Wall Street Zen Downgrades La-Z-Boy (NYSE:LZB) to Hold

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

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of La-Z-Boy in a report on Monday, May 18th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, La-Z-Boy has a consensus rating of “Moderate Buy” and an average target price of $39.00.

La-Z-Boy Stock Down 0.1%

LZB stock opened at $36.42 on Friday. La-Z-Boy has a twelve month low of $29.03 and a twelve month high of $41.71. The company has a market cap of $1.49 billion, a PE ratio of 18.03 and a beta of 1.26. The business’s 50-day simple moving average is $34.90 and its 200 day simple moving average is $36.29.

Institutional Investors Weigh In On La-Z-Boy

A number of institutional investors have recently added to or reduced their stakes in LZB. Royal Bank of Canada boosted its holdings in La-Z-Boy by 11.1% during the first 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in La-Z-Boy by 3.2% during the first 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 La-Z-Boy during the second quarter valued at approximately $404,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of La-Z-Boy in the 2nd quarter worth approximately $736,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of La-Z-Boy by 290.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after acquiring an additional 670 shares in the last quarter. 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.