Leggett & Platt (NYSE:LEG – Get Rating) issued an update on its FY22 earnings guidance on Monday morning. The company provided earnings per share guidance of $2.30-2.45 for the period, compared to the consensus earnings per share estimate of $2.71. The company issued revenue guidance of $5.1-5.2 billion, compared to the consensus revenue estimate of $5.32 billion. Leggett & Platt also updated its FY 2022 guidance to $2.30-$2.45 EPS.
Leggett & Platt Stock Up 1.2 %
Shares of LEG traded up $0.41 during mid-day trading on Monday, reaching $34.68. 504,777 shares of the stock traded hands, compared to its average volume of 1,167,079. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of 12.21 and a beta of 1.31. The stock has a fifty day simple moving average of $37.83 and a 200 day simple moving average of $37.14. Leggett & Platt has a 12-month low of $32.97 and a 12-month high of $48.37. The company has a quick ratio of 0.80, a current ratio of 1.57 and a debt-to-equity ratio of 1.11.
Leggett & Platt (NYSE:LEG – Get Rating) last posted its quarterly earnings data on Monday, August 1st. The company reported $0.70 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.70. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Leggett & Platt had a net margin of 7.31% and a return on equity of 23.85%. The business’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 earnings per share. Sell-side analysts expect that Leggett & Platt will post 2.71 EPS for the current fiscal year.
Leggett & Platt Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Thursday, September 15th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.07%. The ex-dividend date of this dividend is Wednesday, September 14th. Leggett & Platt’s payout ratio is currently 61.97%.
Analysts Set New Price Targets
LEG has been the subject of a number of research reports. Piper Sandler decreased their price objective on shares of Leggett & Platt from $40.00 to $36.00 and set a neutral rating for the company in a report on Tuesday, June 14th. The Goldman Sachs Group decreased their price objective on shares of Leggett & Platt from $50.00 to $43.00 and set a buy rating for the company in a report on Thursday, June 23rd. Finally, TheStreet raised shares of Leggett & Platt from a c+ rating to a b- rating in a report on Monday, August 1st. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $43.00.
Insiders Place Their Bets
In other Leggett & Platt news, Chairman Karl G. Glassman sold 26,401 shares of Leggett & Platt stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $40.53, for a total value of $1,070,032.53. Following the transaction, the chairman now owns 852,950 shares in the company, valued at $34,570,063.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.57% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Leggett & Platt
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LEG. Geneos Wealth Management Inc. boosted its stake in shares of Leggett & Platt by 18.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,915 shares of the company’s stock valued at $66,000 after buying an additional 305 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Leggett & Platt by 0.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 56,604 shares of the company’s stock valued at $1,957,000 after buying an additional 312 shares during the period. Cetera Advisor Networks LLC boosted its stake in shares of Leggett & Platt by 5.2% during the 1st quarter. Cetera Advisor Networks LLC now owns 8,989 shares of the company’s stock valued at $313,000 after buying an additional 443 shares during the period. Ameritas Investment Partners Inc. boosted its stake in shares of Leggett & Platt by 1.4% during the 1st quarter. Ameritas Investment Partners Inc. now owns 53,992 shares of the company’s stock valued at $1,878,000 after buying an additional 740 shares during the period. Finally, Fuller & Thaler Asset Management Inc. boosted its stake in shares of Leggett & Platt by 8.8% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 9,658 shares of the company’s stock valued at $336,000 after buying an additional 780 shares during the period. Institutional investors and hedge funds own 71.79% of the company’s stock.
About Leggett & Platt
Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, specialty foams, private label finished mattresses, mattress foundations, wire forms for mattress foundations, adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to produce innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.
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