Zacks: Analysts Expect Leggett & Platt, Incorporated (NYSE:LEG) Will Announce Earnings of $0.71 Per Share

Equities analysts expect that Leggett & Platt, Incorporated (NYSE:LEGGet Rating) will report $0.71 earnings per share for the current quarter, according to Zacks. Three analysts have made estimates for Leggett & Platt’s earnings, with the highest EPS estimate coming in at $0.75 and the lowest estimate coming in at $0.67. Leggett & Platt posted earnings of $0.66 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 7.6%. The firm is expected to announce its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Leggett & Platt will report full year earnings of $2.76 per share for the current year, with EPS estimates ranging from $2.68 to $2.80. For the next fiscal year, analysts expect that the business will post earnings of $2.82 per share, with EPS estimates ranging from $2.70 to $2.94. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that cover Leggett & Platt.

Leggett & Platt (NYSE:LEGGet Rating) last posted its quarterly earnings results on Monday, May 2nd. The company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.10. Leggett & Platt had a net margin of 7.73% and a return on equity of 23.88%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the company earned $0.64 earnings per share.

Several brokerages have recently commented on LEG. TheStreet downgraded shares of Leggett & Platt from a “b-” rating to a “c+” rating in a research note on Friday, March 11th. Piper Sandler reduced their target price on shares of Leggett & Platt from $43.00 to $38.00 and set a “neutral” rating on the stock in a research note on Thursday, April 7th. Zacks Investment Research upgraded shares of Leggett & Platt from a “strong sell” rating to a “hold” rating and set a $39.00 target price on the stock in a research note on Friday, May 6th. Raymond James downgraded shares of Leggett & Platt from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 4th. Finally, StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Tuesday, May 3rd. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $42.33.

A number of hedge funds and other institutional investors have recently modified their holdings of LEG. BlackRock Inc. raised its holdings in Leggett & Platt by 2.9% during the 1st quarter. BlackRock Inc. now owns 14,575,438 shares of the company’s stock worth $507,226,000 after purchasing an additional 406,267 shares during the last quarter. State Street Corp raised its stake in shares of Leggett & Platt by 35.5% during the first quarter. State Street Corp now owns 14,506,308 shares of the company’s stock worth $510,661,000 after buying an additional 3,803,469 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Leggett & Platt by 5.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,879,061 shares of the company’s stock valued at $169,791,000 after buying an additional 265,480 shares during the period. Invesco Ltd. boosted its stake in Leggett & Platt by 40.8% in the third quarter. Invesco Ltd. now owns 3,389,850 shares of the company’s stock valued at $152,002,000 after acquiring an additional 982,912 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Leggett & Platt by 3.0% in the third quarter. Geode Capital Management LLC now owns 2,611,584 shares of the company’s stock valued at $117,102,000 after acquiring an additional 76,746 shares during the last quarter. Institutional investors and hedge funds own 72.99% of the company’s stock.

LEG traded down $0.51 during trading on Wednesday, reaching $38.66. 28,072 shares of the company’s stock were exchanged, compared to its average volume of 1,151,720. Leggett & Platt has a fifty-two week low of $33.80 and a fifty-two week high of $55.87. The company has a quick ratio of 0.81, a current ratio of 1.58 and a debt-to-equity ratio of 1.08. The business has a 50 day moving average price of $36.66 and a 200 day moving average price of $38.62. The company has a market capitalization of $5.16 billion, a P/E ratio of 13.11, a PEG ratio of 1.44 and a beta of 1.30.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Wednesday, June 15th will be given a dividend of $0.44 per share. This is an increase from Leggett & Platt’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $1.76 annualized dividend and a yield of 4.55%. Leggett & Platt’s dividend payout ratio is 56.76%.

About Leggett & Platt (Get Rating)

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 mattress foundations, adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to produce 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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