Shares of La-Z-Boy Incorporated (NYSE:LZB) have been assigned an average rating of “Hold” from the seven brokerages that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $29.00.

Several research analysts recently issued reports on LZB shares. Zacks Investment Research raised shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a report on Thursday, June 22nd. BidaskClub cut shares of La-Z-Boy from a “hold” rating to a “sell” rating in a report on Thursday, July 13th.

Shares of La-Z-Boy (NYSE LZB) opened at 31.90 on Tuesday. La-Z-Boy has a 12 month low of $22.09 and a 12 month high of $32.90. The company has a market cap of $1.54 billion, a P/E ratio of 18.44 and a beta of 0.84. The stock’s 50 day moving average is $28.16 and its 200-day moving average is $28.55.

La-Z-Boy (NYSE:LZB) last issued its earnings results on Tuesday, June 20th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.11. La-Z-Boy had a net margin of 5.65% and a return on equity of 14.82%. The firm had revenue of $412.70 million during the quarter, compared to analysts’ expectations of $400.25 million. During the same quarter last year, the company posted $0.45 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. On average, equities analysts forecast that La-Z-Boy will post $1.86 EPS for the current year.

La-Z-Boy declared that its Board of Directors has initiated a stock buyback program on Tuesday, June 20th that allows the company to buyback 6,000,000 shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

In other La-Z-Boy news, VP Louis M. Riccio, Jr. sold 37,504 shares of La-Z-Boy stock in a transaction on Monday, June 26th. The shares were sold at an average price of $32.35, for a total value of $1,213,254.40. Following the completion of the transaction, the vice president now owns 123,354 shares of the company’s stock, valued at $3,990,501.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Kurt L. Darrow sold 100,000 shares of La-Z-Boy stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $31.52, for a total transaction of $3,152,000.00. Following the completion of the transaction, the chairman now directly owns 531,773 shares of the company’s stock, valued at approximately $16,761,484.96. The disclosure for this sale can be found here. Company insiders own 3.57% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Miles Capital Inc. boosted its position in La-Z-Boy by 0.3% in the first quarter. Miles Capital Inc. now owns 7,835 shares of the company’s stock worth $212,000 after buying an additional 21 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in La-Z-Boy by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 19,900 shares of the company’s stock worth $537,000 after buying an additional 200 shares during the last quarter. Arizona State Retirement System boosted its position in La-Z-Boy by 0.8% in the first quarter. Arizona State Retirement System now owns 25,385 shares of the company’s stock worth $685,000 after buying an additional 200 shares during the last quarter. Legal & General Group Plc boosted its position in La-Z-Boy by 0.5% in the first quarter. Legal & General Group Plc now owns 88,818 shares of the company’s stock worth $2,399,000 after buying an additional 398 shares during the last quarter. Finally, Mason Street Advisors LLC boosted its position in La-Z-Boy by 6.8% in the first quarter. Mason Street Advisors LLC now owns 11,415 shares of the company’s stock worth $308,000 after buying an additional 724 shares during the last quarter. 85.10% of the stock is owned by institutional investors.

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La-Z-Boy Company Profile

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.

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