Brokerages predict that Leggett & Platt (NYSE:LEG) will announce $1.09 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Leggett & Platt’s earnings, with the lowest sales estimate coming in at $1.08 billion and the highest estimate coming in at $1.10 billion. Leggett & Platt reported sales of $989.30 million during the same quarter last year, which indicates a positive year over year growth rate of 10.2%. The firm is expected to report its next earnings report on Thursday, July 26th.
On average, analysts expect that Leggett & Platt will report full-year sales of $4.32 billion for the current fiscal year, with estimates ranging from $4.31 billion to $4.33 billion. For the next 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 analysts that cover Leggett & Platt.
Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Thursday, April 26th. The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.02). Leggett & Platt had a return on equity of 27.92% and a net margin of 7.09%. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the business posted $0.62 EPS. The company’s quarterly revenue was up 7.2% compared to the same quarter last year.
Several research firms have weighed in on LEG. Zacks Investment Research upgraded Leggett & Platt from a “sell” rating to a “hold” rating in a report on Friday, May 18th. ValuEngine cut Leggett & Platt from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. SunTrust Banks dropped their price objective on Leggett & Platt to $48.00 and set a “buy” rating for the company in a report on Tuesday, May 1st. Credit Suisse Group dropped their price objective on Leggett & Platt from $51.00 to $46.00 and set a “neutral” rating for the company in a report on Friday, April 27th. Finally, Gabelli raised Leggett & Platt from a “hold” rating to a “buy” rating in a research report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $51.67.
In other 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.52% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in LEG. BlackRock Inc. increased its position in Leggett & Platt by 1.2% during the 1st quarter. BlackRock Inc. now owns 12,608,640 shares of the company’s stock valued at $559,321,000 after buying an additional 145,889 shares in the last quarter. Epoch Investment Partners Inc. bought a new position in Leggett & Platt during the 1st quarter valued at approximately $132,346,000. Bank of New York Mellon Corp increased its position in Leggett & Platt by 4.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,658,840 shares of the company’s stock valued at $126,906,000 after buying an additional 109,248 shares in the last quarter. Thomaspartners Inc. increased its position in Leggett & Platt by 6.4% during the 1st quarter. Thomaspartners Inc. now owns 2,557,065 shares of the company’s stock valued at $113,431,000 after buying an additional 153,367 shares in the last quarter. Finally, TimesSquare Capital Management LLC increased its position in Leggett & Platt by 46.1% during the 4th quarter. TimesSquare Capital Management LLC now owns 2,495,300 shares of the company’s stock valued at $119,101,000 after buying an additional 787,600 shares in the last quarter. 76.47% of the stock is owned by hedge funds and other institutional investors.
Leggett & Platt opened at $41.63 on Wednesday, according to Marketbeat. Leggett & Platt has a fifty-two week low of $39.57 and a fifty-two week high of $53.96. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.85 and a quick ratio of 1.23. The company has a market capitalization of $5.46 billion, a price-to-earnings ratio of 16.92, a price-to-earnings-growth ratio of 1.42 and a beta of 0.89.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 13th. Stockholders of record on Friday, June 15th will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $1.52 annualized dividend and a dividend yield of 3.65%. This is a positive change from Leggett & Platt’s previous quarterly dividend of $0.36. Leggett & Platt’s dividend payout ratio is currently 58.54%.
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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