Leggett & Platt (NYSE:LEG) Shares Gap Up After Better-Than-Expected Earnings

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $7.27, but opened at $8.88. Leggett & Platt shares last traded at $8.91, with a volume of 1,140,459 shares changing hands.

The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.02 billion. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. The company’s revenue was down 6.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.23 earnings per share.

Leggett & Platt Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Friday, March 14th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.08%. Leggett & Platt’s dividend payout ratio is presently -5.36%.

Analyst Ratings Changes

A number of analysts recently issued reports on LEG shares. The Goldman Sachs Group boosted their price target on Leggett & Platt from $8.00 to $9.00 and gave the company a “neutral” rating in a report on Wednesday. Truist Financial decreased their price objective on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, January 29th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $9.00 price target (down from $12.00) on shares of Leggett & Platt in a research report on Friday, April 11th.

Institutional Trading of Leggett & Platt

A number of institutional investors and hedge funds have recently made changes to their positions in LEG. Vanguard Group Inc. increased its position in shares of Leggett & Platt by 4.9% in the fourth quarter. Vanguard Group Inc. now owns 15,478,476 shares of the company’s stock valued at $148,593,000 after buying an additional 722,024 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Leggett & Platt during the fourth quarter worth approximately $5,858,000. Invenomic Capital Management LP increased its position in shares of Leggett & Platt by 64.6% during the fourth quarter. Invenomic Capital Management LP now owns 1,517,156 shares of the company’s stock worth $14,565,000 after purchasing an additional 595,684 shares in the last quarter. Seven Six Capital Management LLC purchased a new stake in shares of Leggett & Platt during the fourth quarter worth approximately $5,627,000. Finally, Trexquant Investment LP increased its position in shares of Leggett & Platt by 89.0% during the fourth quarter. Trexquant Investment LP now owns 1,177,891 shares of the company’s stock worth $11,308,000 after purchasing an additional 554,814 shares in the last quarter. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Leggett & Platt Price Performance

The company has a quick ratio of 1.14, a current ratio of 2.00 and a debt-to-equity ratio of 2.70. The stock has a market capitalization of $1.30 billion, a PE ratio of -2.58 and a beta of 0.98. The company has a 50-day moving average of $7.95 and a 200 day moving average of $10.04.

Leggett & Platt Company Profile

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.