La-Z-Boy Incorporated (NYSE:LZB) – Analysts at KeyCorp lowered their Q3 2021 earnings estimates for shares of La-Z-Boy in a report released on Wednesday, November 18th. KeyCorp analyst B. Thomas now forecasts that the company will post earnings per share of $0.82 for the quarter, down from their prior forecast of $0.90. KeyCorp also issued estimates for La-Z-Boy’s FY2022 earnings at $3.02 EPS.
La-Z-Boy (NYSE:LZB) last released its quarterly earnings data on Monday, November 16th. The company reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.32. La-Z-Boy had a return on equity of 12.42% and a net margin of 4.07%.
A number of other equities analysts have also weighed in on the company. Raymond James boosted their price objective on La-Z-Boy from $37.00 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday. Zacks Investment Research upgraded La-Z-Boy from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Saturday. Finally, Sidoti upgraded La-Z-Boy from a “neutral” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Monday, October 19th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $43.00.
NYSE LZB opened at $39.32 on Friday. The stock’s fifty day moving average is $35.30 and its two-hundred day moving average is $30.24. The firm has a market capitalization of $1.81 billion, a P/E ratio of 28.70 and a beta of 1.20. La-Z-Boy has a fifty-two week low of $15.61 and a fifty-two week high of $42.69.
Several hedge funds have recently bought and sold shares of LZB. LSV Asset Management raised its holdings in shares of La-Z-Boy by 48.6% in the 2nd quarter. LSV Asset Management now owns 1,297,594 shares of the company’s stock valued at $35,112,000 after buying an additional 424,227 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in La-Z-Boy by 69.3% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 596,498 shares of the company’s stock worth $18,867,000 after purchasing an additional 244,247 shares in the last quarter. JPMorgan Chase & Co. grew its stake in La-Z-Boy by 126.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 321,296 shares of the company’s stock worth $9,851,000 after purchasing an additional 179,340 shares in the last quarter. Nordea Investment Management AB grew its stake in La-Z-Boy by 100.0% during the 2nd quarter. Nordea Investment Management AB now owns 338,104 shares of the company’s stock worth $9,108,000 after purchasing an additional 169,071 shares in the last quarter. Finally, AJO LP grew its stake in La-Z-Boy by 308.7% during the 3rd quarter. AJO LP now owns 155,572 shares of the company’s stock worth $4,920,000 after purchasing an additional 117,511 shares in the last quarter. Hedge funds and other institutional investors own 90.60% of the company’s stock.
In related news, CEO Kurt L. Darrow sold 42,613 shares of the business’s stock in a transaction on Friday, October 16th. The stock was sold at an average price of $35.11, for a total value of $1,496,142.43. Following the sale, the chief executive officer now owns 618,430 shares in the company, valued at approximately $21,713,077.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Darrell Dewain Edwards sold 96,119 shares of the business’s stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $37.04, for a total value of $3,560,247.76. 4.20% of the stock is currently owned by insiders.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Wednesday, December 2nd will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend is Tuesday, December 1st. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.07. La-Z-Boy’s payout ratio is currently 16.20%.
La-Z-Boy Company Profile
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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