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

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price 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.

Analyst Upgrades and Downgrades

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

Leggett & Platt Trading Up 11.9 %

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

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.21 EPS for the quarter, hitting analysts’ consensus estimates of $0.21. Leggett & Platt had a positive return on equity of 14.99% and a negative net margin of 18.53%. Equities analysts expect that Leggett & Platt, Incorporated will post 1.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Leggett & Platt

Several large investors have recently added to or reduced their stakes in LEG. Allspring Global Investments Holdings LLC boosted its stake in Leggett & Platt by 76.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock valued at $28,000 after buying an additional 884 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Leggett & Platt during the third quarter worth about $29,000. SRS Capital Advisors Inc. increased its holdings in shares of Leggett & Platt by 555.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 3,102 shares of the company’s stock worth $30,000 after buying an additional 2,629 shares during the period. Point72 Hong Kong Ltd purchased a new position in Leggett & Platt during the 3rd quarter valued at about $37,000. Finally, nVerses Capital LLC bought a new stake in Leggett & Platt during the 3rd quarter valued at approximately $41,000. Institutional investors own 64.23% of the company’s stock.

About Leggett & Platt

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.