Leggett & Platt, Incorporated (NYSE:LEG) Declares Quarterly Dividend of $0.05

Leggett & Platt, Incorporated (NYSE:LEG) announced a quarterly dividend on Wednesday, February 26th, RTT News reports. Stockholders of record on Friday, March 14th will be given a dividend of 0.05 per share on Tuesday, April 15th. This represents a $0.20 annualized dividend and a dividend yield of 2.13%.

Leggett & Platt has decreased its dividend by an average of 28.4% annually over the last three years. Leggett & Platt has a dividend payout ratio of 16.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Leggett & Platt to earn $1.24 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 16.1%.

Leggett & Platt Stock Performance

Shares of NYSE:LEG traded down $0.22 during trading on Wednesday, hitting $9.41. The stock had a trading volume of 795,302 shares, compared to its average volume of 1,740,081. The company has a quick ratio of 1.14, a current ratio of 2.00 and a debt-to-equity ratio of 2.70. Leggett & Platt has a 12-month low of $9.18 and a 12-month high of $21.03. The stock has a 50-day simple moving average of $10.09 and a two-hundred day simple moving average of $11.62. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -2.53 and a beta of 1.12.

Leggett & Platt (NYSE:LEG) last posted its earnings results on Thursday, February 13th. The company reported $0.21 earnings per share for the quarter, meeting the consensus estimate of $0.21. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.03 billion. On average, equities research analysts expect that Leggett & Platt will post 1.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on LEG. Piper Sandler upgraded shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $11.00 to $13.00 in a report on Wednesday, October 30th. Truist Financial cut 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 decreased their price target on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, January 14th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat, Leggett & Platt presently has a consensus rating of “Hold” and an average target price of $12.00.

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.