La-Z-Boy (NYSE:LZB) SVP Michael Adam Leggett Sells 2,200 Shares of Stock

La-Z-Boy Incorporated (NYSE:LZB) SVP Michael Adam Leggett sold 2,200 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $37.00, for a total transaction of $81,400.00. Following the sale, the senior vice president directly owned 42,473 shares of the company’s stock, valued at $1,571,501. The trade was a 4.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

La-Z-Boy Trading Down 4.7%

Shares of LZB stock opened at $35.27 on Tuesday. La-Z-Boy Incorporated has a 12-month low of $29.03 and a 12-month high of $46.72. The business’s fifty day simple moving average is $38.02 and its 200-day simple moving average is $36.05. The company has a market cap of $1.44 billion, a PE ratio of 17.46 and a beta of 1.27.

La-Z-Boy (NYSE:LZB) last announced its earnings results on Tuesday, February 17th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.02. La-Z-Boy had a return on equity of 10.79% and a net margin of 3.93%.The company had revenue of $541.59 million for the quarter, compared to analyst estimates of $535.47 million. During the same period in the prior year, the company posted $0.68 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities analysts forecast that La-Z-Boy Incorporated will post 2.99 earnings per share for the current year.

La-Z-Boy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be given a dividend of $0.242 per share. This represents a $0.97 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, March 3rd. La-Z-Boy’s payout ratio is currently 48.02%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Sidoti upgraded shares of La-Z-Boy from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $36.00 to $39.00 in a research note on Wednesday, November 19th. Needham & Company LLC reaffirmed a “buy” rating on shares of La-Z-Boy in a report on Wednesday, December 17th. KeyCorp reiterated an “overweight” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Zacks Research lowered shares of La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 19th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of La-Z-Boy in a research note on Monday, December 22nd. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, La-Z-Boy currently has an average rating of “Moderate Buy” and a consensus target price of $42.50.

Hedge Funds Weigh In On La-Z-Boy

A number of large investors have recently bought and sold shares of the business. Franklin Resources Inc. increased its position in shares of La-Z-Boy by 208.8% in the third quarter. Franklin Resources Inc. now owns 1,492,928 shares of the company’s stock valued at $51,237,000 after buying an additional 1,009,428 shares in the last quarter. M&T Bank Corp acquired a new stake in La-Z-Boy in the 4th quarter valued at $18,433,000. Goldman Sachs Group Inc. increased its holdings 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 acquiring an additional 313,932 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its position in La-Z-Boy by 46.3% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 895,003 shares of the company’s stock worth $33,357,000 after acquiring an additional 283,364 shares during the period. Finally, Qube Research & Technologies Ltd lifted its holdings in La-Z-Boy by 64.5% during the second quarter. Qube Research & Technologies Ltd now owns 391,470 shares of the company’s stock valued at $14,551,000 after purchasing an additional 153,498 shares in the last quarter. Institutional investors and hedge funds own 99.62% of the company’s stock.

About La-Z-Boy

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.