La-Z-Boy (NYSE:LZB) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of La-Z-Boy (NYSE:LZB) from a buy rating to a hold rating in a report issued on Saturday.

Separately, Weiss Ratings upgraded La-Z-Boy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, July 1st. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, La-Z-Boy presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

La-Z-Boy Trading Up 3.5%

Shares of La-Z-Boy stock opened at $42.08 on Friday. The company has a market capitalization of $1.68 billion, a PE ratio of 17.04, a PEG ratio of 1.29 and a beta of 1.27. La-Z-Boy has a 12 month low of $29.03 and a 12 month high of $44.90. The stock’s fifty day simple moving average is $39.33 and its 200 day simple moving average is $36.77.

La-Z-Boy (NYSE:LZB) last posted its earnings results on Tuesday, June 16th. The company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.44. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.The firm had revenue of $570.34 million for the quarter, compared to analyst estimates of $569.23 million. During the same period in the previous year, the company posted $0.36 earnings per share. The company’s revenue for the quarter was down .1% on a year-over-year basis. Analysts predict that La-Z-Boy will post 2.98 EPS for the current fiscal year.

Insider Transactions at La-Z-Boy

In other news, VP Raphaell Z. Richmond sold 13,671 shares of the business’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $39.83, for a total value of $544,515.93. Following the sale, the vice president directly owned 51,695 shares in the company, valued at $2,059,011.85. The trade was a 20.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Terrence James Linz sold 2,500 shares of the company’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $40.23, for a total value of $100,575.00. Following the transaction, the insider directly owned 64,383 shares of the company’s stock, valued at $2,590,128.09. This represents a 3.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 66,299 shares of company stock worth $2,677,491. Company insiders own 3.12% of the company’s stock.

Institutional Investors Weigh In On La-Z-Boy

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in La-Z-Boy during the 2nd quarter worth approximately $265,535,000. Vanguard Group Inc. raised its holdings in shares of La-Z-Boy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 4,814,114 shares of the company’s stock valued at $179,422,000 after purchasing an additional 38,513 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of La-Z-Boy by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 2,694,255 shares of the company’s stock worth $86,594,000 after purchasing an additional 38,870 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of La-Z-Boy by 24.0% in the fourth quarter. Franklin Resources Inc. now owns 1,851,873 shares of the company’s stock worth $69,019,000 after purchasing an additional 358,945 shares in the last quarter. Finally, LSV Asset Management boosted its holdings in La-Z-Boy by 0.8% during the fourth quarter. LSV Asset Management now owns 1,476,882 shares of the company’s stock worth $55,043,000 after purchasing an additional 11,983 shares during the last quarter. Institutional investors own 99.62% of the company’s stock.

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.