Leggett & Platt (NYSE:LEG) Issues Earnings Results

Leggett & Platt (NYSE:LEG) issued its quarterly earnings results on Thursday. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.13, FiscalAI reports. Leggett & Platt had a return on equity of 12.62% and a net margin of 5.69%.The firm had revenue of $999.70 million for the quarter, compared to analysts’ expectations of $982.86 million. During the same quarter in the prior year, the firm earned $0.30 EPS. The business’s revenue for the quarter was down 5.5% compared to the same quarter last year.

Leggett & Platt Trading Down 5.6%

LEG stock traded down $0.57 during trading on Thursday, reaching $9.68. The company had a trading volume of 2,429,439 shares, compared to its average volume of 1,900,890. Leggett & Platt has a 52 week low of $8.32 and a 52 week high of $13.00. The business has a 50 day moving average of $10.77 and a 200 day moving average of $10.88. The company has a debt-to-equity ratio of 1.44, a current ratio of 2.33 and a quick ratio of 1.45. The company has a market cap of $1.32 billion, a P/E ratio of 6.01 and a beta of 0.73.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be given a dividend of $0.05 per share. The ex-dividend date is Monday, August 10th. This represents a $0.20 annualized dividend and a dividend yield of 2.1%. Leggett & Platt’s payout ratio is currently 12.42%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on LEG. Weiss Ratings lowered Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Zacks Research upgraded Leggett & Platt from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Finally, Truist Financial cut their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat, Leggett & Platt currently has an average rating of “Hold” and an average price target of $11.33.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Royal Bank of Canada increased its position in Leggett & Platt by 59.5% during the 1st quarter. Royal Bank of Canada now owns 47,054 shares of the company’s stock valued at $372,000 after buying an additional 17,561 shares in the last quarter. Jones Financial Companies Lllp lifted its position in Leggett & Platt by 8.4% during the first quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock valued at $116,000 after purchasing an additional 1,132 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Leggett & Platt by 3.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 454,096 shares of the company’s stock worth $3,592,000 after buying an additional 13,187 shares during the last quarter. Jane Street Group LLC boosted its position in Leggett & Platt by 36.3% in the first quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock worth $9,298,000 after purchasing an additional 312,840 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in Leggett & Platt by 113.5% during the first quarter. Acadian Asset Management LLC now owns 109,638 shares of the company’s stock valued at $866,000 after buying an additional 58,292 shares during the period. 64.23% of the stock is currently owned by institutional investors.

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.