La-Z-Boy (NYSE:LZB) Posts Quarterly Earnings Results, Beats Expectations By $0.44 EPS

La-Z-Boy (NYSE:LZB) issued its quarterly earnings data on Tuesday. The company reported $1.26 EPS for the quarter, beating the consensus estimate of $0.82 by $0.44, FiscalAI reports. The firm had revenue of $570.34 million during the quarter, compared to analyst estimates of $569.23 million. La-Z-Boy had a return on equity of 10.79% and a net margin of 3.93%.

La-Z-Boy Stock Performance

Shares of La-Z-Boy stock traded down $2.53 on Tuesday, hitting $35.25. The company’s stock had a trading volume of 976,879 shares, compared to its average volume of 407,891. La-Z-Boy has a 1 year low of $29.03 and a 1 year high of $41.06. The firm has a fifty day moving average price of $35.58 and a 200-day moving average price of $36.42. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 17.45 and a beta of 1.26.

La-Z-Boy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were paid a $0.242 dividend. This represents a $0.97 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Tuesday, June 2nd. La-Z-Boy’s payout ratio is currently 48.02%.

Hedge Funds Weigh In On La-Z-Boy

Several institutional investors and hedge funds have recently modified their holdings of LZB. Franklin Resources Inc. increased its stake in shares of La-Z-Boy by 208.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,492,928 shares of the company’s stock valued at $51,237,000 after purchasing an additional 1,009,428 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of La-Z-Boy by 100.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 627,638 shares of the company’s stock valued at $23,392,000 after purchasing an additional 313,932 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in shares of La-Z-Boy by 46.3% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 895,003 shares of the company’s stock valued at $33,357,000 after purchasing an additional 283,364 shares in the last quarter. Qube Research & Technologies Ltd increased its stake in shares of La-Z-Boy by 64.5% in the 2nd quarter. Qube Research & Technologies Ltd now owns 391,470 shares of the company’s stock valued at $14,551,000 after purchasing an additional 153,498 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of La-Z-Boy by 560.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 130,617 shares of the company’s stock valued at $4,483,000 after purchasing an additional 110,828 shares in the last quarter. Hedge funds and other institutional investors own 99.62% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on LZB. Wall Street Zen raised La-Z-Boy from a “hold” rating to a “buy” rating in a research report on Sunday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of La-Z-Boy in a research report on Monday, May 18th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, La-Z-Boy has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

About La-Z-Boy

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.