Gabelli Comments on Leggett & Platt, Inc.’s FY2019 Earnings (LEG)
Leggett & Platt, Inc. (NYSE:LEG) – Investment analysts at Gabelli decreased their FY2019 earnings per share estimates for shares of Leggett & Platt in a research note issued to investors on Monday, November 12th. Gabelli analyst J. Bergner now anticipates that the company will earn $2.70 per share for the year, down from their previous estimate of $2.75. Gabelli also issued estimates for Leggett & Platt’s FY2020 earnings at $2.85 EPS and FY2021 earnings at $3.05 EPS.
Several other equities analysts have also commented on the stock. TheStreet lowered shares of Leggett & Platt from a “b-” rating to a “c+” rating in a report on Friday, October 26th. ValuEngine lowered shares of Leggett & Platt from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Zacks Investment Research raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Monday, October 1st. Raymond James lowered shares of Leggett & Platt from a “strong-buy” rating to an “outperform” rating and set a $44.00 target price on the stock. in a report on Monday, October 29th. Finally, SunTrust Banks decreased their price target on shares of Leggett & Platt to $40.00 and set an “outperform” rating on the stock in a report on Tuesday, October 30th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Leggett & Platt has an average rating of “Hold” and a consensus target price of $46.17.
Leggett & Platt (NYSE:LEG) last released its earnings results on Thursday, October 25th. The company reported $0.67 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.05). Leggett & Platt had a net margin of 6.87% and a return on equity of 28.37%. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.10 billion.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Friday, December 14th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Thursday, December 13th. Leggett & Platt’s dividend payout ratio (DPR) is presently 61.79%.
In related news, insider Matthew C. Flanigan sold 15,672 shares of Leggett & Platt stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $46.00, for a total transaction of $720,912.00. Following the sale, the insider now directly owns 116,341 shares of the company’s stock, valued at approximately $5,351,686. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.52% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Girard Partners LTD. acquired a new stake in Leggett & Platt during the 3rd quarter worth approximately $100,000. FNY Investment Advisers LLC acquired a new stake in Leggett & Platt during the 3rd quarter worth approximately $132,000. Moneta Group Investment Advisors LLC boosted its position in Leggett & Platt by 159.2% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 3,175 shares of the company’s stock worth $142,000 after buying an additional 1,950 shares during the period. Confluence Wealth Management LLC acquired a new stake in Leggett & Platt during the 2nd quarter worth approximately $213,000. Finally, Signition LP acquired a new stake in Leggett & Platt during the 2nd quarter worth approximately $213,000. Institutional investors and hedge funds own 76.87% of the company’s stock.
About Leggett & Platt
Leggett & Platt, Incorporated designs and produces various engineered components and products worldwide. It operates through four segments: Residential Products, Furniture Products, Industrial Products, and Specialized Products. The Residential Products segment offers innersprings, wire forms, and machines to shape wire into various types of springs; industrial sewing/finishing machines, conveyor lines, mattress packaging, and glue-drying equipment, as well as quilting machines; and structural fabrics, carpet cushions, and geo components.
See Also: Fiduciary
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