Brokerages forecast that Leggett & Platt (NYSE:LEG) will report sales of $1.09 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Leggett & Platt’s earnings. The lowest sales estimate is $1.08 billion and the highest is $1.10 billion. Leggett & Platt reported sales of $989.30 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 10.2%. The firm is expected to issue its next quarterly earnings results on Thursday, July 26th.
According to Zacks, analysts expect that Leggett & Platt will report full year sales of $4.32 billion for the current year, with estimates ranging from $4.31 billion to $4.33 billion. For the next financial year, analysts expect that the business will report sales of $4.53 billion per share, with estimates ranging from $4.51 billion to $4.55 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Leggett & Platt.
Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, April 26th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.02). The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.03 billion. Leggett & Platt had a return on equity of 27.92% and a net margin of 7.09%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.62 EPS.
A number of brokerages have commented on LEG. Zacks Investment Research raised Leggett & Platt from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Wednesday, April 11th. SunTrust Banks reduced their target price on Leggett & Platt to $48.00 and set a “buy” rating for the company in a report on Tuesday, May 1st. ValuEngine cut Leggett & Platt from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Gabelli raised Leggett & Platt from a “hold” rating to a “buy” rating in a report on Wednesday, February 7th. Finally, Credit Suisse Group reduced their target price on Leggett & Platt from $51.00 to $46.00 and set a “neutral” rating for the company in a report on Friday, April 27th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $51.67.
Shares of Leggett & Platt stock opened at $41.92 on Wednesday. Leggett & Platt has a 12 month low of $39.57 and a 12 month high of $53.96. The company has a market cap of $5.53 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 1.44 and a beta of 0.89. The company has a quick ratio of 1.23, a current ratio of 1.85 and a debt-to-equity ratio of 1.04.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 13th. Investors of record on Friday, June 15th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Thursday, June 14th. This is a boost from Leggett & Platt’s previous quarterly dividend of $0.36. Leggett & Platt’s dividend payout ratio (DPR) is currently 58.54%.
In related news, insider Karl G. Glassman sold 10,000 shares of the stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $47.41, for a total value of $474,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.52% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in shares of Leggett & Platt by 1.2% in the first quarter. BlackRock Inc. now owns 12,608,640 shares of the company’s stock valued at $559,321,000 after purchasing an additional 145,889 shares during the last quarter. Epoch Investment Partners Inc. purchased a new position in Leggett & Platt in the first quarter worth approximately $132,346,000. Bank of New York Mellon Corp grew its position in Leggett & Platt by 4.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,658,840 shares of the company’s stock worth $126,906,000 after acquiring an additional 109,248 shares during the period. Thomaspartners Inc. grew its position in Leggett & Platt by 6.4% in the first quarter. Thomaspartners Inc. now owns 2,557,065 shares of the company’s stock worth $113,431,000 after acquiring an additional 153,367 shares during the period. Finally, TimesSquare Capital Management LLC grew its position in Leggett & Platt by 46.1% in the fourth quarter. TimesSquare Capital Management LLC now owns 2,495,300 shares of the company’s stock worth $119,101,000 after acquiring an additional 787,600 shares during the period. 76.47% of the stock is owned by hedge funds and other institutional investors.
About Leggett & Platt
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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