La-Z-Boy (NYSE:LZB) Stock Price Passes Above Two Hundred Day Moving Average Following Analyst Downgrade

La-Z-Boy Incorporated (NYSE:LZB) shares passed above its 200-day moving average during trading on Monday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock has a 200-day moving average of $36.09 and traded as high as $39.20. La-Z-Boy shares last traded at $39.1710, with a volume of 370,520 shares trading hands.

A number of other research analysts have also weighed in on LZB. Weiss Ratings reiterated a “hold (c)” rating on shares of La-Z-Boy in a research note on Wednesday, October 8th. Sidoti raised La-Z-Boy from a “neutral” rating to a “buy” rating and raised their price target for the stock from $36.00 to $39.00 in a report on Wednesday, November 19th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.50.

Hedge Funds Weigh In On La-Z-Boy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LZB. Linden Thomas Advisory Services LLC boosted its holdings in shares of La-Z-Boy by 1.8% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 20,666 shares of the company’s stock worth $770,000 after purchasing an additional 374 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in La-Z-Boy by 2.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 736,270 shares of the company’s stock worth $27,463,000 after buying an additional 15,241 shares during the last quarter. Sax Wealth Advisors LLC purchased a new stake in La-Z-Boy in the fourth quarter worth approximately $286,000. SG Americas Securities LLC boosted its stake in La-Z-Boy by 595.1% in the fourth quarter. SG Americas Securities LLC now owns 148,226 shares of the company’s stock worth $5,524,000 after buying an additional 126,903 shares in the last quarter. Finally, Cambria Investment Management L.P. grew its position in La-Z-Boy by 25.0% during the third quarter. Cambria Investment Management L.P. now owns 14,051 shares of the company’s stock valued at $482,000 after acquiring an additional 2,808 shares during the last quarter. 99.62% of the stock is currently owned by hedge funds and other institutional investors.

La-Z-Boy Price Performance

The stock has a market capitalization of $1.61 billion, a PE ratio of 17.92 and a beta of 1.27. The firm’s 50 day simple moving average is $37.70 and its 200 day simple moving average is $36.08.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings data on Tuesday, November 18th. The company reported $0.71 earnings per share (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 net margin of 4.29% and a return on equity of 11.19%. The firm’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.71 EPS. Analysts expect that La-Z-Boy Incorporated will post 2.99 earnings per share for the current fiscal year.

La-Z-Boy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Thursday, December 4th were paid a dividend of $0.242 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.5%. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Thursday, December 4th. La-Z-Boy’s payout ratio is 44.50%.

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.