La-Z-Boy Incorporated (NYSE:LZB – Get Free Report) CEO Melinda Whittington sold 26,639 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer owned 316,038 shares in the company, valued at $12,717,369.12. The trade was a 7.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
La-Z-Boy Trading Down 2.6%
Shares of LZB stock opened at $40.74 on Friday. The firm has a fifty day moving average price of $36.68 and a 200 day moving average price of $36.43. The company has a market cap of $1.63 billion, a P/E ratio of 16.50, a PEG ratio of 1.28 and a beta of 1.26. La-Z-Boy Incorporated has a 12 month low of $29.03 and a 12 month high of $44.90.
La-Z-Boy (NYSE:LZB – Get Free Report) last posted its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.44. The company had revenue of $570.34 million for the quarter, compared to analysts’ expectations of $569.23 million. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.La-Z-Boy’s quarterly revenue was down .1% on a year-over-year basis. During the same period last year, the firm earned $0.36 earnings per share. On average, equities analysts forecast that La-Z-Boy Incorporated will post 2.98 EPS for the current year.
La-Z-Boy Dividend Announcement
Wall Street Analyst Weigh In
LZB has been the subject of a number of research analyst reports. Wall Street Zen raised La-Z-Boy from a “hold” rating to a “buy” rating in a report on Sunday, June 14th. Weiss Ratings upgraded shares of La-Z-Boy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $39.00.
Read Our Latest Report on La-Z-Boy
Institutional Trading of La-Z-Boy
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its stake in shares of La-Z-Boy by 11.1% in the 1st quarter. Royal Bank of Canada now owns 16,056 shares of the company’s stock valued at $628,000 after purchasing an additional 1,598 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in La-Z-Boy by 3.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,836 shares of the company’s stock valued at $971,000 after buying an additional 769 shares during the last quarter. Norges Bank purchased a new position in La-Z-Boy in the 2nd quarter valued at $404,000. Arrowstreet Capital Limited Partnership acquired a new position in La-Z-Boy in the 2nd quarter valued at $736,000. Finally, EverSource Wealth Advisors LLC increased its stake in 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 buying an additional 670 shares during the period. 99.62% of the stock is owned by hedge funds and other institutional investors.
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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