Leggett & Platt, Inc. (LEG) Expected to Post Earnings of $0.65 Per Share

Equities analysts predict that Leggett & Platt, Inc. (NYSE:LEG) will report earnings per share (EPS) of $0.65 for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Leggett & Platt’s earnings. The lowest EPS estimate is $0.62 and the highest is $0.68. Leggett & Platt reported earnings per share of $0.66 during the same quarter last year, which indicates a negative year over year growth rate of 1.5%. The company is scheduled to announce its next earnings report after the market closes on Thursday, July 27th.

According to Zacks, analysts expect that Leggett & Platt will report full-year earnings of $2.63 per share for the current financial year, with EPS estimates ranging from $2.58 to $2.67. For the next fiscal year, analysts anticipate that the firm will post earnings of $2.85 per share, with EPS estimates ranging from $2.76 to $2.93. Zacks’ EPS averages are a mean average based on a survey of sell-side analysts that follow Leggett & Platt.

Leggett & Platt (NYSE:LEG) last issued its earnings results on Thursday, April 27th. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. Leggett & Platt had a return on equity of 32.04% and a net margin of 8.97%. The business had revenue of $960.30 million during the quarter, compared to analysts’ expectations of $958.98 million. During the same quarter in the prior year, the firm earned $0.63 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year.

LEG has been the topic of a number of research reports. BidaskClub upgraded Leggett & Platt from a “hold” rating to a “buy” rating in a research report on Saturday, June 17th. Zacks Investment Research downgraded Leggett & Platt from a “hold” rating to a “sell” rating in a report on Wednesday, April 19th. Credit Suisse Group initiated coverage on Leggett & Platt in a report on Thursday, June 22nd. They issued a “neutral” rating and a $56.00 price objective on the stock. Piper Jaffray Companies initiated coverage on Leggett & Platt in a report on Monday, June 5th. They issued an “overweight” rating and a $59.00 price objective on the stock. Finally, Hilliard Lyons upgraded Leggett & Platt from a “neutral” rating to a “long” rating and set a $66.00 price objective on the stock in a report on Monday. Six equities research analysts have rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. Leggett & Platt presently has a consensus rating of “Buy” and an average target price of $56.88.

Shares of Leggett & Platt (LEG) traded up 1.39% during trading on Friday, reaching $53.38. The company’s stock had a trading volume of 935,980 shares. Leggett & Platt has a 12-month low of $44.02 and a 12-month high of $54.97. The stock’s 50-day moving average is $52.59 and its 200-day moving average is $50.74. The stock has a market cap of $7.06 billion, a P/E ratio of 19.43 and a beta of 1.01.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Thursday, June 15th were issued a $0.36 dividend. The ex-dividend date was Tuesday, June 13th. This represents a $1.44 annualized dividend and a dividend yield of 2.70%. This is an increase from Leggett & Platt’s previous quarterly dividend of $0.34. Leggett & Platt’s payout ratio is currently 52.36%.

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In related news, Director Joseph W. Mcclanathan sold 5,715 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $52.91, for a total transaction of $302,380.65. Following the transaction, the director now owns 32,314 shares in the company, valued at approximately $1,709,733.74. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Scott S. Douglas sold 5,000 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $53.26, for a total value of $266,300.00. Following the transaction, the senior vice president now owns 36,133 shares in the company, valued at approximately $1,924,443.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,320 shares of company stock worth $2,477,652. Company insiders own 1.78% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp increased its position in shares of Leggett & Platt by 7.4% in the first quarter. Van ECK Associates Corp now owns 2,122 shares of the company’s stock worth $107,000 after buying an additional 147 shares in the last quarter. TrimTabs Asset Management LLC increased its position in shares of Leggett & Platt by 89.0% in the first quarter. TrimTabs Asset Management LLC now owns 2,328 shares of the company’s stock worth $117,000 after buying an additional 1,096 shares in the last quarter. Pinnacle Bank acquired a new position in shares of Leggett & Platt during the first quarter worth about $122,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Leggett & Platt during the first quarter worth about $126,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. increased its position in shares of Leggett & Platt by 123.8% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,686 shares of the company’s stock worth $135,000 after buying an additional 1,486 shares in the last quarter. Institutional investors own 72.15% 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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