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

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

Leggett & Platt Stock Performance

LEG stock traded down $0.57 on Thursday, hitting $9.68. The company had a trading volume of 2,429,439 shares, compared to its average volume of 1,900,890. The company has a current ratio of 2.33, a quick ratio of 1.45 and a debt-to-equity ratio of 1.44. Leggett & Platt has a 12-month low of $8.32 and a 12-month high of $13.00. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 6.01 and a beta of 0.73. The stock’s 50-day simple moving average is $10.77 and its 200 day simple moving average is $10.88.

Leggett & Platt Announces Dividend

The business also recently announced 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. The ex-dividend date is Monday, August 10th. This represents a $0.20 annualized dividend and a yield of 2.1%. Leggett & Platt’s dividend payout ratio (DPR) is currently 12.42%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on LEG shares. Weiss Ratings cut Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. Truist Financial cut their target price on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Finally, Zacks Research raised Leggett & Platt from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. Five equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Leggett & Platt presently has a consensus rating of “Hold” and an average price target of $11.33.

Hedge Funds Weigh In On Leggett & Platt

Hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. grew its holdings in shares of Leggett & Platt by 33.8% in the fourth quarter. Invesco Ltd. now owns 1,122,330 shares of the company’s stock worth $12,346,000 after acquiring an additional 283,342 shares during the period. Corient Private Wealth LLC lifted its holdings in Leggett & Platt by 299.2% in the fourth quarter. Corient Private Wealth LLC now owns 282,267 shares of the company’s stock valued at $3,105,000 after acquiring an additional 211,555 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in Leggett & Platt by 72.6% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 53,704 shares of the company’s stock worth $591,000 after purchasing an additional 22,582 shares during the last quarter. Vident Advisory LLC purchased a new position in Leggett & Platt in the fourth quarter worth about $758,000. Finally, EP Wealth Advisors LLC bought a new stake in shares of Leggett & Platt during the 4th quarter valued at about $533,000. 64.23% of the stock is owned by institutional investors.

About Leggett & Platt

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.