(LEG) Leggett & Platt Attains New 52-Week High

Boosted by the recent rebound in the U.S. housing market, shares of Leggett & Platt, Inc. (LEG) hit a new 52-week high of $34.07 on Friday, Apr 12, before closing at $33.79. This Zacks Rank #3 (Hold) manufacturer of diversified engineered products and components beat its previous 52-week high of $34.00 and generated a year-to-date return of approximately 22.9%. Average volume of shares traded over the last 3 months came in at approximately 1,236K. Currently, the stock which has a market cap of $4.82 billion trades at a forward P/E of 20.8x, significantly higher than the peer group average of 14.8x. We believe that Leggett’s well-diversified customer base and solid research and development (R&D) capabilities offer it a competitive edge while strengthening its pricing power in the market. Moreover, the