Analysts Issue Forecasts for Leggett & Platt, Incorporated’s Q1 2024 Earnings (NYSE:LEG)

Leggett & Platt, Incorporated (NYSE:LEG) – Research analysts at Zacks Research lifted their Q1 2024 EPS estimates for shares of Leggett & Platt in a research note issued on Wednesday, April 10th. Zacks Research analyst A. Gupta now expects that the company will post earnings of $0.28 per share for the quarter, up from their prior estimate of $0.27. The consensus estimate for Leggett & Platt’s current full-year earnings is $1.17 per share. Zacks Research also issued estimates for Leggett & Platt’s Q3 2024 earnings at $0.35 EPS, FY2024 earnings at $1.20 EPS, Q1 2025 earnings at $0.31 EPS, FY2025 earnings at $1.32 EPS, Q1 2026 earnings at $0.41 EPS and FY2026 earnings at $1.71 EPS.

Leggett & Platt (NYSE:LEG) last released its earnings results on Friday, February 9th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Leggett & Platt had a negative net margin of 2.90% and a positive return on equity of 11.99%. The firm’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 EPS.

A number of other analysts also recently weighed in on LEG. Truist Financial reduced their target price on shares of Leggett & Platt from $18.00 to $16.00 and set a “hold” rating on the stock in a report on Tuesday, March 26th. TheStreet downgraded shares of Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. Finally, StockNews.com downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a report on Monday, March 11th. Two investment analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to MarketBeat.com, Leggett & Platt has an average rating of “Hold” and a consensus target price of $19.33.

Leggett & Platt Stock Performance

Shares of NYSE LEG opened at $17.31 on Monday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.84 and a current ratio of 1.49. The company has a market cap of $2.31 billion, a P/E ratio of -17.30 and a beta of 1.17. The firm’s fifty day moving average is $19.59 and its two-hundred day moving average is $22.76. Leggett & Platt has a 52-week low of $17.29 and a 52-week high of $33.50.

Institutional Trading of Leggett & Platt

A number of large investors have recently made changes to their positions in LEG. JPMorgan Chase & Co. grew its holdings in Leggett & Platt by 0.6% during the 1st quarter. JPMorgan Chase & Co. now owns 254,903 shares of the company’s stock valued at $8,871,000 after purchasing an additional 1,440 shares during the last quarter. American Century Companies Inc. grew its holdings in Leggett & Platt by 11.5% during the 1st quarter. American Century Companies Inc. now owns 58,626 shares of the company’s stock valued at $2,040,000 after purchasing an additional 6,030 shares during the last quarter. HighTower Advisors LLC grew its holdings in Leggett & Platt by 174.1% during the 1st quarter. HighTower Advisors LLC now owns 42,660 shares of the company’s stock valued at $1,482,000 after purchasing an additional 27,098 shares during the last quarter. Cetera Advisor Networks LLC grew its holdings in Leggett & Platt by 5.2% during the 1st quarter. Cetera Advisor Networks LLC now owns 8,989 shares of the company’s stock valued at $313,000 after purchasing an additional 443 shares during the last quarter. Finally, Citigroup Inc. grew its holdings in Leggett & Platt by 34.2% during the 1st quarter. Citigroup Inc. now owns 81,162 shares of the company’s stock valued at $2,825,000 after purchasing an additional 20,675 shares during the last quarter. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 15th were issued a $0.46 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 10.63%. Leggett & Platt’s dividend payout ratio (DPR) is presently -184.00%.

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.