La-Z-Boy (NYSE:LZB) Upgraded to “Buy” at Wall Street Zen

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

Other analysts also recently issued research reports about the company. Zacks Research downgraded La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 19th. Weiss Ratings reissued a “hold (c)” rating on shares of La-Z-Boy in a report on Monday, December 22nd. KeyCorp reissued an “overweight” rating on shares of La-Z-Boy in a report on Wednesday, December 17th. Finally, Needham & Company LLC restated a “buy” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, La-Z-Boy currently has an average rating of “Moderate Buy” and an average target price of $42.50.

La-Z-Boy Price Performance

Shares of NYSE LZB opened at $31.98 on Friday. La-Z-Boy has a 1 year low of $29.03 and a 1 year high of $44.49. The firm has a 50-day moving average of $35.89 and a 200 day moving average of $35.57. The stock has a market cap of $1.31 billion, a P/E ratio of 15.83 and a beta of 1.26.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings data on Tuesday, February 17th. The company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.02. La-Z-Boy had a net margin of 3.93% and a return on equity of 10.79%. The business had revenue of $541.59 million for the quarter, compared to analysts’ expectations of $535.47 million. During the same quarter in the prior year, the company earned $0.68 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. Research analysts expect that La-Z-Boy will post 2.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In other La-Z-Boy news, SVP Michael Adam Leggett sold 2,200 shares of the firm’s 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 owned 42,473 shares in the company, valued at approximately $1,571,501. This trade represents a 4.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.66% of the company’s stock.

Hedge Funds Weigh In On La-Z-Boy

Hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. increased its stake in shares of La-Z-Boy by 3.3% in the second quarter. Advisors Asset Management Inc. now owns 8,675 shares of the company’s stock worth $322,000 after purchasing an additional 274 shares in the last quarter. Osaic Holdings Inc. lifted its stake in shares of La-Z-Boy by 3.5% during the 2nd quarter. Osaic Holdings Inc. now owns 9,258 shares of the company’s stock valued at $344,000 after buying an additional 310 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in La-Z-Boy by 75.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 755 shares of the company’s stock worth $26,000 after buying an additional 324 shares during the period. Raymond James Financial Inc. boosted its holdings in La-Z-Boy by 2.3% in the 3rd quarter. Raymond James Financial Inc. now owns 14,703 shares of the company’s stock worth $505,000 after buying an additional 336 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its stake in La-Z-Boy by 0.3% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 110,619 shares of the company’s stock worth $4,126,000 after buying an additional 363 shares in the last quarter. 99.62% of the stock is currently owned by 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.