Leggett & Platt (NYSE:LEG) Releases FY 2024 Earnings Guidance

Leggett & Platt (NYSE:LEG) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 1.100-1.250 for the period, compared to the consensus estimate of 1.110. The company issued revenue guidance of $4.3 billion-$4.5 billion, compared to the consensus revenue estimate of $4.4 billion. Leggett & Platt also updated its FY24 guidance to $1.10-1.25 EPS.

Wall Street Analyst Weigh In

Several brokerages have issued reports on LEG. Piper Sandler decreased their price objective on shares of Leggett & Platt from $16.00 to $13.00 and set an underweight rating for the company in a research note on Wednesday, May 1st. The Goldman Sachs Group reduced their target price on shares of Leggett & Platt from $14.00 to $12.00 and set a neutral rating on the stock in a research report on Wednesday, July 10th. StockNews.com lowered shares of Leggett & Platt from a hold rating to a sell rating in a research report on Saturday, July 6th. Finally, Truist Financial reduced their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a hold rating on the stock in a research report on Thursday, June 27th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to data from MarketBeat, Leggett & Platt has a consensus rating of Hold and an average target price of $12.00.

Leggett & Platt Stock Down 2.4 %

LEG stock traded down $0.31 during trading on Thursday, hitting $12.86. 2,961,375 shares of the company’s stock traded hands, compared to its average volume of 2,611,347. The firm has a market capitalization of $1.72 billion, a P/E ratio of -11.08 and a beta of 1.08. The business has a fifty day simple moving average of $11.77 and a two-hundred day simple moving average of $16.44. The company has a quick ratio of 0.89, a current ratio of 1.57 and a debt-to-equity ratio of 1.37. Leggett & Platt has a 1 year low of $10.11 and a 1 year high of $30.61.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The business’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 earnings per share. Sell-side analysts anticipate that Leggett & Platt will post 1.11 EPS for the current year.

Insiders Place Their Bets

In other Leggett & Platt news, CFO Benjamin Michael Burns purchased 3,850 shares of Leggett & Platt stock in a transaction dated Thursday, June 6th. The shares were acquired at an average cost of $12.20 per share, with a total value of $46,970.00. Following the completion of the transaction, the chief financial officer now owns 81,362 shares in the company, valued at approximately $992,616.40. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Leggett & Platt news, CFO Benjamin Michael Burns purchased 3,850 shares of Leggett & Platt stock in a transaction dated Thursday, June 6th. The shares were acquired at an average cost of $12.20 per share, with a total value of $46,970.00. Following the completion of the transaction, the chief financial officer now owns 81,362 shares in the company, valued at approximately $992,616.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Mark A. Blinn acquired 6,000 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were bought at an average cost of $10.74 per share, for a total transaction of $64,440.00. Following the completion of the acquisition, the director now directly owns 32,302 shares of the company’s stock, valued at $346,923.48. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 55,635 shares of company stock valued at $639,547. 1.57% of the stock is currently owned by insiders.

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.