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

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $10.26, but opened at $11.00. Leggett & Platt shares last traded at $11.7350, with a volume of 984,988 shares trading hands.

Wall Street Analysts Forecast Growth

LEG has been the topic of a number of analyst reports. The Goldman Sachs Group restated a “neutral” rating and issued a $11.00 price target on shares of Leggett & Platt in a research note on Wednesday, October 29th. Truist Financial increased their price objective on Leggett & Platt from $10.00 to $12.00 and gave the company a “hold” rating in a report on Wednesday, October 29th. Weiss Ratings restated a “sell (d+)” rating on shares of Leggett & Platt in a research note on Tuesday, November 25th. Zacks Research raised Leggett & Platt from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 6th. Finally, Piper Sandler set a $9.00 price target on shares of Leggett & Platt in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Leggett & Platt presently has an average rating of “Hold” and a consensus price target of $11.00.

Leggett & Platt Stock Performance

The firm has a fifty day simple moving average of $9.09 and a 200-day simple moving average of $9.31. The company has a quick ratio of 1.36, a current ratio of 2.15 and a debt-to-equity ratio of 1.54. The company has a market cap of $1.58 billion, a PE ratio of 7.21 and a beta of 0.74.

Leggett & Platt (NYSE:LEG) last posted its earnings results on Monday, October 27th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Leggett & Platt had a net margin of 5.38% and a return on equity of 16.27%. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.32 earnings per share. Leggett & Platt has set its FY 2025 guidance at 1.000-1.100 EPS. On average, research analysts forecast that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Monday, December 15th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, December 15th. Leggett & Platt’s payout ratio is presently 12.42%.

Institutional Trading of Leggett & Platt

A number of large investors have recently bought and sold shares of the business. Palisade Asset Management LLC acquired a new stake in shares of Leggett & Platt during the third quarter worth about $29,000. Quent Capital LLC purchased a new stake in Leggett & Platt during the 3rd quarter valued at approximately $34,000. Advisory Services Network LLC purchased a new stake in Leggett & Platt during the 3rd quarter valued at approximately $51,000. Nisa Investment Advisors LLC acquired a new stake in Leggett & Platt during the 2nd quarter worth approximately $76,000. Finally, HM Payson & Co. purchased a new position in shares of Leggett & Platt in the 3rd quarter valued at approximately $89,000. Institutional investors and hedge funds 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.