Insider Selling: La-Z-Boy (NYSE:LZB) Director Sells $115,982.75 in Stock

La-Z-Boy Incorporated (NYSE:LZB) Director Janet Kerr sold 3,653 shares of the company’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $31.75, for a total transaction of $115,982.75. Following the completion of the sale, the director owned 4,125 shares in the company, valued at $130,968.75. This represents a 46.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

La-Z-Boy Price Performance

Shares of NYSE LZB traded down $0.23 during trading on Wednesday, hitting $31.44. The stock had a trading volume of 637,044 shares, compared to its average volume of 806,534. La-Z-Boy Incorporated has a 12 month low of $29.03 and a 12 month high of $44.90. The company has a market capitalization of $1.26 billion, a PE ratio of 15.96, a PEG ratio of 1.07 and a beta of 1.23. The firm has a fifty day moving average of $37.74 and a two-hundred day moving average of $36.32.

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

La-Z-Boy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Thursday, September 3rd will be given a dividend of $0.242 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Thursday, September 3rd. La-Z-Boy’s dividend payout ratio (DPR) is presently 49.24%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. WINTON GROUP Ltd bought a new position in shares of La-Z-Boy in the second quarter worth $3,896,000. Integrated Wealth Concepts LLC bought a new stake in La-Z-Boy during the second quarter valued at $119,000. Squarepoint Ops LLC purchased a new position in La-Z-Boy during the second quarter worth about $2,052,000. Allworth Financial LP increased its stake in La-Z-Boy by 47.4% in the 2nd quarter. Allworth Financial LP now owns 2,803 shares of the company’s stock worth $112,000 after acquiring an additional 902 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in La-Z-Boy in the 2nd quarter worth about $534,000. 99.62% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Weiss Ratings downgraded La-Z-Boy from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday, August 20th. 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 research note on Thursday, August 20th. Wall Street Zen lowered La-Z-Boy from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Zacks Research lowered La-Z-Boy from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 20th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $39.50.

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.