Leggett & Platt (NYSE:LEG) Announces Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Leggett & Platt (NYSE:LEG) announced its earnings results on Tuesday. The company reported $0.23 earnings per share 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 business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the business posted $0.39 EPS. Leggett & Platt’s revenue for the quarter 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 Price Performance

NYSE:LEG traded down $0.16 during trading hours on Thursday, hitting $13.09. 742,732 shares of the stock traded hands, compared to its average volume of 1,803,845. The company has a market cap of $1.75 billion, a price-to-earnings ratio of -11.44 and a beta of 1.19. Leggett & Platt has a 1 year low of $11.02 and a 1 year high of $33.11. The stock has a 50 day moving average price of $18.90 and a 200 day moving average price of $22.21. The company has a quick ratio of 0.84, a current ratio of 1.49 and a debt-to-equity ratio of 1.26.

Leggett & Platt Cuts Dividend

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

Analyst Ratings Changes

LEG has been the subject of a number of recent research reports. StockNews.com cut Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Monday, March 11th. TheStreet downgraded shares of Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Truist Financial decreased their target price on shares of Leggett & Platt from $18.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, March 26th. Finally, Piper Sandler lowered their price objective on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average 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.