La-Z-Boy Inc. (LZB) Announces Earnings Results
La-Z-Boy Inc. (NYSE:LZB) announced its quarterly earnings data on Wednesday. The company reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.04. The business had revenue of $376.60 million for the quarter, compared to analysts’ expectations of $376.29 million. La-Z-Boy had a net margin of 5.21% and a return on equity of 15.01%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.41 earnings per share.
Shares of La-Z-Boy (NYSE:LZB) traded down 1.83% on Wednesday, hitting $26.75. 584,339 shares of the stock traded hands. La-Z-Boy has a 52-week low of $19.56 and a 52-week high of $31.22. The stock’s 50 day moving average price is $24.73 and its 200 day moving average price is $26.68. The stock has a market cap of $1.32 billion, a P/E ratio of 17.11 and a beta of 0.87.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Friday, December 9th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.64%. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.10. La-Z-Boy’s dividend payout ratio is currently 25.48%.
In other news, insider John Douglas Collier sold 26,874 shares of La-Z-Boy stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $26.17, for a total transaction of $703,292.58. Following the sale, the insider now directly owns 98,849 shares of the company’s stock, valued at $2,586,878.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.57% of the company’s stock.
Several institutional investors have recently bought and sold shares of LZB. Vaughan Nelson Investment Management L.P. raised its position in La-Z-Boy by 91.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,942,925 shares of the company’s stock worth $54,052,000 after buying an additional 925,700 shares in the last quarter. Morgan Stanley raised its position in La-Z-Boy by 160.2% in the third quarter. Morgan Stanley now owns 516,327 shares of the company’s stock worth $12,681,000 after buying an additional 317,916 shares in the last quarter. WBI Investments Inc. raised its position in La-Z-Boy by 559.7% in the second quarter. WBI Investments Inc. now owns 168,991 shares of the company’s stock worth $4,701,000 after buying an additional 143,376 shares in the last quarter. Teachers Advisors Inc. raised its position in La-Z-Boy by 24.3% in the second quarter. Teachers Advisors Inc. now owns 424,228 shares of the company’s stock worth $11,802,000 after buying an additional 83,029 shares in the last quarter. Finally, BlackRock Fund Advisors raised its position in La-Z-Boy by 1.4% in the second quarter. BlackRock Fund Advisors now owns 3,186,907 shares of the company’s stock worth $88,660,000 after buying an additional 45,239 shares in the last quarter. 87.01% of the stock is currently owned by institutional investors.
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A number of brokerages have weighed in on LZB. Longbow Research began coverage on shares of La-Z-Boy in a report on Friday, August 5th. They issued a “neutral” rating on the stock. Zacks Investment Research upgraded shares of La-Z-Boy from a “sell” rating to a “hold” rating in a report on Tuesday, September 13th. Finally, KeyCorp restated a “buy” rating and issued a $28.00 price objective on shares of La-Z-Boy in a report on Monday, October 10th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $30.33.
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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