La-Z-Boy (NYSE:LZB) Stock Crosses Above 200-Day Moving Average - Time to Sell?

Key Points

• La-Z-Boy stock moved above its 200-day moving average, trading as high as $40.23 versus a 200-day average of $36.50, which may signal improving momentum for the shares.
• Analyst sentiment has turned more positive, with recent upgrades from Wall Street Zen and Weiss Ratings and an overall Moderate Buy consensus; the average price target is $39.00.
• The company delivered a strong earnings beat, reporting $1.26 EPS versus $0.82 expected, while also paying a quarterly dividend that annualizes to 2.4%.

La-Z-Boy Incorporated (NYSE:LZB - Get Free Report)'s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $36.50 and traded as high as $40.23. La-Z-Boy shares last traded at $39.9590, with a volume of 401,237 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on LZB shares. Wall Street Zen upgraded shares of La-Z-Boy from a "hold" rating to a "buy" rating in a report on Sunday, July 5th. Weiss Ratings raised shares of La-Z-Boy from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, July 1st. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, La-Z-Boy has an average rating of "Moderate Buy" and an average price target of $39.00.

La-Z-Boy Price Performance

The firm has a market capitalization of $1.59 billion, a P/E ratio of 16.18, a P/E/G ratio of 1.18 and a beta of 1.25. The firm has a 50-day moving average price of $37.82 and a two-hundred day moving average price of $36.50.

La-Z-Boy (NYSE:LZB - Get Free Report) last issued its 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 analyst estimates of $569.23 million. La-Z-Boy had a net margin of 4.80% and a return on equity of 11.97%. The business's revenue was down .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.36 earnings per share. Sell-side analysts predict that La-Z-Boy Incorporated will post 2.98 earnings per share for the current fiscal year.

La-Z-Boy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were given a $0.242 dividend. This represents a $0.97 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Tuesday, June 2nd. La-Z-Boy's payout ratio is 39.27%.

Insiders Place Their Bets

In other news, VP Raphaell Z. Richmond sold 13,671 shares of the firm's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $39.83, for a total transaction of $544,515.93. Following the transaction, the vice president directly owned 51,695 shares of the company's stock, valued at approximately $2,059,011.85. This trade represents a 20.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Terrence James Linz sold 2,500 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $40.23, for a total value of $100,575.00. Following the completion of the transaction, the insider directly owned 64,383 shares in the company, valued at approximately $2,590,128.09. This trade represents a 3.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 66,299 shares of company stock worth $2,677,491. 2.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On La-Z-Boy

Several institutional investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in La-Z-Boy by 11.1% in the first quarter. Royal Bank of Canada now owns 16,056 shares of the company's stock worth $628,000 after acquiring an additional 1,598 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 valued at $971,000 after purchasing an additional 769 shares during the period. Norges Bank purchased a new position in La-Z-Boy during the 2nd quarter valued at about $404,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of La-Z-Boy in the 2nd quarter valued at about $736,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of La-Z-Boy by 290.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company's stock valued at $33,000 after purchasing an additional 670 shares in the last quarter. Hedge funds and other 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.

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