La-Z-Boy (NYSE:LZB) Stock Rating Raised to Hold at Zacks Research

Zacks Research upgraded shares of La-Z-Boy (NYSE:LZB) from a strong sell rating to a hold rating in a research note published on Monday,Zacks reports.

Other analysts have also recently issued research reports about the stock. Weiss Ratings cut shares of La-Z-Boy from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Wall Street Zen downgraded La-Z-Boy from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, KeyCorp lowered their target price on La-Z-Boy from $46.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday, August 20th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.50.

La-Z-Boy Price Performance

NYSE:LZB opened at $29.21 on Monday. La-Z-Boy has a one year low of $28.79 and a one year high of $44.90. The company has a market cap of $1.17 billion, a PE ratio of 14.83, a P/E/G ratio of 1.05 and a beta of 1.24. The firm’s 50 day simple moving average is $31.84 and its 200 day simple moving average is $35.51.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings results on Tuesday, August 18th. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.06). The business had revenue of $475.69 million during the quarter, compared to analyst estimates of $501.44 million. La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. The company’s revenue was down 3.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.47 earnings per share. Equities research analysts expect that La-Z-Boy will post 2.53 EPS for the current year.

La-Z-Boy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Thursday, September 3rd were issued a $0.2420 dividend. The ex-dividend date was Thursday, September 3rd. This represents a $0.97 annualized dividend and a yield of 3.3%. La-Z-Boy’s dividend payout ratio is presently 49.24%.

Insider Activity at La-Z-Boy

In other La-Z-Boy news, Director Janet Kerr sold 3,653 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $31.75, for a total transaction of $115,982.75. Following the completion of the transaction, the director owned 4,125 shares in the company, valued at approximately $130,968.75. This trade represents a 46.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Sundy, II sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $30.85, for a total transaction of $154,250.00. Following the completion of the transaction, the insider owned 59,297 shares in the company, valued at $1,829,312.45. This trade represents a 7.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.12% of the company’s stock.

Institutional Investors Weigh In On La-Z-Boy

Institutional investors have recently modified their holdings of the company. Versant Capital Management Inc boosted its position in La-Z-Boy by 172.8% during the second quarter. Versant Capital Management Inc now owns 652 shares of the company’s stock valued at $26,000 after acquiring an additional 413 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of La-Z-Boy in the 2nd quarter worth about $28,000. Rockefeller Capital Management L.P. raised its position in shares of La-Z-Boy by 159.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock worth $43,000 after acquiring an additional 713 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of La-Z-Boy by 112.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,510 shares of the company’s stock worth $56,000 after acquiring an additional 798 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of La-Z-Boy by 34.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,927 shares of the company’s stock worth $57,000 after acquiring an additional 489 shares in the last quarter. 99.62% of the stock is owned by institutional investors.

About La-Z-Boy

La-Z-Boy Incorporated (NYSE: LZB) is a furniture manufacturer and retailer best known for its upholstered reclining chairs. The company’s product portfolio also includes sofas, sectionals, stationary chairs, loveseats, ottomans, tables, beds and other home furnishings, offered in a range of styles, fabrics and leather options.

La-Z-Boy operates through a combination of furniture manufacturing, wholesale and retail activities. Its products are sold through company-owned La-Z-Boy Furniture Galleries, independent furniture dealers and other retail channels, including its e-commerce platform.