La-Z-Boy Inc. (LZB) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS
La-Z-Boy Inc. (NYSE:LZB) released its earnings results on Wednesday. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. La-Z-Boy had a net margin of 5.21% and a return on equity of 15.01%. The company earned $376.60 million during the quarter, compared to the consensus estimate of $376.29 million. During the same quarter in the prior year, the firm earned $0.41 EPS. The company’s revenue was down 1.6% compared to the same quarter last year.
Shares of La-Z-Boy (NYSE:LZB) traded down 1.83% on Wednesday, hitting $26.75. 581,539 shares of the stock traded hands. The firm has a market capitalization of $1.32 billion, a PE ratio of 17.11 and a beta of 0.87. La-Z-Boy has a 52 week low of $19.56 and a 52 week high of $31.22. The firm’s 50 day moving average is $24.73 and its 200 day moving average is $26.68.
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In other news, insider John Douglas Collier sold 26,874 shares of La-Z-Boy stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $26.17, for a total transaction of $703,292.58. Following the completion of the sale, the insider now owns 98,849 shares in the company, valued at approximately $2,586,878.33. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 3.57% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Fund Advisors boosted its position in shares of La-Z-Boy by 1.4% in the second quarter. BlackRock Fund Advisors now owns 3,186,907 shares of the company’s stock worth $88,660,000 after buying an additional 45,239 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of La-Z-Boy by 91.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,942,925 shares of the company’s stock worth $54,052,000 after buying an additional 925,700 shares in the last quarter. State Street Corp boosted its position in shares of La-Z-Boy by 0.9% in the second quarter. State Street Corp now owns 1,095,660 shares of the company’s stock worth $30,481,000 after buying an additional 9,315 shares in the last quarter. Morgan Stanley boosted its position in shares of La-Z-Boy by 160.2% in the third quarter. Morgan Stanley now owns 516,327 shares of the company’s stock worth $12,681,000 after buying an additional 317,916 shares in the last quarter. Finally, Teachers Advisors Inc. boosted its position in shares of La-Z-Boy by 24.3% in the second quarter. Teachers Advisors Inc. now owns 424,228 shares of the company’s stock worth $11,802,000 after buying an additional 83,029 shares in the last quarter. Hedge funds and other institutional investors own 87.01% of the company’s stock.
A number of equities research analysts have issued reports on LZB shares. KeyCorp reiterated a “buy” rating and issued a $28.00 target price on shares of La-Z-Boy in a research report on Monday, October 10th. Zacks Investment Research downgraded shares of La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Tuesday, August 23rd. Finally, Longbow Research began coverage on shares of La-Z-Boy in a research report on Friday, August 5th. They issued a “neutral” rating for the company. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. La-Z-Boy presently has a consensus rating of “Hold” and an average price target of $30.33.
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.
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