Key Points
- La-Z-Boy CAO Jennifer Lynn Mccurry sold 3,410 shares on June 18 at an average price of $40.60, reducing her stake by about 18% to 15,453 shares.
- The company beat quarterly earnings expectations, reporting $1.26 EPS versus the $0.82 consensus, while revenue of $570.34 million was roughly in line with estimates.
- La-Z-Boy also paid a quarterly dividend of $0.242 per share, equal to a 2.4% annualized yield, and analysts currently rate the stock a “Moderate Buy.”
La-Z-Boy Incorporated (NYSE:LZB - Get Free Report) CAO Jennifer Lynn Mccurry sold 3,410 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $40.60, for a total transaction of $138,446.00. Following the completion of the transaction, the chief accounting officer owned 15,453 shares in the company, valued at $627,391.80. This trade represents a 18.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
La-Z-Boy Trading Up 0.3%
Shares of LZB stock opened at $40.12 on Wednesday. La-Z-Boy Incorporated has a 12 month low of $29.03 and a 12 month high of $44.90. The stock has a market cap of $1.60 billion, a P/E ratio of 16.24, a P/E/G ratio of 1.22 and a beta of 1.26. The company has a 50 day simple moving average of $36.38 and a two-hundred day simple moving average of $36.40.
La-Z-Boy (NYSE:LZB - Get Free Report) last issued its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.44. La-Z-Boy had a net margin of 4.80% and a return on equity of 11.97%. The business had revenue of $570.34 million for the quarter, compared to analysts' expectations of $569.23 million. During the same quarter last year, the company posted $0.36 EPS. The company's revenue was down .1% compared to the same quarter last year. As a group, equities analysts forecast that La-Z-Boy Incorporated will post 2.98 earnings per share for the current year.
La-Z-Boy Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were issued a dividend of $0.242 per share. This represents a $0.97 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Tuesday, June 2nd. La-Z-Boy's payout ratio is currently 39.27%.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on LZB. Wall Street Zen raised La-Z-Boy from a "hold" rating to a "buy" rating in a research note on Sunday, June 14th. Weiss Ratings upgraded La-Z-Boy from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, June 17th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $39.00.
Read Our Latest Report on LZB
Institutional Trading of La-Z-Boy
Several institutional investors and hedge funds have recently modified their holdings of the company. Quarry LP boosted its holdings in La-Z-Boy by 4,785.7% in the 4th quarter. Quarry LP now owns 684 shares of the company's stock worth $25,000 after buying an additional 670 shares during the period. EverSource Wealth Advisors LLC raised its holdings in La-Z-Boy by 290.0% during the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company's stock valued at $33,000 after acquiring an additional 670 shares during the period. Geneos Wealth Management Inc. raised its holdings in La-Z-Boy by 99.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company's stock valued at $42,000 after acquiring an additional 567 shares during the period. Rockefeller Capital Management L.P. lifted its position in shares of La-Z-Boy by 159.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company's stock valued at $43,000 after acquiring an additional 713 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in shares of La-Z-Boy by 3,130.8% in the third quarter. CIBC Private Wealth Group LLC now owns 1,260 shares of the company's stock valued at $43,000 after acquiring an additional 1,221 shares in the last quarter. 99.62% of the stock is currently owned by institutional investors.
About La-Z-Boy
(
Get Free Report)
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.
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