Leggett & Platt (NYSE:LEG) Announces Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Leggett & Platt (NYSE:LEGGet Free Report) issued its quarterly earnings results on Thursday. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.01), Briefing.com reports. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Leggett & Platt had a positive return on equity of 11.41% and a negative net margin of 2.90%. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. Leggett & Platt updated its FY24 guidance to $1.05 to $1.35 EPS and its FY 2024 guidance to 1.050-1.350 EPS.

Leggett & Platt Trading Down 12.1 %

Shares of LEG traded down $2.82 during midday trading on Friday, reaching $20.46. The stock had a trading volume of 5,271,649 shares, compared to its average volume of 1,419,547. Leggett & Platt has a 1-year low of $20.39 and a 1-year high of $35.10. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.87 and a quick ratio of 1.04. The company’s fifty day simple moving average is $24.96 and its two-hundred day simple moving average is $25.51.

Analyst Upgrades and Downgrades

LEG has been the topic of a number of research reports. The Goldman Sachs Group reduced their target price on shares of Leggett & Platt from $27.00 to $24.00 and set a “neutral” rating on the stock in a report on Wednesday, November 1st. Truist Financial reduced their price objective on Leggett & Platt from $26.00 to $24.00 and set a “hold” rating on the stock in a research note on Wednesday, November 1st. Finally, Piper Sandler reduced their price target on Leggett & Platt from $21.00 to $18.00 and set an “underweight” rating on the stock in a research report on Wednesday, November 1st.

View Our Latest Research Report on LEG

Institutional Trading of Leggett & Platt

Hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 Asset Management L.P. acquired a new stake in Leggett & Platt during the 2nd quarter worth $28,000. Industrial Alliance Investment Management Inc. acquired a new stake in shares of Leggett & Platt during the fourth quarter worth about $48,000. Lazard Asset Management LLC acquired a new stake in shares of Leggett & Platt in the 2nd quarter valued at about $52,000. Rockefeller Capital Management L.P. increased its position in Leggett & Platt by 179.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,024 shares of the company’s stock worth $64,000 after buying an additional 1,300 shares during the period. Finally, Geneos Wealth Management Inc. increased its position in Leggett & Platt by 18.9% during the first quarter. Geneos Wealth Management Inc. now owns 1,915 shares of the company’s stock worth $66,000 after buying an additional 305 shares during the period. 60.26% of the stock is currently owned by institutional investors and hedge funds.

Leggett & Platt Company Profile

(Get Free Report)

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, private label finished mattresses, 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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Earnings History for Leggett & Platt (NYSE:LEG)

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