La-Z-Boy (NYSE:LZB) Cut to Sell at ValuEngine

ValuEngine cut shares of La-Z-Boy (NYSE:LZB) from a hold rating to a sell rating in a research report report published on Thursday morning, ValuEngine reports.

A number of other analysts have also recently commented on the stock. Raymond James raised shares of La-Z-Boy from a market perform rating to an outperform rating and set a $36.00 target price for the company in a research note on Friday, August 23rd. Zacks Investment Research raised shares of La-Z-Boy from a hold rating to a buy rating and set a $35.00 target price for the company in a research note on Saturday, August 24th. Finally, TheStreet cut shares of La-Z-Boy from a b+ rating to a c rating in a research note on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $35.33.

Shares of LZB stock traded up $0.70 on Thursday, reaching $33.32. 274,529 shares of the company were exchanged, compared to its average volume of 299,285. The company has a market cap of $1.52 billion, a price-to-earnings ratio of 15.03 and a beta of 0.77. The business has a 50-day moving average price of $32.35 and a 200 day moving average price of $32.33. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.13 and a current ratio of 1.80. La-Z-Boy has a 1 year low of $25.30 and a 1 year high of $36.63.

La-Z-Boy (NYSE:LZB) last released its earnings results on Tuesday, August 20th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.09. The business had revenue of $413.60 million during the quarter, compared to analysts’ expectations of $415.95 million. La-Z-Boy had a net margin of 3.85% and a return on equity of 15.24%. The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.39 earnings per share. As a group, equities analysts anticipate that La-Z-Boy will post 2.34 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, September 6th were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, September 5th. This represents a $0.52 annualized dividend and a yield of 1.56%. La-Z-Boy’s dividend payout ratio is presently 24.30%.

In related news, SVP Darrell Dewain Edwards sold 14,820 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $33.43, for a total transaction of $495,432.60. Following the completion of the sale, the senior vice president now owns 59,470 shares of the company’s stock, valued at approximately $1,988,082.10. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.02% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Carroll Financial Associates Inc. purchased a new stake in La-Z-Boy during the 3rd quarter valued at about $108,000. State of Alaska Department of Revenue grew its stake in shares of La-Z-Boy by 125.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 35,825 shares of the company’s stock valued at $1,203,000 after buying an additional 19,941 shares during the period. Royal Bank of Canada grew its stake in shares of La-Z-Boy by 5.2% in the 2nd quarter. Royal Bank of Canada now owns 9,120 shares of the company’s stock valued at $279,000 after buying an additional 449 shares during the period. Verition Fund Management LLC purchased a new stake in shares of La-Z-Boy in the 2nd quarter valued at approximately $263,000. Finally, Nuveen Asset Management LLC grew its stake in shares of La-Z-Boy by 32.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,580,674 shares of the company’s stock valued at $48,463,000 after buying an additional 388,563 shares during the period. 89.97% of the stock is owned by institutional investors.

About La-Z-Boy

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas.

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