Leggett & Platt (NYSE:LEG) Shares Gap Up - Here's What Happened

Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report)'s share 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 trading hands.

Wall Street Analysts Forecast Growth

LEG has been the topic of a number of research analyst reports. Piper Sandler raised Leggett & Platt from an "underweight" rating to a "neutral" rating and increased their target price for the stock from $11.00 to $13.00 in a report on Wednesday, October 30th. Truist Financial decreased their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a "hold" rating for the company in a report on Wednesday, January 29th. Finally, The Goldman Sachs Group dropped their target price on shares of Leggett & Platt from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating, According to MarketBeat, Leggett & Platt presently has an average rating of "Hold" and a consensus target price of $12.00.

Leggett & Platt Stock Down 3.3 %

The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -1.68 and a beta of 1.12. The stock has a 50-day moving average of $10.29 and a 200-day moving average of $11.74. 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 - Get Free Report) last announced 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 negative net margin of 18.53% and a positive return on equity of 14.99%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.03 billion. As a group, sell-side analysts forecast that Leggett & Platt, Incorporated will post 1.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Leggett & Platt

A number of hedge funds have recently made changes to their positions in the business. PharVision Advisers LLC acquired a new stake in Leggett & Platt in the 4th quarter valued at approximately $467,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Leggett & Platt by 13.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 440,909 shares of the company's stock valued at $4,233,000 after purchasing an additional 51,841 shares during the period. Squarepoint Ops LLC raised its stake in shares of Leggett & Platt by 49.6% during the fourth quarter. Squarepoint Ops LLC now owns 345,589 shares of the company's stock valued at $3,318,000 after purchasing an additional 114,536 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in Leggett & Platt by 82.1% in the fourth quarter. Two Sigma Advisers LP now owns 630,100 shares of the company's stock worth $6,049,000 after purchasing an additional 284,100 shares during the period. Finally, Two Sigma Investments LP grew its position in Leggett & Platt by 45.1% in the 4th quarter. Two Sigma Investments LP now owns 874,668 shares of the company's stock valued at $8,397,000 after buying an additional 271,917 shares in the last quarter. 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.