La-Z-Boy (NYSE:LZB) Rating Lowered to Hold at Zacks Research

La-Z-Boy (NYSE:LZB) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of La-Z-Boy in a research note on Monday, December 22nd. Needham & Company LLC reissued a “buy” rating on shares of La-Z-Boy in a report on Wednesday, December 17th. KeyCorp restated an “overweight” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Finally, Sidoti raised La-Z-Boy from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $36.00 to $39.00 in a research note on Wednesday, November 19th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, La-Z-Boy presently has an average rating of “Moderate Buy” and an average price target of $42.50.

La-Z-Boy Trading Down 2.1%

NYSE:LZB opened at $38.34 on Monday. La-Z-Boy has a 1-year low of $29.03 and a 1-year high of $48.31. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 17.58 and a beta of 1.27. The business’s 50-day moving average price is $37.70 and its two-hundred day moving average price is $36.08.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings results on Tuesday, November 18th. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.17. The company had revenue of $522.48 million during the quarter, compared to analysts’ expectations of $517.63 million. La-Z-Boy had a return on equity of 11.19% and a net margin of 4.29%.La-Z-Boy’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $0.71 EPS. Sell-side analysts predict that La-Z-Boy will post 2.99 earnings per share for the current year.

Hedge Funds Weigh In On La-Z-Boy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC increased its holdings in La-Z-Boy by 75.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 755 shares of the company’s stock worth $26,000 after purchasing an additional 324 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of La-Z-Boy by 116.9% during the second quarter. GAMMA Investing LLC now owns 746 shares of the company’s stock worth $28,000 after buying an additional 402 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of La-Z-Boy by 290.0% during the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after buying an additional 670 shares in the last quarter. Geneos Wealth Management Inc. raised its position in La-Z-Boy by 99.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock valued at $42,000 after buying an additional 567 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in La-Z-Boy by 3,130.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,260 shares of the company’s stock valued at $43,000 after acquiring an additional 1,221 shares in the last quarter. 99.62% of the stock is owned by institutional investors and hedge funds.

La-Z-Boy Company Profile

La-Z-Boy Incorporated (NYSE: LZB) is a leading U.S. manufacturer and marketer of residential furniture, best known for its upholstered recliners, sofas, stationary chairs and sleeper sofas. The company offers a broad range of products in both fabric and leather, complemented by occasional tables, desks, lamps and other home furnishings through its branded retail network.

Founded in 1927 by cousins Edward Knabusch and Edwin Shoemaker in Monroe, Michigan, La-Z-Boy pioneered the modern reclining chair.