Leggett & Platt (NYSE:LEG) Releases Earnings Results

Leggett & Platt (NYSE:LEG) posted its quarterly earnings results on Thursday. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.11), FiscalAI reports. The business had revenue of $918.20 million during the quarter, compared to analyst estimates of $946.79 million. Leggett & Platt had a net margin of 5.80% and a return on equity of 15.00%. The company’s quarterly revenue was down 10.2% on a year-over-year basis. During the same period last year, the firm posted $0.24 earnings per share.

Leggett & Platt Price Performance

NYSE LEG traded down $1.07 on Thursday, hitting $10.31. 5,712,476 shares of the company were exchanged, compared to its average volume of 4,390,905. The company has a current ratio of 2.25, a quick ratio of 1.45 and a debt-to-equity ratio of 1.46. The company has a market cap of $1.41 billion, a P/E ratio of 6.10 and a beta of 0.75. Leggett & Platt has a 1-year low of $7.86 and a 1-year high of $13.00. The firm has a 50 day moving average of $10.64 and a two-hundred day moving average of $10.84.

Leggett & Platt Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Friday, March 13th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, March 13th. Leggett & Platt’s payout ratio is currently 11.83%.

Analyst Ratings Changes

LEG has been the subject of a number of recent analyst reports. Wall Street Zen lowered shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Weiss Ratings upgraded Leggett & Platt from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 1st. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Leggett & Platt has a consensus rating of “Hold” and a consensus price target of $11.67.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Lazard Asset Management LLC bought a new position in Leggett & Platt in the 4th quarter valued at $11,297,000. Towle & Co. bought a new stake in Leggett & Platt during the 4th quarter worth about $10,484,000. Forest Avenue Capital Management LP lifted its position in Leggett & Platt by 208.4% during the 4th quarter. Forest Avenue Capital Management LP now owns 1,233,534 shares of the company’s stock valued at $13,569,000 after purchasing an additional 833,534 shares during the period. Quantinno Capital Management LP boosted its stake in shares of Leggett & Platt by 208.2% in the 2nd quarter. Quantinno Capital Management LP now owns 1,143,164 shares of the company’s stock valued at $10,197,000 after purchasing an additional 772,263 shares during the last quarter. Finally, Bridgeway Capital Management LLC bought a new stake in shares of Leggett & Platt during the third quarter worth approximately $5,236,000. Institutional investors own 64.23% of the company’s stock.

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.