Leggett & Platt (NYSE:LEG) Issues FY24 Earnings Guidance

Leggett & Platt (NYSE:LEG) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $1.00-1.10 for the period, compared to the consensus EPS estimate of $1.14. The company issued revenue guidance of $4.3-4.4 billion, compared to the consensus revenue estimate of $4.40 billion. Leggett & Platt also updated its FY 2024 guidance to 1.000-1.100 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on LEG shares. StockNews.com upgraded Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 28th. Truist Financial upped their price objective on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Monday, August 5th. The Goldman Sachs Group decreased 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 raised shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and raised their target price for the company from $11.00 to $13.00 in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Stock Performance

Shares of NYSE LEG traded up $0.06 during midday trading on Thursday, hitting $12.19. The company’s stock had a trading volume of 932,425 shares, compared to its average volume of 2,303,308. The firm has a market cap of $1.64 billion, a P/E ratio of -2.01 and a beta of 1.07. The firm’s fifty day moving average price is $12.80 and its 200-day moving average price is $12.82. Leggett & Platt has a 1-year low of $10.11 and a 1-year high of $27.58. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.88 and a current ratio of 1.53.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Monday, October 28th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter last year, the business posted $0.36 earnings per share. The firm’s revenue for the quarter was down 6.3% compared to the same quarter last year. On average, sell-side analysts forecast that Leggett & Platt will post 1.14 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.20 annualized dividend and a dividend yield of 1.64%. Leggett & Platt’s dividend payout ratio (DPR) is -3.33%.

Leggett & Platt Company Profile

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.