Brokerages Anticipate Leggett & Platt, Inc. (LEG) Will Post Quarterly Sales of $960.27 Million
Brokerages expect that Leggett & Platt, Inc. (NYSE:LEG) will report $960.27 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Leggett & Platt’s earnings, with estimates ranging from $942.8 million to $979 million. Leggett & Platt reported sales of $938.4 million in the same quarter last year, which indicates a positive year-over-year growth rate of 2.3%. The firm is expected to report its next quarterly earnings report after the market closes on Thursday, April 27th.
On average, analysts expect that Leggett & Platt will report full-year sales of $960.27 million for the current fiscal year, with estimates ranging from $3.9 billion to $3.97 billion. For the next year, analysts anticipate that the business will post sales of $4.14 billion per share, with estimates ranging from $4.09 billion to $4.2 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Leggett & Platt.
Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Monday, January 30th. The company reported $0.53 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.05. Leggett & Platt had a net margin of 10.29% and a return on equity of 32.02%. The company earned $903.70 million during the quarter, compared to analyst estimates of $921.94 million. During the same period in the previous year, the firm posted $0.64 earnings per share. The company’s revenue was down 4.3% compared to the same quarter last year.
A number of research firms have recently weighed in on LEG. Zacks Investment Research cut Leggett & Platt from a “hold” rating to a “sell” rating in a report on Wednesday. Stifel Nicolaus boosted their price target on Leggett & Platt from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Monday, April 3rd. Finally, Raymond James Financial, Inc. raised Leggett & Platt from a “market perform” rating to a “strong-buy” rating and set a $54.00 price target for the company in a report on Wednesday, February 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a strong buy rating to the company. Leggett & Platt presently has an average rating of “Hold” and a consensus target price of $54.25.
Shares of Leggett & Platt (NYSE:LEG) traded up 0.55% on Wednesday, reaching $51.38. The company’s stock had a trading volume of 170,859 shares. The stock has a 50-day moving average price of $50.08 and a 200-day moving average price of $48.42. The company has a market capitalization of $6.97 billion, a price-to-earnings ratio of 18.64 and a beta of 1.02. Leggett & Platt has a 1-year low of $44.02 and a 1-year high of $54.62.
The business also recently declared a quarterly dividend, which was paid on Thursday, April 13th. Stockholders of record on Wednesday, March 15th were issued a $0.34 dividend. The ex-dividend date of this dividend was Monday, March 13th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.66%. Leggett & Platt’s dividend payout ratio (DPR) is 49.28%.
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In other news, insider Karl G. Glassman sold 79,772 shares of the business’s stock in a transaction on Monday, February 6th. The stock was sold at an average price of $48.74, for a total value of $3,888,087.28. Following the completion of the transaction, the insider now directly owns 416,860 shares of the company’s stock, valued at $20,317,756.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider J Mitchell Dolloff sold 20,000 shares of the business’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $49.05, for a total value of $981,000.00. Following the completion of the transaction, the insider now directly owns 74,916 shares of the company’s stock, valued at $3,674,629.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 188,150 shares of company stock valued at $9,165,661. Insiders own 3.92% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement Association of Colorado boosted its position in Leggett & Platt by 0.4% in the third quarter. Public Employees Retirement Association of Colorado now owns 4,273 shares of the company’s stock worth $195,000 after buying an additional 18 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Leggett & Platt by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,663 shares of the company’s stock worth $375,000 after buying an additional 29 shares during the period. Chesley Taft & Associates LLC boosted its position in Leggett & Platt by 0.3% in the first quarter. Chesley Taft & Associates LLC now owns 14,825 shares of the company’s stock worth $746,000 after buying an additional 50 shares during the period. Municipal Employees Retirement System of Michigan boosted its position in Leggett & Platt by 0.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 23,110 shares of the company’s stock worth $1,053,000 after buying an additional 80 shares during the period. Finally, Advantus Capital Management Inc boosted its position in Leggett & Platt by 0.8% in the third quarter. Advantus Capital Management Inc now owns 13,121 shares of the company’s stock worth $598,000 after buying an additional 101 shares during the period. 69.01% of the stock is owned by institutional investors.
Leggett & Platt Company Profile
Leggett & Platt, Incorporated is a manufacturer that conceives, designs and produces a range of engineered components and products found in homes, offices and automobiles. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products.
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