Q3 2017 Earnings Estimate for Leggett & Platt, Incorporated (LEG) Issued By SunTrust Banks
Leggett & Platt, Incorporated (NYSE:LEG) – Investment analysts at SunTrust Banks lowered their Q3 2017 earnings estimates for shares of Leggett & Platt, in a note issued to investors on Wednesday. SunTrust Banks analyst K. Hughes now forecasts that the company will post earnings per share of $0.59 for the quarter, down from their previous estimate of $0.70. SunTrust Banks also issued estimates for Leggett & Platt,’s Q4 2017 earnings at $0.54 EPS, FY2017 earnings at $2.42 EPS, Q1 2018 earnings at $0.63 EPS, Q2 2018 earnings at $0.70 EPS, Q3 2018 earnings at $0.73 EPS, Q4 2018 earnings at $0.66 EPS and FY2018 earnings at $2.73 EPS.
A number of other brokerages have also issued reports on LEG. Piper Jaffray Companies set a $59.00 price target on shares of Leggett & Platt, and gave the stock a “buy” rating in a research note on Monday, August 14th. BidaskClub upgraded shares of Leggett & Platt, from a “hold” rating to a “buy” rating in a research note on Saturday, June 17th. Credit Suisse Group began coverage on shares of Leggett & Platt, in a research report on Thursday, June 22nd. They set a “neutral” rating and a $56.00 price target for the company. Finally, Zacks Investment Research lowered shares of Leggett & Platt, from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $55.63.
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Shares of Leggett & Platt, (LEG) opened at 43.50 on Friday. The stock has a market capitalization of $5.75 billion, a P/E ratio of 17.26 and a beta of 1.00. Leggett & Platt, has a 12 month low of $43.17 and a 12 month high of $54.97. The firm has a 50 day moving average of $47.77 and a 200-day moving average of $50.58.
Leggett & Platt, (NYSE:LEG) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.64 EPS for the quarter, missing the Zacks’ consensus estimate of $0.65 by $0.01. Leggett & Platt, had a net margin of 9.17% and a return on equity of 31.02%. The firm had revenue of $989.30 million during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the company posted $0.66 earnings per share. The company’s revenue for the quarter was up 3.2% on a year-over-year basis.
A number of hedge funds have recently modified their holdings of LEG. BlackRock Inc. lifted its position in Leggett & Platt, by 1,572.6% in the first quarter. BlackRock Inc. now owns 11,942,965 shares of the company’s stock worth $600,969,000 after purchasing an additional 11,228,920 shares during the period. Vanguard Group Inc. raised its stake in Leggett & Platt, by 3.2% during the first quarter. Vanguard Group Inc. now owns 15,434,519 shares of the company’s stock worth $776,664,000 after acquiring an additional 481,689 shares in the last quarter. Schroder Investment Management Group raised its stake in Leggett & Platt, by 79.8% during the first quarter. Schroder Investment Management Group now owns 1,060,299 shares of the company’s stock worth $53,450,000 after acquiring an additional 470,611 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in Leggett & Platt, during the second quarter worth $22,404,000. Finally, JPMorgan Chase & Co. raised its stake in Leggett & Platt, by 31.0% during the first quarter. JPMorgan Chase & Co. now owns 827,780 shares of the company’s stock worth $41,654,000 after acquiring an additional 196,033 shares in the last quarter. 68.98% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Matthew C. Flanigan sold 19,589 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $49.58, for a total value of $971,222.62. Following the completion of the sale, the insider now directly owns 159,522 shares of the company’s stock, valued at $7,909,100.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.78% of the stock is owned by corporate insiders.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 15th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.44 dividend on an annualized basis and a yield of 3.31%. Leggett & Platt,’s payout ratio is currently 57.14%.
About Leggett & Platt,
Leggett & Platt, Incorporated is a manufacturer that conceives, designs and produces a range of engineered components and products found in homes, offices and automobiles. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products.
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