Shares of Steinway Musical Instruments (NYSE:LVB) have taken a tremendous swing upward. The stock is trading at $27.03 as of 9:47 a.m. ET, 30.1% above Thursday's closing price of $20.78. Volume is at 70,383, 4.2 times the daily average of 16,800.
NEW YORK ( TheStreet) -- Shares of Steinway Musical Instruments (NYSE: LVB) have taken a tremendous swing upward. The stock is trading at $27.03 as of 9:47 a.m. ET, 30.1% above Thursday's closing price of $20.78. Volume is at 70,383, 4.2 times the daily average of 16,800. Steinway Musical Instruments has a market cap of $241.4 million and is part of the consumer goods sector and consumer durables industry. Shares are up 4.7% year to date as of the close of trading on Thursday. Steinway Musical Instruments, Inc. designs, manufactures, markets, and distributes musical instruments in the United States and internationally. The company operates through two segments: Pianos, and Band & Orchestral Instruments. The company has a P/E ratio of 30.7, equal to the average consumer durables industry P/E ratio and above the S&P 500 P/E ratio of 17. TheStreet Ratings rates Steinway Musical Instruments as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, increase in stock price during the past year and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Steinway Musical Instruments Ratings Report. See our top % gaining stocks list for other stocks that are soaring today, or get investment ideas from our investment research center. Interested in other stocks that are soaring? Get free SMS text alerts sent to you when the action happens by texting SOAR to 95370 or select from multiple alert options.