Leggett & Platt (NYSE:LEG - Get Free Report) released its quarterly earnings results on Tuesday. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01), RTT News reports. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. Leggett & Platt had a positive return on equity of 11.99% and a negative net margin of 2.90%. Leggett & Platt's revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.39 earnings per share. Leggett & Platt updated its FY24 guidance to $1.05-$1.35 EPS and its FY 2024 guidance to 1.050-1.350 EPS.
Leggett & Platt Trading Down 1.4 %
Shares of NYSE LEG traded down $0.26 during trading on Tuesday, hitting $18.07. 2,268,661 shares of the company traded hands, compared to its average volume of 1,649,207. The firm has a market capitalization of $2.42 billion, a P/E ratio of -18.07 and a beta of 1.17. The company has a quick ratio of 0.84, a current ratio of 1.49 and a debt-to-equity ratio of 1.26. The company has a 50-day moving average price of $19.04 and a 200-day moving average price of $22.28. Leggett & Platt has a 1 year low of $17.19 and a 1 year high of $33.50.
Leggett & Platt Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.11%. Leggett & Platt's dividend payout ratio (DPR) is presently -184.00%.
Analyst Upgrades and Downgrades
LEG has been the subject of several recent analyst reports. TheStreet cut shares of Leggett & Platt from a "c" rating to a "d+" rating in a research note on Monday, March 11th. Truist Financial lowered their price objective on Leggett & Platt from $18.00 to $16.00 and set a "hold" rating for the company in a research report on Tuesday, March 26th. Finally, StockNews.com lowered Leggett & Platt from a "hold" rating to a "sell" rating in a research note on Monday, March 11th. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $19.33.
Check Out Our Latest Report on Leggett & Platt
Leggett & Platt Company Profile
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Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.
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