Wall Street brokerages expect Leggett & Platt, Inc. (NYSE:LEG) to announce sales of $1.28 billion for the current quarter, according to Zacks. Four analysts have provided estimates for Leggett & Platt’s earnings, with the highest sales estimate coming in at $1.30 billion and the lowest estimate coming in at $1.25 billion. Leggett & Platt reported sales of $1.10 billion during the same quarter last year, which would suggest a positive year over year growth rate of 16.4%. The business is scheduled to report its next earnings results on Thursday, July 25th.
On average, analysts expect that Leggett & Platt will report full year sales of $4.95 billion for the current fiscal year, with estimates ranging from $4.91 billion to $5.00 billion. For the next financial year, analysts expect that the firm will report sales of $5.15 billion, with estimates ranging from $5.06 billion to $5.24 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Leggett & Platt.
Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Monday, April 29th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.03). The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.18 billion. Leggett & Platt had a return on equity of 28.02% and a net margin of 6.58%. The business’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.57 earnings per share.
In other news, SVP Russell J. Iorio sold 16,042 shares of the business’s stock in a transaction on Wednesday, February 27th. The shares were sold at an average price of $45.73, for a total value of $733,600.66. Following the completion of the sale, the senior vice president now directly owns 71,149 shares in the company, valued at $3,253,643.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.45% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in LEG. Bank of New York Mellon Corp increased its position in Leggett & Platt by 27.7% during the fourth quarter. Bank of New York Mellon Corp now owns 5,805,887 shares of the company’s stock worth $208,083,000 after acquiring an additional 1,258,390 shares during the period. Norges Bank bought a new position in Leggett & Platt during the fourth quarter worth $40,824,000. Alps Advisors Inc. bought a new position in Leggett & Platt during the fourth quarter worth $38,771,000. Oregon Public Employees Retirement Fund increased its position in Leggett & Platt by 3,237.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,006,531 shares of the company’s stock worth $28,000 after acquiring an additional 976,369 shares during the period. Finally, BlackRock Inc. increased its position in Leggett & Platt by 4.1% during the fourth quarter. BlackRock Inc. now owns 12,678,300 shares of the company’s stock worth $454,390,000 after acquiring an additional 499,242 shares during the period. 76.77% of the stock is currently owned by institutional investors and hedge funds.
LEG stock opened at $37.19 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.91 and a debt-to-equity ratio of 2.02. The company has a market cap of $4.90 billion, a P/E ratio of 15.00, a P/E/G ratio of 1.69 and a beta of 1.04. Leggett & Platt has a 52 week low of $33.48 and a 52 week high of $46.71.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.30%. This is a boost from Leggett & Platt’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, June 13th. Leggett & Platt’s payout ratio is presently 61.29%.
About Leggett & Platt
Leggett & Platt, Incorporated designs and produces various engineered components and products worldwide. It operates through four segments: Residential Products, Furniture Products, Industrial Products, and Specialized Products. The Residential Products segment offers innersprings, wire forms, and machines to shape wire into various types of springs; industrial sewing/finishing machines, conveyor lines, mattress packaging, and glue-drying equipment, as well as quilting machines; and structural fabrics, carpet cushions, and geo components.
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