La-Z-Boy Incorporated (NYSE:LZB) Receives Average Rating of “Hold” from Analysts

Shares of La-Z-Boy Incorporated (NYSE:LZB) have received a consensus recommendation of “Hold” from the five research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $39.50.

A number of analysts have issued reports on LZB shares. Wall Street Zen downgraded La-Z-Boy from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. KeyCorp dropped their price objective on La-Z-Boy from $46.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, August 20th. Zacks Research lowered La-Z-Boy from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 20th. Finally, Weiss Ratings downgraded La-Z-Boy from a “buy (b-)” rating to a “hold (c)” rating in a report on Thursday, August 20th.

Insiders Place Their Bets

In related news, SVP Michael Adam Leggett sold 9,000 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $41.66, for a total value of $374,940.00. Following the transaction, the senior vice president directly owned 47,551 shares of the company’s stock, valued at $1,980,974.66. This trade represents a 15.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Melinda D. Whittington sold 26,639 shares of La-Z-Boy stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $40.24, for a total transaction of $1,071,953.36. Following the sale, the chief executive officer owned 316,038 shares in the company, valued at $12,717,369.12. This represents a 7.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 66,299 shares of company stock worth $2,677,491. 3.12% of the stock is currently owned by company insiders.

Institutional Trading of La-Z-Boy

Several institutional investors and hedge funds have recently made changes to their positions in LZB. BlackRock Inc. acquired a new stake in shares of La-Z-Boy in the 2nd quarter valued at approximately $265,535,000. Vanguard Group Inc. boosted its stake in shares of La-Z-Boy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 4,814,114 shares of the company’s stock valued at $179,422,000 after buying an additional 38,513 shares in the last quarter. Sei Investments Co. grew its holdings in La-Z-Boy by 69.5% during the first quarter. Sei Investments Co. now owns 116,124 shares of the company’s stock worth $3,732,000 after acquiring an additional 47,626 shares during the period. Empowered Funds LLC acquired a new position in La-Z-Boy during the first quarter worth $4,884,000. Finally, William Blair Investment Management LLC purchased a new position in La-Z-Boy in the second quarter worth $19,511,000. 99.62% of the stock is owned by hedge funds and other institutional investors.

La-Z-Boy Stock Performance

Shares of NYSE:LZB opened at $32.57 on Monday. La-Z-Boy has a 52 week low of $29.03 and a 52 week high of $44.90. The company’s 50 day moving average is $39.11 and its two-hundred day moving average is $36.64. The company has a market cap of $1.30 billion, a PE ratio of 16.53, a P/E/G ratio of 1.10 and a beta of 1.27.

La-Z-Boy (NYSE:LZB) last released its quarterly earnings data on Tuesday, August 18th. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.06). The firm had revenue of $475.69 million for the quarter, compared to analysts’ expectations of $501.44 million. La-Z-Boy had a return on equity of 11.79% and a net margin of 3.86%.La-Z-Boy’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period last year, the firm posted $0.47 earnings per share. As a group, equities research analysts expect that La-Z-Boy will post 2.7 EPS for the current year.

La-Z-Boy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Thursday, September 3rd will be given a dividend of $0.242 per share. This represents a $0.97 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Thursday, September 3rd. La-Z-Boy’s payout ratio is currently 48.73%.

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.