Leggett & Platt (NYSE:LEG) Releases Earnings Results

Leggett & Platt (NYSE:LEG) released its earnings results on Tuesday. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01), RTT News reports. Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 10.84%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the firm earned $0.39 EPS. The firm’s revenue was down 9.6% on a year-over-year basis. 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 Stock Performance

Shares of NYSE:LEG traded down $0.16 during midday trading on Thursday, reaching $13.09. The company had a trading volume of 742,732 shares, compared to its average volume of 1,803,845. Leggett & Platt has a 52-week low of $11.02 and a 52-week high of $33.11. The company’s 50 day moving average price is $18.90 and its 200 day moving average price is $22.21. The company has a current ratio of 1.49, a quick ratio of 0.84 and a debt-to-equity ratio of 1.26. The stock has a market cap of $1.75 billion, a P/E ratio of -11.44 and a beta of 1.19.

Leggett & Platt Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Friday, June 14th. Leggett & Platt’s payout ratio is -158.62%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. TheStreet cut Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. Truist Financial dropped their price target on shares of Leggett & Platt from $18.00 to $16.00 and set a “hold” rating on the stock in a research report on Tuesday, March 26th. StockNews.com cut Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Monday, March 11th. Finally, Piper Sandler cut their price objective on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday. Two investment analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $17.67.

About Leggett & Platt

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.