Leggett & Platt (NYSE:LEG – Get Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided EPS guidance of $2.65-$2.80 for the period, compared to the consensus EPS estimate of $2.72. The company issued revenue guidance of $5.20 billion-$5.40 billion, compared to the consensus revenue estimate of $5.30 billion.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on LEG shares. Piper Sandler decreased their price target on shares of Leggett & Platt from $40.00 to $36.00 and set a neutral rating for the company in a research note on Tuesday, June 14th. Raymond James cut shares of Leggett & Platt from an outperform rating to a market perform rating in a research report on Wednesday, May 4th. StockNews.com upgraded shares of Leggett & Platt from a sell rating to a hold rating in a research note on Tuesday, May 3rd. TheStreet raised shares of Leggett & Platt from a c+ rating to a b- rating in a report on Monday, August 1st. Finally, The Goldman Sachs Group cut their price objective on Leggett & Platt from $50.00 to $43.00 and set a buy rating on the stock in a report on Thursday, June 23rd. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $43.00.
Leggett & Platt Stock Down 0.0 %
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Shares of Leggett & Platt stock opened at $40.53 on Monday. The stock’s 50-day moving average is $37.23 and its 200 day moving average is $37.15. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of 14.27 and a beta of 1.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.57 and a quick ratio of 0.80. Leggett & Platt has a one year low of $33.19 and a one year high of $49.94.
Leggett & Platt (NYSE:LEG – Get Rating) last announced its quarterly earnings data on Monday, August 1st. The company reported $0.70 earnings per share for the quarter, meeting the consensus estimate of $0.70. Leggett & Platt had a return on equity of 23.85% and a net margin of 7.31%. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the company earned $0.66 earnings per share. Leggett & Platt’s revenue was up 5.1% compared to the same quarter last year. Equities research analysts anticipate that Leggett & Platt will post 2.71 EPS for the current year.
Leggett & Platt Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Wednesday, June 15th were issued a $0.44 dividend. This is a positive change from Leggett & Platt’s previous quarterly dividend of $0.42. This represents a $1.76 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date of this dividend was Tuesday, June 14th. Leggett & Platt’s payout ratio is presently 61.97%.
Insider Transactions at Leggett & Platt
In other news, Director Phoebe A. Wood sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $38.35, for a total transaction of $95,875.00. Following the transaction, the director now directly owns 53,580 shares of the company’s stock, valued at $2,054,793. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.57% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Leggett & Platt
Several institutional investors and hedge funds have recently made changes to their positions in LEG. BlackRock Inc. boosted its holdings in Leggett & Platt by 2.9% in the 1st quarter. BlackRock Inc. now owns 14,575,438 shares of the company’s stock valued at $507,226,000 after purchasing an additional 406,267 shares during the last quarter. State Street Corp boosted its stake in Leggett & Platt by 35.5% during the 1st quarter. State Street Corp now owns 14,506,308 shares of the company’s stock worth $510,661,000 after purchasing an additional 3,803,469 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Leggett & Platt by 5.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,879,061 shares of the company’s stock worth $169,791,000 after acquiring an additional 265,480 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Leggett & Platt by 3.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,691,135 shares of the company’s stock valued at $58,865,000 after purchasing an additional 61,408 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Leggett & Platt by 37.1% during the 1st quarter. Invesco Ltd. now owns 1,142,780 shares of the company’s stock valued at $39,769,000 after acquiring an additional 309,100 shares in the last quarter. 72.99% of the stock is currently owned by institutional investors and hedge funds.
About Leggett & Platt
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.
Further Reading
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