La-Z-Boy (NYSE:LZB) Rating Lowered to Sell at Zacks Investment Research

La-Z-Boy (NYSE:LZB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday, Zacks.com reports.

According to Zacks, “La-Z-Boy Incorporated is one of the world’s leading residential furniture producers, marketing furniture for every room of the home. The La-Z-Boy Upholstery segment companies are La-Z-Boy and England. The Casegoods segment consists of three brands: American Drew, Hammary and Kincaid. The company-owned Retail segment of the La-Z-Boy Furniture Galleries stores. The corporation’s branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes the stand-alone La-Z-Boy Furniture Galleries stores and the independent Comfort Studio® locations, in addition to in-store gallery programs for Kincaid and England. “

A number of other research analysts also recently issued reports on the company. ValuEngine downgraded La-Z-Boy from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Raymond James upgraded La-Z-Boy from a “market perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a report on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $37.00.

LZB stock opened at $31.61 on Friday. The firm’s 50-day moving average price is $34.49 and its two-hundred day moving average price is $32.58. La-Z-Boy has a 12-month low of $25.30 and a 12-month high of $37.48. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of 14.24 and a beta of 0.67. The company has a current ratio of 1.77, a quick ratio of 1.12 and a debt-to-equity ratio of 0.36.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings data on Wednesday, November 20th. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.03). The firm had revenue of $447.21 million for the quarter, compared to the consensus estimate of $454.39 million. La-Z-Boy had a net margin of 3.98% and a return on equity of 15.10%. The business’s revenue was up 1.8% on a year-over-year basis. During the same period last year, the company posted $0.48 earnings per share. Equities analysts predict that La-Z-Boy will post 2.26 EPS for the current year.

In related news, SVP Darrell Dewain Edwards sold 14,820 shares of La-Z-Boy stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $33.43, for a total value of $495,432.60. Following the sale, the senior vice president now owns 59,470 shares in the company, valued at $1,988,082.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.02% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in LZB. Amundi Pioneer Asset Management Inc. lifted its holdings in La-Z-Boy by 1.7% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 67,799 shares of the company’s stock worth $2,236,000 after buying an additional 1,124 shares during the period. Arizona State Retirement System raised its position in shares of La-Z-Boy by 0.6% in the 2nd quarter. Arizona State Retirement System now owns 72,378 shares of the company’s stock worth $2,219,000 after acquiring an additional 400 shares in the last quarter. Strs Ohio lifted its stake in shares of La-Z-Boy by 2.1% in the 2nd quarter. Strs Ohio now owns 29,100 shares of the company’s stock valued at $892,000 after purchasing an additional 600 shares during the period. SG Americas Securities LLC lifted its stake in shares of La-Z-Boy by 2,962.1% in the 2nd quarter. SG Americas Securities LLC now owns 116,022 shares of the company’s stock valued at $3,557,000 after purchasing an additional 112,233 shares during the period. Finally, Aperio Group LLC boosted its position in shares of La-Z-Boy by 13.8% during the second quarter. Aperio Group LLC now owns 16,030 shares of the company’s stock valued at $491,000 after purchasing an additional 1,941 shares in the last quarter. 89.04% 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.

Recommended Story: Why investors pay attention to retained earnings

Get a free copy of the Zacks research report on La-Z-Boy (LZB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for La-Z-Boy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for La-Z-Boy and related companies with MarketBeat.com's FREE daily email newsletter.