La-Z-Boy (NYSE:LZB) Raised to Buy at Wall Street Zen

La-Z-Boy (NYSE:LZB) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Sunday.

Separately, Weiss Ratings upgraded shares of La-Z-Boy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $39.00.

La-Z-Boy Price Performance

Shares of LZB stock opened at $39.80 on Friday. The firm has a market capitalization of $1.59 billion, a PE ratio of 16.12, a P/E/G ratio of 1.22 and a beta of 1.25. La-Z-Boy has a 1-year low of $29.03 and a 1-year high of $44.90. The business’s fifty day moving average price is $37.24 and its 200 day moving average price is $36.50.

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, beating analysts’ consensus estimates of $0.82 by $0.44. The company had revenue of $570.34 million during the quarter, compared to the consensus estimate of $569.23 million. La-Z-Boy had a net margin of 4.80% and a return on equity of 11.97%. The company’s revenue for the quarter was down .1% on a year-over-year basis. During the same period last year, the firm earned $0.36 EPS. Equities research analysts expect that La-Z-Boy will post 2.98 earnings per share for the current fiscal year.

Insider Activity at La-Z-Boy

In related news, CEO Melinda D. Whittington sold 7,364 shares of the stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $40.00, for a total value of $294,560.00. Following the transaction, the chief executive officer directly owned 415,061 shares of the company’s stock, valued at approximately $16,602,440. This trade represents a 1.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Terrence James Linz sold 2,500 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $40.23, for a total value of $100,575.00. Following the sale, the insider directly owned 64,383 shares of the company’s stock, valued at approximately $2,590,128.09. This trade represents a 3.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 66,299 shares of company stock worth $2,677,491. 2.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On La-Z-Boy

A number of hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in shares of La-Z-Boy by 11.1% in the first quarter. Royal Bank of Canada now owns 16,056 shares of the company’s stock worth $628,000 after acquiring an additional 1,598 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of 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 purchasing an additional 769 shares in the last quarter. Norges Bank acquired a new stake in shares of La-Z-Boy during the second quarter worth approximately $404,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of La-Z-Boy in the second quarter worth $736,000. Finally, EverSource Wealth Advisors LLC raised its holdings in La-Z-Boy by 290.0% in the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock valued at $33,000 after acquiring an additional 670 shares in the last quarter. Hedge funds and other institutional investors own 99.62% of the company’s stock.

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.