Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report)'s share price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. 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 trading hands.
The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the previous year, the business earned $0.23 EPS. The firm's revenue for the quarter was down 6.8% on a year-over-year basis.
Leggett & Platt Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th were issued a dividend of $0.05 per share. The ex-dividend date was Friday, March 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.31%. Leggett & Platt's dividend payout ratio (DPR) is presently -5.36%.
Wall Street Analysts Forecast Growth
A number of research firms have commented on LEG. Truist Financial reduced 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 target price (down from $12.00) on shares of Leggett & Platt in a report on Friday, April 11th. Finally, The Goldman Sachs Group lowered their target price on Leggett & Platt from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, January 14th.
Read Our Latest Report on LEG
Hedge Funds Weigh In On Leggett & Platt
A number of institutional investors have recently modified their holdings of LEG. CIBC Asset Management Inc increased its holdings in Leggett & Platt by 7.7% in the 4th quarter. CIBC Asset Management Inc now owns 13,986 shares of the company's stock worth $134,000 after purchasing an additional 1,001 shares in the last quarter. Sterling Capital Management LLC boosted its position in Leggett & Platt by 17.1% during the 4th quarter. Sterling Capital Management LLC now owns 7,972 shares of the company's stock worth $77,000 after buying an additional 1,163 shares during the period. Oppenheimer & Co. Inc. grew its holdings in Leggett & Platt by 8.9% during the 1st quarter. Oppenheimer & Co. Inc. now owns 24,501 shares of the company's stock worth $194,000 after acquiring an additional 2,000 shares during the last quarter. Swiss National Bank raised its stake in shares of Leggett & Platt by 0.8% during the fourth quarter. Swiss National Bank now owns 263,900 shares of the company's stock valued at $2,533,000 after acquiring an additional 2,100 shares during the last quarter. Finally, Deutsche Bank AG lifted its holdings in Leggett & Platt by 3.2% during the 4th quarter. Deutsche Bank AG now owns 67,319 shares of the company's stock worth $646,000 after buying an additional 2,109 shares during the period. Institutional investors and hedge funds own 64.23% of the company's stock.
Leggett & Platt Stock Performance
The stock has a 50 day moving average of $7.95 and a 200 day moving average of $10.04. The company has a quick ratio of 1.14, a current ratio of 2.00 and a debt-to-equity ratio of 2.70. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of -2.34 and a beta of 0.98.
About Leggett & Platt
(
Get Free Report)
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.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Leggett & Platt, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Leggett & Platt wasn't on the list.
While Leggett & Platt currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
