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

Leggett & Platt (NYSE:LEG) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 1.000-1.100 for the period, compared to the consensus 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.

Leggett & Platt Price Performance

Shares of Leggett & Platt stock traded down $0.01 during trading on Monday, hitting $12.16. The stock had a trading volume of 1,934,334 shares, compared to its average volume of 2,306,336. The business’s 50-day moving average is $12.79 and its 200 day moving average is $12.86. Leggett & Platt has a 12 month low of $10.11 and a 12 month high of $27.58. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -10.48 and a beta of 1.07. The company has a current ratio of 1.53, a quick ratio of 0.88 and a debt-to-equity ratio of 2.55.

Leggett & Platt (NYSE:LEG) last issued its earnings results on Thursday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.29. Leggett & Platt had a positive return on equity of 12.65% and a negative net margin of 18.05%. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. As a group, sell-side analysts anticipate that Leggett & Platt will post 1.14 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders 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 yield of 1.64%. Leggett & Platt’s payout ratio is -17.24%.

Analyst Ratings Changes

Several research firms have recently issued reports on LEG. The Goldman Sachs Group lowered their price target on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 28th. Finally, Truist Financial upped their price objective on Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $12.67.

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.