La-Z-Boy Inc. (LZB) Sets New 1-Year High at $30.92
La-Z-Boy Inc. (NYSE:LZB) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $30.92 and last traded at $30.83, with a volume of 238,554 shares changing hands. The stock had previously closed at $30.12.
A number of research analysts have recently issued reports on the stock. Longbow Research assumed coverage on shares of La-Z-Boy in a report on Friday, August 5th. They set a “neutral” rating for the company. Zacks Investment Research upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a report on Friday, June 24th.
The firm has a market capitalization of $1.33 billion and a PE ratio of 17.57. The stock’s 50-day moving average price is $29.68 and its 200 day moving average price is $26.66.
La-Z-Boy (NYSE:LZB) last issued its quarterly earnings results on Tuesday, August 23rd. The company reported $0.28 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.01. The company had revenue of $340.80 million for the quarter, compared to the consensus estimate of $358.79 million. La-Z-Boy’s quarterly revenue was down .2% compared to the same quarter last year. During the same period last year, the firm posted $0.27 EPS. On average, equities analysts anticipate that La-Z-Boy Inc. will post $1.76 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 9th. Investors of record on Friday, September 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $0.40 annualized dividend and a dividend yield of 1.47%.
In related news, SVP John Douglas Collier sold 15,000 shares of the stock in a transaction dated Monday, June 27th. The shares were sold at an average price of $26.86, for a total value of $402,900.00. Following the completion of 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Louis M. Riccio, Jr. sold 8,000 shares of the stock in a transaction dated Thursday, June 23rd. The stock was sold at an average price of $28.17, for a total transaction of $225,360.00. Following the completion of the transaction, the chief financial officer now owns 115,651 shares of the company’s stock, valued at $3,257,888.67. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have modified their holdings of LZB. Cornerstone Capital Management Holdings LLC. raised 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 valued at $1,243,000 after buying an additional 6,462 shares during the last quarter. Morgan Stanley raised 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 valued at $11,390,000 after buying an additional 123,905 shares during the last quarter. Finally, Bank of Montreal Can raised 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 valued at $12,326,000 after buying an additional 492,595 shares during 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.