La-Z-Boy (NYSE:LZB) Hits New 1-Year Low – Should You Sell?

La-Z-Boy Incorporated (NYSE:LZB) reached a new 52-week low during mid-day trading on Monday. The stock traded as low as $28.92 and last traded at $29.3490, with a volume of 108359 shares traded. The stock had previously closed at $29.88.

Wall Street Analysts Forecast Growth

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

La-Z-Boy Stock Performance

The firm has a market cap of $1.18 billion, a P/E ratio of 14.89, a P/E/G ratio of 1.08 and a beta of 1.23. The company’s 50 day moving average is $35.54 and its 200 day moving average is $35.88.

La-Z-Boy (NYSE:LZB) last issued its earnings results on Tuesday, August 18th. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.06). The company had revenue of $475.69 million during the quarter, compared to analyst estimates of $501.44 million. La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. The business’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.47 EPS. On average, equities research analysts anticipate that La-Z-Boy Incorporated will post 2.53 EPS for the current year.

La-Z-Boy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Thursday, September 3rd were issued a dividend of $0.2420 per share. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $0.97 annualized dividend and a dividend yield of 3.3%. La-Z-Boy’s dividend payout ratio (DPR) is 49.24%.

Insider Activity at La-Z-Boy

In other La-Z-Boy news, insider Robert Sundy, II sold 5,000 shares of the stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $30.85, for a total value of $154,250.00. Following the completion of the transaction, the insider directly owned 59,297 shares in the company, valued at approximately $1,829,312.45. This trade represents a 7.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Janet Kerr sold 3,653 shares of the stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $31.75, for a total value of $115,982.75. Following the completion of the transaction, the director owned 4,125 shares of the company’s stock, valued at $130,968.75. This represents a 46.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 11,153 shares of company stock valued at $370,808 in the last 90 days. 3.12% of the stock is owned by corporate insiders.

Institutional Trading of La-Z-Boy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in La-Z-Boy by 5.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,827 shares of the company’s stock valued at $252,000 after buying an additional 379 shares in the last quarter. Versant Capital Management Inc boosted its holdings in La-Z-Boy by 172.8% in the second quarter. Versant Capital Management Inc now owns 652 shares of the company’s stock worth $26,000 after acquiring an additional 413 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in La-Z-Boy in the second quarter valued at approximately $28,000. Rockefeller Capital Management L.P. grew its stake in La-Z-Boy by 159.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock valued at $43,000 after acquiring an additional 713 shares during the period. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of La-Z-Boy by 112.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,510 shares of the company’s stock valued at $56,000 after acquiring an additional 798 shares in the last quarter. 99.62% of the stock is currently owned by institutional investors.

La-Z-Boy Company Profile

La-Z-Boy Incorporated is a residential furniture manufacturer and retailer best known for its upholstered recliners. The company offers a broad range of furniture for living rooms, family rooms, bedrooms and other areas of the home, including recliners, sofas, sectionals, chairs, ottomans, tables, beds and complementary home furnishings.

Founded in 1927 in Monroe, Michigan, La-Z-Boy built its reputation around its reclining chair and has expanded into a full-service home furnishings company.