La-Z-Boy (NYSE:LZB - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Saturday.
Separately, Weiss Ratings raised shares of La-Z-Boy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, July 1st. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $39.00.
Get Our Latest Analysis on La-Z-Boy
La-Z-Boy Price Performance
LZB stock opened at $42.08 on Friday. La-Z-Boy has a 1 year low of $29.03 and a 1 year high of $44.90. The firm has a 50-day moving average of $39.33 and a 200 day moving average of $36.77. The company has a market cap of $1.68 billion, a P/E ratio of 17.04, a PEG ratio of 1.24 and a beta of 1.27.
La-Z-Boy (NYSE:LZB - Get Free Report) last posted its quarterly earnings data on Tuesday, June 16th. The company reported $1.26 earnings per share for the quarter, beating 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 business had revenue of $570.34 million for the quarter, compared to analysts' expectations of $569.23 million. During the same period in the previous year, the firm posted $0.36 EPS. The business's revenue was down .1% on a year-over-year basis. On average, equities research analysts expect that La-Z-Boy will post 2.98 earnings per share for the current fiscal year.
Insider Transactions at La-Z-Boy
In other news, SVP Michael Adam Leggett sold 9,000 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $41.66, for a total transaction of $374,940.00. Following the sale, the senior vice president owned 47,551 shares in the company, valued at $1,980,974.66. This represents a 15.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Melinda D. Whittington sold 26,639 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $40.24, for a total transaction of $1,071,953.36. Following the sale, the chief executive officer directly owned 316,038 shares of the company's stock, valued at $12,717,369.12. This trade represents a 7.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 66,299 shares of company stock valued at $2,677,491. 3.12% of the stock is currently owned by insiders.
Hedge Funds Weigh In On La-Z-Boy
A number of hedge funds have recently bought and sold shares of LZB. BlackRock Inc. purchased a new position in shares of La-Z-Boy during the second quarter valued at approximately $265,535,000. Franklin Resources Inc. boosted its holdings in La-Z-Boy by 208.8% in the third quarter. Franklin Resources Inc. now owns 1,492,928 shares of the company's stock worth $51,237,000 after purchasing an additional 1,009,428 shares during the last quarter. M&T Bank Corp purchased a new stake in La-Z-Boy in the fourth quarter worth approximately $18,433,000. Bank of New York Mellon Corp bought a new stake in La-Z-Boy in the 2nd quarter worth approximately $17,158,000. Finally, Goldman Sachs Group Inc. grew its position in La-Z-Boy by 100.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 627,638 shares of the company's stock worth $23,392,000 after purchasing an additional 313,932 shares during the period. Hedge funds and other institutional investors own 99.62% of the company's stock.
About La-Z-Boy
(
Get Free Report)
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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