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

Leggett & Platt (NYSE:LEG) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 1.100-1.250 for the period, compared to the consensus estimate of 1.110. The company issued revenue guidance of $4.3 billion-$4.5 billion, compared to the consensus revenue estimate of $4.4 billion. Leggett & Platt also updated its FY24 guidance to $1.10-1.25 EPS.

Leggett & Platt Stock Performance

Shares of NYSE LEG traded up $0.13 during midday trading on Friday, reaching $13.00. 3,147,216 shares of the company were exchanged, compared to its average volume of 1,916,592. The stock has a market cap of $1.74 billion, a P/E ratio of -11.21 and a beta of 1.08. Leggett & Platt has a 1 year low of $10.11 and a 1 year high of $30.47. The stock has a fifty day simple moving average of $11.86 and a 200 day simple moving average of $16.23. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37.

Leggett & Platt (NYSE:LEG) last released its earnings results on Thursday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.29. Leggett & Platt had a positive return on equity of 10.98% and a negative net margin of 18.05%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. On average, research analysts forecast that Leggett & Platt will post 1.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on LEG shares. 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 report on Wednesday, July 10th. Piper Sandler reduced their price target on Leggett & Platt from $16.00 to $13.00 and set an underweight rating for the company in a report on Wednesday, May 1st. 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 report on Thursday, June 27th. Finally, StockNews.com downgraded shares of Leggett & Platt from a hold rating to a sell rating in a report on Saturday, July 6th. Two investment analysts have rated the stock with a sell rating and two have given a hold rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and a consensus price target of $12.00.

Insiders Place Their Bets

In other Leggett & Platt news, CFO Benjamin Michael Burns acquired 3,850 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were acquired at an average price of $12.20 per share, for a total transaction of $46,970.00. Following the completion of the acquisition, the chief financial officer now directly owns 81,362 shares of the company’s stock, valued at $992,616.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Benjamin Michael Burns bought 3,850 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was acquired at an average price of $12.20 per share, for a total transaction of $46,970.00. Following the acquisition, the chief financial officer now owns 81,362 shares of the company’s stock, valued at $992,616.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark A. Blinn purchased 6,000 shares of Leggett & Platt stock in a transaction on Thursday, May 23rd. The shares were acquired at an average cost of $10.74 per share, for a total transaction of $64,440.00. Following the completion of the transaction, the director now owns 32,302 shares of the company’s stock, valued at $346,923.48. The disclosure for this purchase can be found here. In the last three months, insiders bought 55,635 shares of company stock valued at $639,547. Company insiders own 1.57% of the company’s stock.

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.