Leggett & Platt (NYSE:LEG) Shares Gap Up – Here’s What Happened

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $10.00, but opened at $10.78. Leggett & Platt shares last traded at $11.03, with a volume of 525,310 shares trading hands.

Analyst Ratings Changes

Several analysts have issued reports on LEG shares. 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. The Goldman Sachs Group lowered their price objective on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 14th. Finally, Piper Sandler upgraded Leggett & Platt from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $11.00 to $13.00 in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.00.

Leggett & Platt Stock Performance

The company’s 50-day moving average price is $10.32 and its two-hundred day moving average price is $11.77. The stock has a market cap of $1.40 billion, a PE ratio of -1.73 and a beta of 1.12. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.84 and a current ratio of 1.48.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.21. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Leggett & Platt had a positive return on equity of 14.99% and a negative net margin of 18.53%. On average, equities research analysts forecast that Leggett & Platt, Incorporated will post 1.05 EPS for the current year.

Hedge Funds Weigh In On Leggett & Platt

Several institutional investors and hedge funds have recently made changes to their positions in LEG. Wellington Management Group LLP bought a new position in shares of Leggett & Platt during the third quarter valued at about $15,735,000. Invenomic Capital Management LP boosted its holdings in Leggett & Platt by 384.1% during the 3rd quarter. Invenomic Capital Management LP now owns 921,472 shares of the company’s stock valued at $12,550,000 after acquiring an additional 731,132 shares during the period. Vanguard Group Inc. grew its position in Leggett & Platt by 4.9% during the 4th quarter. Vanguard Group Inc. now owns 15,478,476 shares of the company’s stock worth $148,593,000 after acquiring an additional 722,024 shares during the last quarter. FMR LLC increased its stake in Leggett & Platt by 3,264.5% in the 3rd quarter. FMR LLC now owns 692,884 shares of the company’s stock worth $9,437,000 after purchasing an additional 672,290 shares during the period. Finally, Marshall Wace LLP bought a new stake in Leggett & Platt in the fourth quarter valued at approximately $5,858,000. Institutional investors own 64.23% of the company’s stock.

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.