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

Leggett & Platt, Incorporated (NYSE:LEG) – Zacks Research raised their Q1 2024 earnings estimates for Leggett & Platt in a research note issued on Wednesday, April 10th. Zacks Research analyst A. Gupta now anticipates that the company will post earnings per share of $0.28 for the quarter, up from their prior forecast 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.

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

Leggett & Platt Price Performance

Shares of NYSE:LEG opened at $17.31 on Monday. The company has a quick ratio of 0.84, a current ratio of 1.49 and a debt-to-equity ratio of 1.26. The company has a market cap of $2.31 billion, a P/E ratio of -17.30 and a beta of 1.17. Leggett & Platt has a 52 week low of $17.29 and a 52 week high of $33.50. The company has a 50-day moving average price of $19.59 and a 200 day moving average price of $22.76.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data on Friday, February 9th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Leggett & Platt had a negative net margin of 2.90% and a positive return on equity of 11.99%. Leggett & Platt’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 EPS.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 15th were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 10.63%. Leggett & Platt’s payout ratio is -184.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. State Street Corp increased its stake in shares of Leggett & Platt by 4.0% during the 2nd quarter. State Street Corp now owns 17,633,812 shares of the company’s stock worth $530,332,000 after purchasing an additional 685,740 shares in the last quarter. BlackRock Inc. grew its stake in Leggett & Platt by 1.5% in the 1st quarter. BlackRock Inc. now owns 15,952,440 shares of the company’s stock worth $508,564,000 after acquiring an additional 239,935 shares during the period. Vanguard Group Inc. grew its stake in Leggett & Platt by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 12,996,067 shares of the company’s stock worth $340,107,000 after acquiring an additional 49,086 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Leggett & Platt by 7.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,231,637 shares of the company’s stock worth $154,888,000 after acquiring an additional 405,363 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Leggett & Platt by 12.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,373,959 shares of the company’s stock worth $62,127,000 after acquiring an additional 262,145 shares during the period. 64.23% of the stock is owned by hedge funds and other institutional investors.

Leggett & Platt Company Profile

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.