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

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

Leggett & Platt Stock Down 1.4 %

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

Leggett & Platt Cuts Dividend

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

Wall Street Analyst Weigh In

LEG has been the subject of several analyst reports. TheStreet cut shares of Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. Truist Financial cut their price target on shares of Leggett & Platt from $18.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, March 26th. Finally, StockNews.com cut shares of Leggett & Platt from a “hold” rating to a “sell” rating in a report on Monday, March 11th. Two equities 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 an average rating of “Hold” and an average price target of $19.33.

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.