La-Z-Boy Incorporated (NYSE:LZB) Receives Consensus Rating of “Moderate Buy” from Analysts

La-Z-Boy Incorporated (NYSE:LZB) has earned a consensus rating of “Moderate Buy” from the five ratings firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $42.50.

Several equities research analysts have recently commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of La-Z-Boy in a research note on Monday, December 22nd. Zacks Research cut shares of La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 19th. Needham & Company LLC restated a “buy” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Sidoti upgraded shares of La-Z-Boy from a “neutral” rating to a “buy” rating and raised their target price for the stock from $36.00 to $39.00 in a research note on Wednesday, November 19th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of La-Z-Boy in a report on Wednesday, December 17th.

Insider Transactions at La-Z-Boy

In other news, SVP Michael Adam Leggett sold 2,200 shares of the stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $37.00, for a total transaction of $81,400.00. Following the completion of the transaction, the senior vice president directly owned 42,473 shares of the company’s stock, valued at approximately $1,571,501. This represents a 4.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.66% of the company’s stock.

Institutional Investors Weigh In On La-Z-Boy

A number of hedge funds and other institutional investors have recently modified their holdings of LZB. Advisors Asset Management Inc. grew its holdings in shares of La-Z-Boy by 3.3% in the 2nd quarter. Advisors Asset Management Inc. now owns 8,675 shares of the company’s stock worth $322,000 after acquiring an additional 274 shares during the period. Bank of Montreal Can boosted its position in La-Z-Boy by 4.8% during the second quarter. Bank of Montreal Can now owns 6,564 shares of the company’s stock worth $244,000 after purchasing an additional 300 shares in the last quarter. Osaic Holdings Inc. grew its holdings in La-Z-Boy by 3.5% in the second quarter. Osaic Holdings Inc. now owns 9,258 shares of the company’s stock valued at $344,000 after purchasing an additional 310 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in La-Z-Boy by 75.2% in the third quarter. Smartleaf Asset Management LLC now owns 755 shares of the company’s stock valued at $26,000 after purchasing an additional 324 shares during the last quarter. Finally, Raymond James Financial Inc. increased its position in shares of La-Z-Boy by 2.3% in the third quarter. Raymond James Financial Inc. now owns 14,703 shares of the company’s stock valued at $505,000 after buying an additional 336 shares in the last quarter. 99.62% of the stock is currently owned by institutional investors and hedge funds.

La-Z-Boy Trading Down 1.2%

Shares of LZB traded down $0.42 during mid-day trading on Monday, hitting $35.30. 90,673 shares of the company’s stock were exchanged, compared to its average volume of 410,767. La-Z-Boy has a fifty-two week low of $29.03 and a fifty-two week high of $45.60. The business’s 50 day moving average is $37.73 and its two-hundred day moving average is $36.00. The firm has a market capitalization of $1.44 billion, a P/E ratio of 17.48 and a beta of 1.26.

La-Z-Boy (NYSE:LZB) last posted its quarterly earnings data on Tuesday, February 17th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.59 by $0.02. La-Z-Boy had a return on equity of 10.79% and a net margin of 3.93%.The firm had revenue of $541.59 million during the quarter, compared to the consensus estimate of $535.47 million. During the same period in the prior year, the business earned $0.68 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts forecast that La-Z-Boy will post 2.99 earnings per share for the current year.

La-Z-Boy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be issued a $0.242 dividend. This represents a $0.97 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, March 3rd. La-Z-Boy’s payout ratio is currently 48.02%.

About La-Z-Boy

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.