Leggett & Platt (NYSE:LEG) Releases FY 2024 Earnings Guidance

by · The Markets Daily

Leggett & Platt (NYSE:LEG – Get Free Report) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 1.000-1.100 for the period, compared to the consensus EPS estimate of 1.130. The company issued revenue guidance of $4.3 billion-$4.4 billion, compared to the consensus revenue estimate of $4.4 billion. Leggett & Platt also updated its FY24 guidance to $1.00-1.10 EPS.

Analysts Set New Price Targets

LEG has been the topic of several recent analyst reports. Truist Financial increased their target price on Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Monday, August 5th. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. The Goldman Sachs Group dropped their price target on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, Piper Sandler upgraded shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $11.00 to $13.00 in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $12.67.

Get Our Latest Research Report on LEG

Leggett & Platt Price Performance

Shares of LEG traded down $0.01 during midday trading on Thursday, hitting $12.12. 1,037,945 shares of the company traded hands, compared to its average volume of 2,303,808. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.88 and a current ratio of 1.53. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of -2.01 and a beta of 1.07. Leggett & Platt has a 52 week low of $10.11 and a 52 week high of $27.58. The firm has a 50 day moving average of $12.80 and a 200-day moving average of $12.82.

Leggett & Platt (NYSE:LEG – Get Free Report) last released its quarterly earnings results on Monday, October 28th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). Leggett & Platt had a negative net margin of 18.05% and a positive return on equity of 12.65%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the previous year, the company earned $0.36 EPS. Leggett & Platt’s revenue for the quarter was down 6.3% compared to the same quarter last year. On average, analysts forecast that Leggett & Platt will post 1.14 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th were paid a dividend of $0.05 per share. The ex-dividend date was Friday, September 13th. This represents a $0.20 annualized dividend and a yield of 1.65%. Leggett & Platt’s payout ratio is currently -3.33%.

About Leggett & Platt

(Get Free Report)

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.

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