La-Z-Boy (NYSE:LZB) Stock Rating Lowered by Wall Street Zen

La-Z-Boy (NYSE:LZB) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

Separately, Weiss Ratings raised La-Z-Boy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $39.00.

La-Z-Boy Trading Up 0.8%

Shares of La-Z-Boy stock opened at $41.14 on Friday. La-Z-Boy has a 12-month low of $29.03 and a 12-month high of $44.90. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 1.25 and a beta of 1.26. The firm’s 50 day simple moving average is $36.82 and its two-hundred day simple moving average is $36.47.

La-Z-Boy (NYSE:LZB) last posted its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.44. La-Z-Boy had a net margin of 4.80% and a return on equity of 11.97%. The business had revenue of $570.34 million during the quarter, compared to analysts’ expectations of $569.23 million. During the same quarter last year, the company posted $0.36 earnings per share. The business’s quarterly revenue was down .1% on a year-over-year basis. On average, sell-side analysts predict that La-Z-Boy will post 2.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other La-Z-Boy news, CEO Melinda D. Whittington sold 26,639 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 316,038 shares of the company’s stock, valued at approximately $12,717,369.12. This trade represents a 7.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Adam Leggett sold 9,000 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $41.66, for a total transaction of $374,940.00. Following the completion of the sale, the senior vice president directly owned 47,551 shares in the company, valued at $1,980,974.66. This trade represents a 15.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 50,128 shares of company stock valued at $2,032,400. 2.66% of the stock is owned by insiders.

Institutional Investors Weigh In On La-Z-Boy

Hedge funds have recently added to or reduced their stakes in the business. Quarry LP raised its stake in shares of La-Z-Boy by 4,785.7% during the 4th quarter. Quarry LP now owns 684 shares of the company’s stock valued at $25,000 after buying an additional 670 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of La-Z-Boy by 290.0% in the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after buying an additional 670 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of La-Z-Boy by 99.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock worth $42,000 after buying an additional 567 shares during the last quarter. Rockefeller Capital Management L.P. grew its holdings in La-Z-Boy by 159.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock worth $43,000 after acquiring an additional 713 shares during the period. Finally, TD Private Client Wealth LLC acquired a new stake in La-Z-Boy during the fourth quarter worth about $45,000. 99.62% of the stock is owned by hedge funds and other institutional investors.

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.