La-Z-Boy (NYSE:LZB) Cut to Sell at ValuEngine

ValuEngine downgraded shares of La-Z-Boy (NYSE:LZB) from a hold rating to a sell rating in a research note published on Thursday, ValuEngine reports.

Several other equities analysts have also issued reports on the stock. Zacks Investment Research raised shares of La-Z-Boy from a hold rating to a buy rating and set a $35.00 price target on the stock in a report on Saturday, August 24th. TheStreet lowered shares of La-Z-Boy from a b+ rating to a c rating in a report on Wednesday, June 26th. Finally, Raymond James raised shares of La-Z-Boy from a market perform rating to an outperform rating and set a $36.00 price target on the stock in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $35.33.

LZB stock traded up $0.70 during trading on Thursday, hitting $33.32. 274,529 shares of the company’s stock traded hands, compared to its average volume of 299,285. The firm has a market capitalization of $1.52 billion, a P/E ratio of 15.03 and a beta of 0.77. The business has a fifty day simple moving average of $32.35 and a two-hundred day simple moving average of $32.33. The company has a quick ratio of 1.13, a current ratio of 1.80 and a debt-to-equity ratio of 0.38. La-Z-Boy has a 1 year low of $25.30 and a 1 year high of $36.63.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings data on Tuesday, August 20th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.09. The company had revenue of $413.60 million for the quarter, compared to analyst estimates of $415.95 million. La-Z-Boy had a net margin of 3.85% and a return on equity of 15.24%. La-Z-Boy’s revenue was up 7.5% compared to the same quarter last year. During the same period last year, the company posted $0.39 earnings per share. On average, equities research analysts predict that La-Z-Boy will post 2.34 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, September 6th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.56%. The ex-dividend date was Thursday, September 5th. La-Z-Boy’s dividend payout ratio is currently 24.30%.

In other La-Z-Boy news, SVP Darrell Dewain Edwards sold 14,820 shares of La-Z-Boy stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $33.43, for a total value of $495,432.60. Following the transaction, the senior vice president now directly owns 59,470 shares of the company’s stock, valued at $1,988,082.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.02% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nuveen Asset Management LLC lifted its stake in shares of La-Z-Boy by 32.6% during the second quarter. Nuveen Asset Management LLC now owns 1,580,674 shares of the company’s stock worth $48,463,000 after buying an additional 388,563 shares during the period. Citadel Advisors LLC lifted its stake in shares of La-Z-Boy by 205.4% during the second quarter. Citadel Advisors LLC now owns 303,654 shares of the company’s stock worth $9,311,000 after buying an additional 204,235 shares during the period. Renaissance Technologies LLC lifted its stake in shares of La-Z-Boy by 398.7% during the second quarter. Renaissance Technologies LLC now owns 221,900 shares of the company’s stock worth $6,803,000 after buying an additional 177,400 shares during the period. Bank of America Corp DE lifted its stake in shares of La-Z-Boy by 83.8% during the second quarter. Bank of America Corp DE now owns 346,041 shares of the company’s stock worth $10,610,000 after buying an additional 157,762 shares during the period. Finally, Morgan Stanley lifted its stake in shares of La-Z-Boy by 193.4% during the second quarter. Morgan Stanley now owns 211,867 shares of the company’s stock worth $6,496,000 after buying an additional 139,663 shares during the period. 89.97% of the stock is currently 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, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas.

Featured Article: Market Timing

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for La-Z-Boy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for La-Z-Boy and related companies with MarketBeat.com's FREE daily email newsletter.