Leggett & Platt (NYSE:LEG) Hits New 52-Week High After Better-Than-Expected Earnings

Leggett & Platt, Incorporated (NYSE:LEG) shares hit a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $53.55 and last traded at $53.43, with a volume of 12087 shares. The stock had previously closed at $50.90.

The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.22. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Leggett & Platt had a return on equity of 21.93% and a net margin of 5.45%. Leggett & Platt’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 earnings per share.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 15th. Stockholders of record on Tuesday, June 15th will be given a dividend of $0.42 per share. This is a boost from Leggett & Platt’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 3.12%. Leggett & Platt’s dividend payout ratio is currently 62.26%.

Several research firms have recently weighed in on LEG. Zacks Investment Research cut Leggett & Platt from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a research report on Tuesday, April 20th. Raymond James cut Leggett & Platt from a “strong-buy” rating to an “outperform” rating and set a $48.00 price target for the company. in a research report on Wednesday, February 10th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $45.80.

In other Leggett & Platt news, Director Phoebe A. Wood sold 10,346 shares of Leggett & Platt stock in a transaction on Thursday, February 18th. The stock was sold at an average price of $41.42, for a total value of $428,531.32. Following the completion of the transaction, the director now directly owns 48,257 shares of the company’s stock, valued at approximately $1,998,804.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.53% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of LEG. Pacer Advisors Inc. grew its position in Leggett & Platt by 258.9% during the 4th quarter. Pacer Advisors Inc. now owns 34,584 shares of the company’s stock worth $1,532,000 after acquiring an additional 24,947 shares during the last quarter. Mork Capital Management LLC acquired a new position in shares of Leggett & Platt in the 4th quarter valued at about $1,001,000. Creative Planning lifted its stake in shares of Leggett & Platt by 38.9% in the 4th quarter. Creative Planning now owns 24,605 shares of the company’s stock valued at $1,090,000 after purchasing an additional 6,896 shares during the period. The Manufacturers Life Insurance Company raised its stake in Leggett & Platt by 6.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 154,920 shares of the company’s stock worth $6,863,000 after buying an additional 9,966 shares during the period. Finally, Sawtooth Solutions LLC raised its stake in Leggett & Platt by 391.8% during the 4th quarter. Sawtooth Solutions LLC now owns 27,053 shares of the company’s stock worth $1,198,000 after buying an additional 21,552 shares during the period. Institutional investors own 71.88% of the company’s stock.

The stock has a market capitalization of $7.18 billion, a PE ratio of 31.71, a P/E/G ratio of 1.71 and a beta of 1.42. The company has a quick ratio of 0.98, a current ratio of 1.60 and a debt-to-equity ratio of 1.47. The firm has a 50 day moving average price of $47.93 and a 200 day moving average price of $44.52.

About Leggett & Platt (NYSE:LEG)

Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, specialty foams, private label finished mattresses, mattress foundations, wire forms for adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to shape wires into innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.

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