Shares of La-Z-Boy Incorporated (NYSE:LZB – Get Free Report) hit a new 52-week low during mid-day trading on Wednesday. The company traded as low as $28.72 and last traded at $28.8240, with a volume of 31,648 shares traded. The stock had previously closed at $29.17.
Analyst Ratings Changes
Several equities research analysts have commented on the stock. Wall Street Zen lowered shares of La-Z-Boy from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Zacks Research upgraded La-Z-Boy from a “strong sell” rating to a “hold” rating in a research note on Monday. Weiss Ratings lowered La-Z-Boy from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Finally, KeyCorp decreased their price target on La-Z-Boy from $46.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday, August 20th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $39.50.
Check Out Our Latest Research Report on LZB
La-Z-Boy Trading Up 6.1%
The stock’s fifty day moving average is $31.36 and its two-hundred day moving average is $35.48. The company has a market capitalization of $1.22 billion, a PE ratio of 9.53, a P/E/G ratio of 1.03 and a beta of 1.24.
La-Z-Boy (NYSE:LZB – Get Free Report) last posted its quarterly earnings results on Tuesday, August 18th. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.06). The company had revenue of $475.69 million for the quarter, compared to the consensus estimate of $501.44 million. La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. La-Z-Boy’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.47 EPS. As a group, analysts anticipate that La-Z-Boy Incorporated will post 2.53 EPS for the current fiscal year.
La-Z-Boy Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Thursday, September 3rd were given a dividend of $0.2420 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Thursday, September 3rd. La-Z-Boy’s dividend payout ratio is currently 49.24%.
Insider Activity at La-Z-Boy
In other news, Director Janet Kerr sold 3,653 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were 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 trade represents a 46.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Sundy, II sold 5,000 shares of La-Z-Boy stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $30.85, for a total transaction of $154,250.00. Following the completion of the sale, the insider directly owned 59,297 shares in the company, valued at $1,829,312.45. This trade represents a 7.78% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 3.12% of the company’s stock.
Institutional Trading of La-Z-Boy
A number of large investors have recently bought and sold shares of LZB. Versant Capital Management Inc lifted its position in shares of La-Z-Boy by 172.8% during the 2nd quarter. Versant Capital Management Inc now owns 652 shares of the company’s stock valued at $26,000 after buying an additional 413 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of La-Z-Boy during the 2nd quarter worth $28,000. Rockefeller Capital Management L.P. increased its holdings in La-Z-Boy by 159.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock worth $43,000 after acquiring an additional 713 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in La-Z-Boy by 112.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,510 shares of the company’s stock worth $56,000 after acquiring an additional 798 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in La-Z-Boy by 114.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,549 shares of the company’s stock worth $62,000 after acquiring an additional 828 shares during the last quarter. 99.62% of the stock is owned by hedge funds and other institutional investors.
La-Z-Boy Company Profile
La-Z-Boy Incorporated (NYSE:LZB) is an American furniture manufacturer and retailer best known for its upholstered reclining chairs and sofas. The company offers a broad range of residential furniture, including stationary and motion upholstery, sectionals, sofas, chairs, recliners, bedroom furniture, dining furniture, occasional tables and home accessories.
Founded in 1927, La-Z-Boy traces its origins to the development of an upholstered reclining chair by cousins Edward M. Knabusch and Edwin J.
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