La-Z-Boy Incorporated (NYSE:LZB – Get Free Report) CEO Melinda Whittington sold 26,639 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $40.24, for a total value of $1,071,953.36. Following the completion of the transaction, the chief executive officer owned 316,038 shares in the company, valued at approximately $12,717,369.12. The trade was a 7.77% decrease in their position. The transaction 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 Price Performance
Shares of NYSE LZB traded up $1.58 during midday trading on Wednesday, hitting $41.88. 790,207 shares of the company’s stock were exchanged, compared to its average volume of 651,032. The firm’s fifty day simple moving average is $36.55 and its 200-day simple moving average is $36.42. The company has a market cap of $1.67 billion, a PE ratio of 16.95, a P/E/G ratio of 1.23 and a beta of 1.26. La-Z-Boy Incorporated has a twelve month low of $29.03 and a twelve month high of $44.90.
La-Z-Boy (NYSE:LZB – Get Free Report) last announced its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.44. The firm had revenue of $570.34 million during the quarter, compared to the consensus estimate of $569.23 million. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.The firm’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 earnings per share. Equities analysts anticipate that La-Z-Boy Incorporated will post 2.98 EPS for the current fiscal year.
La-Z-Boy Announces Dividend
Hedge Funds Weigh In On La-Z-Boy
Hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its position in La-Z-Boy by 11.1% in the 1st quarter. Royal Bank of Canada now owns 16,056 shares of the company’s stock valued at $628,000 after purchasing an additional 1,598 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in La-Z-Boy by 3.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,836 shares of the company’s stock worth $971,000 after purchasing an additional 769 shares during the last quarter. Norges Bank acquired a new position in La-Z-Boy in the second quarter valued at $404,000. Arrowstreet Capital Limited Partnership acquired a new position in La-Z-Boy in the second quarter valued at $736,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of La-Z-Boy by 290.0% in the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock valued at $33,000 after buying an additional 670 shares during the last quarter. 99.62% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research firms have issued reports on LZB. Wall Street Zen upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating in a research note on Sunday, June 14th. Weiss Ratings raised La-Z-Boy from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $39.00.
View Our Latest Analysis on LZB
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.
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