Zacks: Analysts Expect Leggett & Platt (LEG) to Announce $0.61 Earnings Per Share

Wall Street analysts forecast that Leggett & Platt (NYSE:LEG) will announce earnings per share of $0.61 for the current quarter, Zacks reports. Three analysts have made estimates for Leggett & Platt’s earnings, with the highest EPS estimate coming in at $0.66 and the lowest estimate coming in at $0.57. Leggett & Platt reported earnings of $0.62 per share in the same quarter last year, which indicates a negative year-over-year growth rate of 1.6%. The firm is scheduled to issue its next earnings results after the market closes on Thursday, April 26th.

On average, analysts expect that Leggett & Platt will report full-year earnings of $2.75 per share for the current financial year, with EPS estimates ranging from $2.70 to $2.79. For the next fiscal year, analysts forecast that the firm will report earnings of $2.99 per share, with EPS estimates ranging from $2.94 to $3.05. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that cover Leggett & Platt.

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Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Monday, February 5th. The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.02). Leggett & Platt had a net margin of 7.42% and a return on equity of 29.44%. The company had revenue of $984.00 million during the quarter, compared to analysts’ expectations of $998.32 million. During the same period last year, the business earned $0.53 earnings per share. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year.

Several research analysts have commented on LEG shares. Zacks Investment Research raised Leggett & Platt from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research report on Wednesday, January 10th. Gabelli raised Leggett & Platt from a “hold” rating to a “buy” rating in a research report on Wednesday, February 7th. Finally, Piper Jaffray reissued a “hold” rating and issued a $48.00 price objective on shares of Leggett & Platt in a research report on Tuesday, January 23rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $54.17.

NYSE:LEG traded down $0.68 during mid-day trading on Tuesday, hitting $42.90. The company had a trading volume of 1,330,480 shares, compared to its average volume of 882,765. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.81 and a quick ratio of 1.22. Leggett & Platt has a 1 year low of $41.25 and a 1 year high of $54.97. The firm has a market capitalization of $5,673.10, a PE ratio of 17.44, a price-to-earnings-growth ratio of 1.39 and a beta of 0.87.

The firm also recently announced a quarterly dividend, which was paid on Friday, April 13th. Stockholders of record on Thursday, March 15th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date was Wednesday, March 14th. Leggett & Platt’s payout ratio is 58.54%.

In other news, SVP Scott S. Douglas sold 10,000 shares of Leggett & Platt stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $47.01, for a total transaction of $470,100.00. Following the sale, the senior vice president now directly owns 29,584 shares of the company’s stock, valued at $1,390,743.84. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert Ted Enloe III sold 5,871 shares of Leggett & Platt stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $45.15, for a total value of $265,075.65. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,932 shares of company stock worth $2,122,668. Corporate insiders own 1.52% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Mutual of America Capital Management LLC boosted its position in shares of Leggett & Platt by 7.0% in the fourth quarter. Mutual of America Capital Management LLC now owns 18,233 shares of the company’s stock valued at $870,000 after acquiring an additional 1,186 shares during the period. Advisor Group Inc. boosted its holdings in Leggett & Platt by 3.2% in the fourth quarter. Advisor Group Inc. now owns 38,160 shares of the company’s stock worth $1,821,000 after acquiring an additional 1,189 shares in the last quarter. Morgan Dempsey Capital Management LLC raised its stake in shares of Leggett & Platt by 1.8% in the fourth quarter. Morgan Dempsey Capital Management LLC now owns 82,531 shares of the company’s stock worth $3,939,000 after purchasing an additional 1,432 shares during the last quarter. Amalgamated Bank raised its stake in shares of Leggett & Platt by 5.4% in the fourth quarter. Amalgamated Bank now owns 28,296 shares of the company’s stock worth $1,351,000 after purchasing an additional 1,446 shares during the last quarter. Finally, OppenheimerFunds Inc. raised its stake in shares of Leggett & Platt by 13.1% in the fourth quarter. OppenheimerFunds Inc. now owns 12,938 shares of the company’s stock worth $618,000 after purchasing an additional 1,499 shares during the last quarter. 73.62% of the stock is currently owned by institutional investors and hedge funds.

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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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