La-Z-Boy Incorporated (NYSE:LZB – Get Free Report) SVP Michael Adam Leggett sold 9,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was 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 approximately $1,980,974.66. This represents a 15.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
La-Z-Boy Stock Up 0.8%
Shares of NYSE:LZB opened at $41.14 on Friday. The firm has a market cap of $1.64 billion, a P/E ratio of 16.66, a P/E/G ratio of 1.25 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. The business has a fifty day simple moving average of $36.82 and a 200 day simple moving average of $36.47.
La-Z-Boy (NYSE:LZB – Get Free Report) last released its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.44. The firm had revenue of $570.34 million for the quarter, compared to analyst estimates of $569.23 million. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.The business’s revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.36 EPS. As a group, equities research analysts expect that La-Z-Boy Incorporated will post 2.98 EPS for the current year.
La-Z-Boy Announces Dividend
Analyst Ratings Changes
A number of research analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings raised shares of La-Z-Boy from a “hold (c)” rating to a “hold (c+)” rating in a research note 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.00.
Check Out Our Latest Stock Report on La-Z-Boy
Hedge Funds Weigh In On La-Z-Boy
Several institutional investors have recently added to or reduced their stakes in LZB. Pacer Advisors Inc. increased its stake in shares of La-Z-Boy by 49.5% in the 1st quarter. Pacer Advisors Inc. now owns 182,698 shares of the company’s stock valued at $5,872,000 after acquiring an additional 60,518 shares in the last quarter. Access Investment Management LLC increased its stake in La-Z-Boy by 103.2% in the first quarter. Access Investment Management LLC now owns 184,375 shares of the company’s stock valued at $5,926,000 after purchasing an additional 93,630 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of La-Z-Boy by 2.7% during the first quarter. Bank of America Corp DE now owns 430,129 shares of the company’s stock valued at $13,824,000 after purchasing an additional 11,422 shares during the period. Amundi bought a new position in shares of La-Z-Boy during the 1st quarter worth about $350,000. Finally, Empowered Funds LLC bought a new position in shares of La-Z-Boy during the 1st quarter worth about $4,884,000. 99.62% of the stock is owned by institutional investors and hedge funds.
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.
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