Zacks Investment Research Upgrades La-Z-Boy Incorporated (LZB) to Hold
La-Z-Boy Incorporated (NYSE:LZB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “La-Z-Boy is the third largest furniture maker in the U.S., the largest reclining-chair manufacturer in the world and America’s largest manufacturer of upholstered furniture. “
LZB has been the subject of a number of other reports. Stifel Nicolaus downgraded La-Z-Boy from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $33.00 to $30.00 in a research note on Wednesday, February 22nd. Raymond James Financial, Inc. restated a “market perform” rating on shares of La-Z-Boy in a research note on Thursday, January 5th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. La-Z-Boy presently has a consensus rating of “Hold” and an average price target of $29.67.
La-Z-Boy (NYSE:LZB) traded up 2.20% on Wednesday, hitting $27.85. The stock had a trading volume of 487,573 shares. The company has a market cap of $1.36 billion, a PE ratio of 17.40 and a beta of 0.89. The stock has a 50-day moving average of $28.11 and a 200-day moving average of $27.43. La-Z-Boy has a one year low of $22.09 and a one year high of $32.90.
La-Z-Boy (NYSE:LZB) last issued its quarterly earnings data on Tuesday, February 21st. The company reported $0.47 EPS for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.02. The firm earned $390 million during the quarter, compared to the consensus estimate of $392.84 million. La-Z-Boy had a return on equity of 14.79% and a net margin of 5.22%. The firm’s revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.43 EPS. Equities analysts expect that La-Z-Boy will post $1.65 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Monday, March 6th will be paid a $0.11 dividend. The ex-dividend date is Thursday, March 2nd. This represents a $0.44 annualized dividend and a dividend yield of 1.58%. La-Z-Boy’s payout ratio is 27.85%.
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In other news, Director Janet Kerr sold 2,350 shares of the stock in a transaction on Monday, December 19th. The stock was sold at an average price of $32.38, for a total value of $76,093.00. Following the completion of the transaction, the director now owns 350 shares of the company’s stock, valued at $11,333. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John Douglas Collier sold 12,000 shares of the stock in a transaction on Monday, December 19th. The stock was sold at an average price of $32.53, for a total value of $390,360.00. Following the completion of the transaction, the senior vice president now directly owns 81,065 shares of the company’s stock, valued at approximately $2,637,044.45. The disclosure for this sale can be found here. In the last three months, insiders sold 34,350 shares of company stock valued at $1,108,853. Company insiders own 3.57% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Analytic Investors LLC acquired a new position in La-Z-Boy during the third quarter valued at about $213,000. BlackRock Fund Advisors raised its stake in shares of La-Z-Boy by 7.3% in the third quarter. BlackRock Fund Advisors now owns 3,420,418 shares of the company’s stock valued at $84,005,000 after buying an additional 233,511 shares during the period. Zebra Capital Management LLC purchased a new stake in shares of La-Z-Boy during the fourth quarter valued at $777,000. Bank of New York Mellon Corp raised its stake in shares of La-Z-Boy by 1.5% in the third quarter. Bank of New York Mellon Corp now owns 742,381 shares of the company’s stock valued at $18,232,000 after buying an additional 11,293 shares during the period. Finally, Teachers Advisors LLC raised its stake in shares of La-Z-Boy by 8.3% in the third quarter. Teachers Advisors LLC now owns 459,333 shares of the company’s stock valued at $11,281,000 after buying an additional 35,105 shares during the period. 87.94% of the stock is owned by institutional investors.
La-Z-Boy Company Profile
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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