La-Z-Boy Incorporated (NYSE:LZB) Director James P. Hackett purchased 255 shares of the stock in a transaction on Wednesday, February 24th. The shares were purchased at an average cost of $39.67 per share, with a total value of $10,115.85. Following the transaction, the director now owns 520 shares in the company, valued at approximately $20,628.40. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of NYSE LZB traded up $2.05 during trading on Wednesday, reaching $41.66. 568,643 shares of the company traded hands, compared to its average volume of 475,307. The firm's fifty day simple moving average is $41.35 and its 200 day simple moving average is $36.91. The stock has a market cap of $1.93 billion, a P/E ratio of 25.40 and a beta of 1.15. La-Z-Boy Incorporated has a 12-month low of $15.61 and a 12-month high of $46.34.
La-Z-Boy (NYSE:LZB) last released its quarterly earnings data on Monday, February 15th. The company reported $0.74 earnings per share for the quarter, beating the Zacks' consensus estimate of $0.70 by $0.04. La-Z-Boy had a return on equity of 14.11% and a net margin of 4.82%. As a group, equities analysts expect that La-Z-Boy Incorporated will post 2.73 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 15th. Shareholders of record on Thursday, March 4th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, March 3rd. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.44%. This is a positive change from La-Z-Boy's previous quarterly dividend of $0.14. La-Z-Boy's dividend payout ratio (DPR) is presently 25.93%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Truist Financial Corp raised its stake in shares of La-Z-Boy by 34.8% during the 4th quarter. Truist Financial Corp now owns 14,510 shares of the company's stock valued at $578,000 after buying an additional 3,744 shares during the last quarter. Glenmede Trust Co. NA increased its stake in shares of La-Z-Boy by 57,373.7% in the 4th quarter. Glenmede Trust Co. NA now owns 463,813 shares of the company's stock valued at $18,478,000 after purchasing an additional 463,006 shares in the last quarter. Morgan Stanley increased its stake in shares of La-Z-Boy by 539.0% in the 4th quarter. Morgan Stanley now owns 966,062 shares of the company's stock valued at $38,487,000 after purchasing an additional 814,871 shares in the last quarter. Kingsview Wealth Management LLC purchased a new position in shares of La-Z-Boy in the 4th quarter valued at about $971,000. Finally, Brown Advisory Inc. increased its stake in shares of La-Z-Boy by 101.2% in the 4th quarter. Brown Advisory Inc. now owns 916,349 shares of the company's stock valued at $36,508,000 after purchasing an additional 460,804 shares in the last quarter. Institutional investors and hedge funds own 91.19% of the company's stock.
A number of brokerages have commented on LZB. Raymond James lifted their price target on La-Z-Boy from $37.00 to $46.00 and gave the stock an "outperform" rating in a research report on Thursday, November 19th. Zacks Investment Research cut La-Z-Boy from a "hold" rating to a "strong sell" rating in a research report on Thursday, February 4th. Finally, TheStreet raised La-Z-Boy from a "c+" rating to a "b" rating in a research report on Wednesday, February 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of "Hold" and an average price target of $43.00.
La-Z-Boy Company Profile
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas.
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7 Hotel Stocks Just Waiting For the Vaccine
Like any group of stocks related to travel and tourism, hotel stocks saw a steep drop in share prices in 2020. The leisure and hospitality sector that once had 15 million employees has lost 4 million jobs since February.
Many major cities will be feeling the ripple effects of the Covid-19 pandemic for years. However, there is ample evidence that shows the pandemic may be coming to an end. The number of new cases is dropping. The number of those getting vaccinated is rising. And even in the cities with the most restrictive mitigation measures, the slow process of reopening is beginning.
All of this can’t come fast enough for individuals who rely on the travel and tourism industry for their livelihood. Hotel chains had at least some revenue coming in the door. And when earnings season concludes, the more budget-friendly hotel chains may realize revenue that is 75% of its 2019 numbers. But that is not enough to bring the hotels to anywhere near full employment. Particularly with hotels that have bars and restaurants that have remained closed or open at limited capacity.
Many economists are optimistic that travel may begin to look more normal by the summer of this year. And the global economy may deliver 6.4% GDP growth this year. With that in mind, the hotel chains with the best fundamentals and the broadest footprint will be in the best position as the economy reopens.
View the "7 Hotel Stocks Just Waiting For the Vaccine".