Leggett & Platt (NYSE:LEG) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Leggett & Platt (NYSE:LEG) announced its quarterly earnings results on Tuesday. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01), RTT News reports. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. Leggett & Platt had a negative net margin of 2.90% and a positive return on equity of 11.99%. The business’s revenue was down 9.6% on a year-over-year basis. During the same quarter last year, the company earned $0.39 earnings per share. Leggett & Platt updated its FY24 guidance to $1.05-$1.35 EPS.

Leggett & Platt Stock Down 1.4 %

Shares of LEG traded down $0.26 during trading hours on Tuesday, reaching $18.07. The stock had a trading volume of 2,149,930 shares, compared to its average volume of 1,648,353. Leggett & Platt has a 52 week low of $17.19 and a 52 week high of $33.50. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.49 and a quick ratio of 0.84. The firm has a 50-day moving average of $19.09 and a 200 day moving average of $22.32.

Leggett & Platt Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.11%. Leggett & Platt’s dividend payout ratio (DPR) is -184.00%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Truist Financial lowered 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. StockNews.com cut shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Monday, March 11th. Finally, TheStreet cut Leggett & Platt from a “c” rating to a “d+” rating in a 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 company’s stock. According to MarketBeat.com, Leggett & Platt currently has a consensus rating of “Hold” and a consensus price target of $19.33.

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.