Insider Selling: La-Z-Boy (NYSE:LZB) Director Sells $115,982.75 in Stock

La-Z-Boy Incorporated (NYSE:LZB) Director Janet Kerr sold 3,653 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $31.75, for a total transaction of $115,982.75. Following the completion of the transaction, the director owned 4,125 shares in the company, valued at approximately $130,968.75. This represents a 46.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

La-Z-Boy Stock Performance

NYSE:LZB opened at $30.72 on Friday. La-Z-Boy Incorporated has a fifty-two week low of $29.03 and a fifty-two week high of $44.90. The company has a 50 day moving average price of $37.38 and a 200 day moving average price of $36.24. The stock has a market capitalization of $1.23 billion, a P/E ratio of 15.59, a PEG ratio of 1.11 and a beta of 1.23.

La-Z-Boy (NYSE:LZB) last announced its earnings results on Tuesday, August 18th. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.06). La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. The firm had revenue of $475.69 million during the quarter, compared to analysts’ expectations of $501.44 million. During the same period in the previous year, the firm earned $0.47 EPS. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. Research analysts forecast that La-Z-Boy Incorporated will post 2.53 earnings per share for the current fiscal year.

La-Z-Boy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Thursday, September 3rd will be paid a dividend of $0.242 per share. The ex-dividend date is Thursday, September 3rd. This represents a $0.97 dividend on an annualized basis and a yield of 3.2%. La-Z-Boy’s dividend payout ratio is 49.24%.

Institutional Trading of La-Z-Boy

Large investors have recently bought and sold shares of the business. Versant Capital Management Inc grew its position in La-Z-Boy by 172.8% during the 2nd quarter. Versant Capital Management Inc now owns 652 shares of the company’s stock worth $26,000 after purchasing an additional 413 shares during the last quarter. Quarry LP raised its holdings in shares of La-Z-Boy by 4,785.7% in the fourth quarter. Quarry LP now owns 684 shares of the company’s stock valued at $25,000 after buying an additional 670 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of La-Z-Boy during the second quarter worth about $28,000. EverSource Wealth Advisors LLC boosted its stake 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 during the period. Finally, Geneos Wealth Management Inc. grew its holdings in shares of La-Z-Boy by 99.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock worth $42,000 after buying an additional 567 shares during the last quarter. Institutional investors and hedge funds own 99.62% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on LZB shares. Weiss Ratings downgraded La-Z-Boy from a “buy (b-)” rating to a “hold (c)” rating in a report on Thursday, August 20th. KeyCorp cut their price target on shares of La-Z-Boy from $46.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, August 20th. Zacks Research downgraded La-Z-Boy from a “hold” rating to a “strong sell” rating in a report on Thursday, August 20th. Finally, Wall Street Zen cut La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $39.50.

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.