Leggett & Platt, Inc. to Post Q1 2018 Earnings of $0.59 Per Share, SunTrust Banks Forecasts (LEG)
Leggett & Platt, Inc. (NYSE:LEG) – SunTrust Banks dropped their Q1 2018 earnings per share (EPS) estimates for Leggett & Platt in a research report issued to clients and investors on Tuesday. SunTrust Banks analyst K. Hughes now expects that the company will post earnings per share of $0.59 for the quarter, down from their previous estimate of $0.67. SunTrust Banks currently has a “Buy” rating and a $53.00 price target on the stock. SunTrust Banks also issued estimates for Leggett & Platt’s FY2018 earnings at $2.76 EPS.
A number of other research firms also recently commented on LEG. Piper Jaffray Companies reiterated a “hold” rating and set a $48.00 target price on shares of Leggett & Platt in a research report on Tuesday, January 23rd. Zacks Investment Research upgraded Leggett & Platt from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research report on Wednesday, January 10th. Finally, Gabelli upgraded Leggett & Platt from a “hold” rating to a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. Leggett & Platt currently has an average rating of “Hold” and a consensus target price of $54.57.
Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Monday, February 5th. The company reported $0.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.02). Leggett & Platt had a net margin of 7.42% and a return on equity of 29.44%. The business had revenue of $984.00 million during the quarter, compared to analysts’ expectations of $998.32 million. During the same quarter last year, the firm earned $0.53 earnings per share. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year.
In other Leggett & Platt news, SVP Scott S. Douglas sold 10,000 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $47.01, for a total transaction of $470,100.00. Following the sale, the senior vice president now directly owns 29,584 shares in the company, valued at $1,390,743.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Scott S. Douglas sold 3,000 shares of the business’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $46.45, for a total value of $139,350.00. Following the sale, the senior vice president now owns 35,289 shares in the company, valued at $1,639,174.05. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,250 shares of company stock worth $621,070. 1.78% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Leggett & Platt by 2.6% in the fourth quarter. BlackRock Inc. now owns 12,462,751 shares of the company’s stock worth $594,849,000 after acquiring an additional 320,930 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Leggett & Platt by 4.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,658,840 shares of the company’s stock worth $126,906,000 after acquiring an additional 109,248 shares during the last quarter. US Bancorp DE raised its holdings in shares of Leggett & Platt by 0.9% in the fourth quarter. US Bancorp DE now owns 1,985,118 shares of the company’s stock worth $94,750,000 after acquiring an additional 18,434 shares during the last quarter. TimesSquare Capital Management LLC acquired a new position in shares of Leggett & Platt in the third quarter worth $81,509,000. Finally, Villere ST Denis J & Co. LLC raised its holdings in shares of Leggett & Platt by 0.8% in the third quarter. Villere ST Denis J & Co. LLC now owns 1,572,514 shares of the company’s stock worth $75,056,000 after acquiring an additional 12,800 shares during the last quarter. 68.22% of the stock is owned by institutional investors.
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Leggett & Platt Company Profile
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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