La-Z-Boy Inc. (LZB) Sees Large Volume Increase
Shares of La-Z-Boy Inc. (NYSE:LZB) saw unusually-high trading volume on Wednesday . Approximately 237,916 shares traded hands during trading, a decline of 0% from the previous session’s volume of 238,727 shares.The stock last traded at $29.82 and had previously closed at $30.13.
LZB has been the topic of a number of recent research reports. Zacks Investment Research upgraded La-Z-Boy from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research note on Friday, June 24th. Longbow Research initiated coverage on La-Z-Boy in a research note on Friday, August 5th. They issued a “neutral” rating on the stock. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $31.67.
The stock’s 50-day moving average is $29.43 and its 200 day moving average is $26.34. The firm has a market cap of $1.45 billion and a P/E ratio of 19.16.
La-Z-Boy (NYSE:LZB) last issued its quarterly earnings results on Tuesday, June 21st. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.48 by $0.03. The company had revenue of $417.07 million for the quarter. During the same quarter in the prior year, the business posted $0.38 EPS. La-Z-Boy’s revenue was up 11.2% on a year-over-year basis. Equities research analysts expect that La-Z-Boy Inc. will post $1.76 earnings per share for the current year.
In related news, SVP John Douglas Collier sold 15,000 shares of the company’s stock in a transaction dated Monday, June 27th. The shares were sold at an average price of $26.86, for a total transaction of $402,900.00. Following the transaction, the senior vice president now directly owns 81,065 shares in the company, valued at approximately $2,177,405.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Louis M. Riccio, Jr. sold 8,000 shares of the company’s stock in a transaction dated Thursday, June 23rd. The shares were sold at an average price of $28.17, for a total transaction of $225,360.00. Following the transaction, the chief financial officer now owns 115,651 shares in the company, valued at $3,257,888.67. The disclosure for this sale can be found here.
A number of institutional investors recently modified their holdings of LZB. Calvert Investment Management Inc. bought a new position in shares of La-Z-Boy during the fourth quarter worth approximately $3,799,000. Nationwide Fund Advisors increased its position in shares of La-Z-Boy by 1.1% in the fourth quarter. Nationwide Fund Advisors now owns 41,595 shares of the company’s stock worth $1,016,000 after buying an additional 450 shares in the last quarter. Bank of Montreal Can increased its position in shares of La-Z-Boy by 4,048.6% in the fourth quarter. Bank of Montreal Can now owns 504,762 shares of the company’s stock worth $12,326,000 after buying an additional 492,595 shares in the last quarter. Morgan Stanley increased its position in shares of La-Z-Boy by 36.2% in the fourth quarter. Morgan Stanley now owns 466,440 shares of the company’s stock worth $11,390,000 after buying an additional 123,905 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. increased its position in shares of La-Z-Boy by 14.5% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 50,940 shares of the company’s stock worth $1,243,000 after buying an additional 6,462 shares in the last quarter.
La-Z-Boy Incorporated manufactures, markets, imports, distributes and retails upholstery furniture products. In addition, the Company imports, distributes and retails accessories and case goods (wood) furniture products. The Company operates through segments including the Upholstery segment, the Casegoods segment and the Retail.
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