La-Z-Boy (NYSE:LZB) Downgraded to Hold Rating by Zacks Research

Zacks Research lowered shares of La-Z-Boy (NYSE:LZB) from a strong-buy rating to a hold rating in a research report report published on Monday morning,Zacks.com reports.

LZB has been the subject of several other reports. Needham & Company LLC reiterated a “buy” rating on shares of La-Z-Boy in a report on Wednesday, December 17th. Sidoti raised shares of La-Z-Boy from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $36.00 to $39.00 in a research note on Wednesday, November 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of La-Z-Boy in a research report on Monday, December 22nd. Finally, KeyCorp reiterated an “overweight” rating on shares of La-Z-Boy in a report on Wednesday, December 17th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.50.

La-Z-Boy Price Performance

Shares of NYSE LZB opened at $38.34 on Monday. La-Z-Boy has a 1 year low of $29.03 and a 1 year high of $48.31. The firm has a 50-day simple moving average of $37.70 and a two-hundred day simple moving average of $36.08. The company has a market cap of $1.58 billion, a P/E ratio of 17.58 and a beta of 1.27.

La-Z-Boy (NYSE:LZB) last posted its quarterly earnings data on Tuesday, November 18th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.17. The company had revenue of $522.48 million during the quarter, compared to analysts’ expectations of $517.63 million. La-Z-Boy had a return on equity of 11.19% and a net margin of 4.29%.La-Z-Boy’s revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.71 EPS. As a group, equities research analysts expect that La-Z-Boy will post 2.99 EPS for the current year.

La-Z-Boy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Thursday, December 4th were issued a dividend of $0.242 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from La-Z-Boy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Thursday, December 4th. La-Z-Boy’s dividend payout ratio is presently 44.50%.

Hedge Funds Weigh In On La-Z-Boy

A number of institutional investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC grew its stake in shares of La-Z-Boy by 75.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 755 shares of the company’s stock worth $26,000 after purchasing an additional 324 shares during the period. GAMMA Investing LLC grew its stake in La-Z-Boy by 116.9% in the 2nd quarter. GAMMA Investing LLC now owns 746 shares of the company’s stock valued at $28,000 after acquiring an additional 402 shares during the period. EverSource Wealth Advisors LLC increased its holdings in La-Z-Boy by 290.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after acquiring an additional 670 shares in the last quarter. Geneos Wealth Management Inc. raised its position in La-Z-Boy by 99.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock worth $42,000 after acquiring an additional 567 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its holdings in La-Z-Boy by 3,130.8% during the third quarter. CIBC Private Wealth Group LLC now owns 1,260 shares of the company’s stock valued at $43,000 after purchasing an additional 1,221 shares in the last quarter. Hedge funds and other institutional investors own 99.62% of the company’s stock.

La-Z-Boy Company Profile

La-Z-Boy Incorporated (NYSE: LZB) is a leading U.S. manufacturer and marketer of residential furniture, best known for its upholstered recliners, sofas, stationary chairs and sleeper sofas. The company offers a broad range of products in both fabric and leather, complemented by occasional tables, desks, lamps and other home furnishings through its branded retail network.

Founded in 1927 by cousins Edward Knabusch and Edwin Shoemaker in Monroe, Michigan, La-Z-Boy pioneered the modern reclining chair.