Leggett & Platt (NYSE:LEG) Shares Gap Up – Time to Buy?

Leggett & Platt, Incorporated (NYSE:LEG) shares gapped up prior to trading 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.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on LEG. The Goldman Sachs Group cut their price objective on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, January 14th. Piper Sandler raised Leggett & Platt from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $11.00 to $13.00 in a research report on Wednesday, October 30th. Finally, Truist Financial cut their price objective on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Wednesday, January 29th. Four investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.00.

Leggett & Platt Price Performance

The company has a 50 day moving average of $10.38 and a 200-day moving average of $11.81. The firm has a market capitalization of $1.50 billion, a P/E ratio of -1.86 and a beta of 1.12. The company has a current ratio of 1.48, a quick ratio of 0.84 and a debt-to-equity ratio of 2.13.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.21 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.21. Leggett & Platt had a positive return on equity of 14.99% and a negative net margin of 18.53%. On average, sell-side analysts predict that Leggett & Platt, Incorporated will post 1.05 EPS for the current year.

Hedge Funds Weigh In On Leggett & Platt

Institutional investors have recently modified their holdings of the business. CWM LLC boosted its position in shares of Leggett & Platt by 64.3% during the 3rd quarter. CWM LLC now owns 37,679 shares of the company’s stock valued at $513,000 after purchasing an additional 14,748 shares in the last quarter. Creative Planning boosted its position in shares of Leggett & Platt by 6.6% during the 3rd quarter. Creative Planning now owns 129,990 shares of the company’s stock valued at $1,770,000 after purchasing an additional 8,102 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of Leggett & Platt during the 3rd quarter valued at about $41,000. Bleakley Financial Group LLC boosted its position in shares of Leggett & Platt by 8.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 33,352 shares of the company’s stock valued at $454,000 after purchasing an additional 2,501 shares in the last quarter. Finally, Inspire Advisors LLC boosted its holdings in Leggett & Platt by 45.0% in the third quarter. Inspire Advisors LLC now owns 128,309 shares of the company’s stock worth $1,748,000 after acquiring an additional 39,790 shares in the last quarter. 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.