La-Z-Boy Inc. (LZB) Declares Quarterly Dividend of $0.11
La-Z-Boy Inc. (NYSE:LZB) announced a quarterly dividend on Wednesday, November 30th. Stockholders of record on Friday, December 9th will be paid a dividend of 0.11 per share on Thursday, December 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date is Wednesday, December 7th. This is a positive change from La-Z-Boy’s previous quarterly dividend of $0.10.
Shares of La-Z-Boy (NYSE:LZB) opened at 26.75 on Thursday. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of 17.11 and a beta of 0.87. The stock’s 50 day moving average is $24.81 and its 200-day moving average is $26.70. La-Z-Boy has a one year low of $19.56 and a one year high of $31.22.
La-Z-Boy (NYSE:LZB) last posted its earnings results on Wednesday, November 30th. The company reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.04. La-Z-Boy had a net margin of 5.21% and a return on equity of 15.01%. The firm earned $376.60 million during the quarter, compared to the consensus estimate of $376.29 million. During the same quarter last year, the firm earned $0.41 EPS. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, equities research analysts predict that La-Z-Boy will post $1.57 EPS for the current fiscal year.
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Several equities analysts have commented on the stock. Zacks Investment Research cut shares of La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Tuesday, August 23rd. Longbow Research assumed coverage on shares of La-Z-Boy in a research report on Friday, August 5th. They issued a “neutral” rating for the company. Finally, KeyCorp reissued a “buy” rating and issued a $28.00 price target on shares of La-Z-Boy in a research report on Monday, October 10th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $30.33.
In other news, insider John Douglas Collier sold 26,874 shares of La-Z-Boy stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $26.17, for a total transaction of $703,292.58. Following the completion of the sale, the insider now directly owns 98,849 shares of the company’s stock, valued at approximately $2,586,878.33. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.57% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Highbridge Capital Management LLC purchased a new stake in La-Z-Boy during the second quarter valued at about $230,000. Hsbc Holdings PLC boosted its stake in La-Z-Boy by 0.8% in the second quarter. Hsbc Holdings PLC now owns 8,596 shares of the company’s stock valued at $239,000 after buying an additional 71 shares during the period. BlackRock Inc. boosted its stake in La-Z-Boy by 190.8% in the second quarter. BlackRock Inc. now owns 11,692 shares of the company’s stock valued at $326,000 after buying an additional 7,671 shares during the period. KCG Holdings Inc. purchased a new stake in La-Z-Boy during the second quarter valued at about $484,000. Finally, Trexquant Investment LP purchased a new stake in La-Z-Boy during the second quarter valued at about $542,000. 87.01% of the stock is owned by institutional investors and hedge funds.
La-Z-Boy Company Profile
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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