35%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on LEG shares. Truist Financial dropped their price objective on Leggett & Platt from $13.00 to $11.00 and set a "hold" rating on the stock in a research note on Wednesday, January 29th. Piper Sandler reiterated a "neutral" rating and set a $9.00 price target (down previously from $12.00) on shares of Leggett & Platt in a report on Friday, April 11th. Finally, The Goldman Sachs Group upped their price objective on Leggett & Platt from $8.00 to $9.00 and gave the company a "neutral" rating in a research note on Wednesday.

Institutional Investors Weigh In On Leggett & Platt

Hedge funds have recently bought and sold shares of the stock. Ballentine Partners LLC bought a new position in shares of Leggett & Platt during the first quarter worth approximately $165,000. Allworth Financial LP lifted its holdings in shares of Leggett & Platt by 99.5% during the first quarter. Allworth Financial LP now owns 21,980 shares of the company's stock worth $163,000 after buying an additional 10,963 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Leggett & Platt by 2.5% in the first quarter. Principal Financial Group Inc. now owns 667,662 shares of the company's stock valued at $5,281,000 after acquiring an additional 16,458 shares during the period. Mutual Advisors LLC grew its stake in shares of Leggett & Platt by 55.1% in the first quarter. Mutual Advisors LLC now owns 106,106 shares of the company's stock valued at $774,000 after acquiring an additional 37,715 shares in the last quarter. Finally, Teacher Retirement System of Texas bought a new position in Leggett & Platt during the first quarter worth about $155,000. 64.23% of the stock is currently owned by institutional investors and hedge funds.

Leggett & Platt Stock Down 2.3 %

The firm's 50 day simple moving average is $7.95 and its two-hundred day simple moving average is $9.97. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of -2.55 and a beta of 0.98. The company has a current ratio of 2.00, a quick ratio of 1.14 and a debt-to-equity ratio of 2.70.

Leggett & Platt Company Profile

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.