La-Z-Boy Inc. (LZB) Stock Price Down 3.9% Following Insider Selling
Shares of La-Z-Boy Inc. (NYSE:LZB) fell 3.9% during trading on Wednesday following insider selling activity. The stock traded as low as $24.77 and last traded at $24.91, with a volume of 252,091 shares traded. The stock had previously closed at $25.91.
Specifically, insider Otis S. Sawyer sold 5,935 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $27.46, for a total transaction of $162,975.10. Following the sale, the insider now directly owns 62,216 shares in the company, valued at $1,708,451.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Kurt L. Darrow sold 110,729 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $27.79, for a total value of $3,077,158.91. Following the sale, the chief executive officer now owns 641,757 shares in the company, valued at $17,834,427.03. The disclosure for this sale can be found here. Corporate insiders own 3.57% of the company’s stock.
A number of equities research analysts have issued reports on the company. Zacks Investment Research upgraded La-Z-Boy from a “sell” rating to a “hold” rating in a research report on Tuesday, September 13th. Longbow Research assumed coverage on La-Z-Boy in a research report on Friday, August 5th. They set a “neutral” rating on the stock.
The stock’s 50 day moving average price is $27.38 and its 200 day moving average price is $27.10. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 15.97 and a beta of 1.35.
La-Z-Boy (NYSE:LZB) last issued its earnings results on Tuesday, August 23rd. The company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.01. The company had revenue of $340.80 million for the quarter, compared to analyst estimates of $358.79 million. La-Z-Boy had a return on equity of 15.01% and a net margin of 5.21%. The company’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 earnings per share. Analysts predict that La-Z-Boy Inc. will post $1.71 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, September 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.60%. The ex-dividend date was Wednesday, August 31st. La-Z-Boy’s dividend payout ratio is currently 25.48%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Quantbot Technologies LP boosted its position in shares of La-Z-Boy by 270.7% in the second quarter. Quantbot Technologies LP now owns 3,726 shares of the company’s stock valued at $103,000 after buying an additional 2,721 shares in the last quarter. BlackRock Inc. boosted its position in shares of La-Z-Boy by 135.1% in the first quarter. BlackRock Inc. now owns 4,021 shares of the company’s stock valued at $108,000 after buying an additional 2,311 shares in the last quarter. Gray Financial Group GA ADV ADV bought a new position in shares of La-Z-Boy during the second quarter valued at $155,000. PineBridge Investments L.P. boosted its position in shares of La-Z-Boy by 3.8% in the second quarter. PineBridge Investments L.P. now owns 6,327 shares of the company’s stock valued at $176,000 after buying an additional 231 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its position in shares of La-Z-Boy by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 7,017 shares of the company’s stock valued at $195,000 after buying an additional 842 shares in the last quarter. Institutional investors and hedge funds own 86.05% of the company’s stock.
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.
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