Gabelli Comments on Leggett & Platt, Inc.’s FY2019 Earnings (LEG)

Leggett & Platt, Inc. (NYSE:LEG) – Research analysts at Gabelli issued their FY2019 earnings per share (EPS) estimates for Leggett & Platt in a report issued on Wednesday, February 6th. Gabelli analyst J. Bergner anticipates that the company will post earnings of $2.50 per share for the year. Gabelli has a “Hold” rating on the stock. Gabelli also issued estimates for Leggett & Platt’s FY2020 earnings at $2.75 EPS and FY2021 earnings at $2.95 EPS.

Leggett & Platt (NYSE:LEG) last posted its earnings results on Monday, February 4th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.05. Leggett & Platt had a net margin of 7.16% and a return on equity of 28.99%. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the previous year, the company posted $0.59 earnings per share. Leggett & Platt’s quarterly revenue was up 6.7% compared to the same quarter last year.

Other research analysts have also recently issued research reports about the stock. TheStreet cut shares of Leggett & Platt from a “b-” rating to a “c+” rating in a research note on Friday, October 26th. SunTrust Banks cut their target price on shares of Leggett & Platt to $40.00 and set an “outperform” rating for the company in a research note on Tuesday, October 30th. Raymond James lowered shares of Leggett & Platt from a “strong-buy” rating to an “outperform” rating and set a $44.00 price target for the company. in a report on Monday, October 29th. Finally, Zacks Investment Research lowered shares of Leggett & Platt from a “hold” rating to a “sell” rating in a report on Thursday, February 7th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $45.80.

NYSE:LEG opened at $43.56 on Monday. Leggett & Platt has a 1 year low of $33.48 and a 1 year high of $47.44. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.87 and a quick ratio of 1.09. The company has a market capitalization of $5.67 billion, a PE ratio of 17.56, a PEG ratio of 1.89 and a beta of 1.09.

Several institutional investors have recently modified their holdings of the stock. State of Tennessee Treasury Department increased its holdings in shares of Leggett & Platt by 5.9% in the fourth quarter. State of Tennessee Treasury Department now owns 113,521 shares of the company’s stock valued at $4,068,000 after purchasing an additional 6,326 shares in the last quarter. Advisor Group Inc. increased its holdings in shares of Leggett & Platt by 236.6% in the fourth quarter. Advisor Group Inc. now owns 77,101 shares of the company’s stock valued at $2,763,000 after purchasing an additional 54,194 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Leggett & Platt by 189.6% in the fourth quarter. Commonwealth Equity Services LLC now owns 146,216 shares of the company’s stock valued at $5,240,000 after purchasing an additional 95,722 shares in the last quarter. Bank of Nova Scotia increased its holdings in shares of Leggett & Platt by 7.0% in the fourth quarter. Bank of Nova Scotia now owns 24,519 shares of the company’s stock valued at $878,000 after purchasing an additional 1,608 shares in the last quarter. Finally, Raymond James & Associates increased its holdings in shares of Leggett & Platt by 16.9% in the fourth quarter. Raymond James & Associates now owns 1,763,027 shares of the company’s stock valued at $63,187,000 after purchasing an additional 254,614 shares in the last quarter. 78.11% of the stock is owned by institutional investors and hedge funds.

Leggett & Platt Company Profile

Leggett & Platt, Incorporated designs and produces various engineered components and products worldwide. It operates through four segments: Residential Products, Furniture Products, Industrial Products, and Specialized Products. The Residential Products segment offers innersprings, wire forms, and machines to shape wire into various types of springs; industrial sewing/finishing machines, conveyor lines, mattress packaging, and glue-drying equipment, as well as quilting machines; and structural fabrics, carpet cushions, and geo components.

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Earnings History and Estimates for Leggett & Platt (NYSE:LEG)

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