Key Points
- La-Z-Boy CEO Melinda Whittington sold 26,639 shares on June 22 at an average price of $40.24, generating about $1.07 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Whittington still owned 316,038 shares valued at roughly $12.7 million, representing a 7.77% decrease in her stake.
- La-Z-Boy recently beat quarterly earnings estimates, reporting EPS of $1.26 versus expectations of $0.82, while revenue came in slightly above forecasts at $570.34 million. The company also pays a quarterly dividend of $0.242 per share, yielding about 2.3% annually.
La-Z-Boy Incorporated (NYSE:LZB - Get Free Report) CEO Melinda Whittington sold 7,364 shares of the firm's stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $40.00, for a total transaction of $294,560.00. Following the transaction, the chief executive officer directly owned 415,061 shares of the company's stock, valued at approximately $16,602,440. This represents a 1.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
La-Z-Boy Stock Performance
LZB opened at $41.88 on Thursday. The company has a market capitalization of $1.67 billion, a P/E ratio of 16.95, a PEG ratio of 1.23 and a beta of 1.26. The company has a 50-day moving average of $36.55 and a 200-day moving average of $36.42. La-Z-Boy Incorporated has a 1-year low of $29.03 and a 1-year high of $44.90.
La-Z-Boy (NYSE:LZB - Get Free Report) last issued its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 EPS for the quarter, topping the consensus estimate of $0.82 by $0.44. The business had revenue of $570.34 million for the quarter, compared to analysts' expectations of $569.23 million. La-Z-Boy had a net margin of 4.80% and a return on equity of 11.97%. The company's quarterly revenue was down .1% compared to the same quarter last year. During the same quarter last year, the company posted $0.36 earnings per share. As a group, sell-side analysts expect that La-Z-Boy Incorporated will post 2.98 earnings per share for the current fiscal year.
La-Z-Boy Announces Dividend
The company also recently announced 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 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Tuesday, June 2nd. La-Z-Boy's dividend payout ratio (DPR) is currently 39.27%.
Analyst Ratings Changes
Several equities research analysts recently issued reports on the company. Weiss Ratings raised La-Z-Boy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, June 17th. Wall Street Zen raised shares of La-Z-Boy from a "hold" rating to a "buy" rating in a report on Sunday, June 14th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $39.00.
View Our Latest Report on La-Z-Boy
Hedge Funds Weigh In On La-Z-Boy
A number of large investors have recently bought and sold shares of the business. Royal Bank of Canada grew its holdings in shares of La-Z-Boy by 11.1% during the first quarter. Royal Bank of Canada now owns 16,056 shares of the company's stock valued at $628,000 after purchasing an additional 1,598 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of La-Z-Boy by 3.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,836 shares of the company's stock worth $971,000 after purchasing an additional 769 shares during the last quarter. Norges Bank bought a new stake in shares of La-Z-Boy in the 2nd quarter worth approximately $404,000. Arrowstreet Capital Limited Partnership acquired a new position in La-Z-Boy during the 2nd quarter valued at approximately $736,000. Finally, EverSource Wealth Advisors LLC grew its stake in La-Z-Boy by 290.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company's stock worth $33,000 after buying an additional 670 shares during the last quarter. Institutional investors own 99.62% of the company's stock.
La-Z-Boy Company Profile
(
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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