Zacks: Brokerages Expect Leggett & Platt, Inc. (LEG) to Announce $0.59 EPS
Wall Street brokerages expect Leggett & Platt, Inc. (NYSE:LEG) to post earnings per share of $0.59 for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Leggett & Platt’s earnings. The highest EPS estimate is $0.61 and the lowest is $0.58. Leggett & Platt reported earnings of $0.63 per share in the same quarter last year, which indicates a negative year-over-year growth rate of 6.3%. The firm is scheduled to announce its next quarterly earnings report after the market closes on Thursday, April 27th.
According to Zacks, analysts expect that Leggett & Platt will report full year earnings of $2.62 per share for the current year, with EPS estimates ranging from $2.60 to $2.65. For the next year, analysts expect that the company will post earnings of $2.82 per share. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that follow Leggett & Platt.
Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Monday, January 30th. The company reported $0.53 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.05. Leggett & Platt had a net margin of 10.29% and a return on equity of 32.02%. The firm had revenue of $903.70 million for the quarter, compared to the consensus estimate of $921.94 million. During the same quarter last year, the company earned $0.64 earnings per share. The firm’s revenue was down 4.3% on a year-over-year basis.
LEG has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a report on Monday, January 2nd. Stifel Nicolaus boosted their price objective on shares of Leggett & Platt from $48.00 to $52.00 and gave the company a “hold” rating in a report on Monday, April 3rd. Finally, Raymond James Financial, Inc. raised shares of Leggett & Platt from a “market perform” rating to a “strong-buy” rating and set a $54.00 price objective for the company in a report on Wednesday, February 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating to the company’s stock. Leggett & Platt presently has an average rating of “Hold” and a consensus target price of $54.25.
Leggett & Platt (NYSE:LEG) traded up 1.87% during midday trading on Monday, reaching $52.22. 812,184 shares of the company’s stock were exchanged. Leggett & Platt has a 52 week low of $44.02 and a 52 week high of $54.62. The firm has a 50-day moving average price of $50.21 and a 200 day moving average price of $48.47. The company has a market cap of $7.09 billion, a price-to-earnings ratio of 18.95 and a beta of 1.02.
The company also recently announced a quarterly dividend, which was paid on Thursday, April 13th. Stockholders of record on Wednesday, March 15th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend was Monday, March 13th. Leggett & Platt’s payout ratio is presently 49.28%.
In related news, SVP Scott S. Douglas sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 1st. The shares were sold at an average price of $48.62, for a total transaction of $316,030.00. Following the completion of the transaction, the senior vice president now directly owns 37,143 shares in the company, valued at approximately $1,805,892.66. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Karl G. Glassman sold 75,388 shares of the company’s stock in a transaction that occurred on Wednesday, February 8th. The stock was sold at an average price of $48.61, for a total transaction of $3,664,610.68. Following the transaction, the insider now owns 341,472 shares of the company’s stock, valued at $16,598,953.92. The disclosure for this sale can be found here. Insiders sold a total of 188,150 shares of company stock valued at $9,165,661 over the last 90 days. Corporate insiders own 3.92% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in LEG. Huntington National Bank boosted its position in Leggett & Platt by 0.8% in the first quarter. Huntington National Bank now owns 9,101 shares of the company’s stock worth $458,000 after buying an additional 69 shares in the last quarter. NewSquare Capital LLC boosted its position in Leggett & Platt by 21.9% in the first quarter. NewSquare Capital LLC now owns 12,420 shares of the company’s stock worth $625,000 after buying an additional 2,228 shares in the last quarter. DnB Asset Management AS bought a new position in Leggett & Platt during the first quarter worth about $532,000. Reilly Financial Advisors LLC boosted its position in Leggett & Platt by 13.0% in the first quarter. Reilly Financial Advisors LLC now owns 22,135 shares of the company’s stock worth $1,114,000 after buying an additional 2,545 shares in the last quarter. Finally, Pinnacle Bank bought a new position in Leggett & Platt during the first quarter worth about $122,000. Institutional investors and hedge funds own 69.01% of the company’s stock.
Leggett & Platt Company Profile
Leggett & Platt, Incorporated is a manufacturer that conceives, designs and produces a range of engineered components and products found in homes, offices and automobiles. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products.
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