Leggett & Platt (NYSE:LEG) Shares Gap Up Following Earnings Beat

Leggett & Platt, Incorporated (NYSE:LEG) shares gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $7.27, but opened at $8.88. Leggett & Platt shares last traded at $8.91, with a volume of 1,140,459 shares trading hands.

The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.02 billion. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. Leggett & Platt’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same period last year, the firm earned $0.23 EPS.

Leggett & Platt Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend was Friday, March 14th. Leggett & Platt’s dividend payout ratio is presently -5.36%.

Analyst Ratings Changes

Several research firms have issued reports on LEG. Piper Sandler reiterated a “neutral” rating and issued a $9.00 target price (down from $12.00) on shares of Leggett & Platt in a research note on Friday, April 11th. Truist Financial lowered their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Wednesday, January 29th. Finally, The Goldman Sachs Group lowered their target price on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 14th.

Hedge Funds Weigh In On Leggett & Platt

A number of large investors have recently added to or reduced their stakes in LEG. JPMorgan Chase & Co. raised its position in Leggett & Platt by 38.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 581,665 shares of the company’s stock worth $7,922,000 after purchasing an additional 160,104 shares during the period. GAMMA Investing LLC raised its position in Leggett & Platt by 2,069.7% in the 4th quarter. GAMMA Investing LLC now owns 12,302 shares of the company’s stock worth $118,000 after purchasing an additional 11,735 shares during the period. Diversified Trust Co purchased a new position in Leggett & Platt in the 4th quarter worth $255,000. International Assets Investment Management LLC purchased a new position in Leggett & Platt in the 4th quarter worth $337,000. Finally, Pallas Capital Advisors LLC purchased a new position in Leggett & Platt in the 4th quarter worth $99,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Leggett & Platt Stock Performance

The business’s 50-day moving average is $7.94 and its 200 day moving average is $10.04. The company has a market cap of $1.29 billion, a PE ratio of -2.56 and a beta of 0.98. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.14 and a current ratio of 2.00.

Leggett & Platt Company Profile

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.