Key Points
- La-Z-Boy SVP Michael Adam Leggett sold 9,000 shares on June 24 at an average price of $41.66, totaling about $374,940. After the sale, he still held 47,551 shares valued at roughly $1.98 million.
- La-Z-Boy recently beat earnings expectations, reporting EPS of $1.26 versus the $0.82 consensus estimate. Quarterly revenue came in at $570.34 million, slightly above forecast and roughly flat year over year.
- The company also pays a dividend and has seen mixed analyst views, with a quarterly payout of $0.242 per share and an annualized yield of 2.4%. Analysts currently have a consensus “Moderate Buy” rating with an average price target of $39.00.
La-Z-Boy Incorporated (NYSE:LZB - Get Free Report) SVP Michael Adam Leggett sold 9,000 shares of La-Z-Boy stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $41.66, for a total transaction of $374,940.00. Following the completion of the sale, the senior vice president directly owned 47,551 shares of the company's stock, valued at approximately $1,980,974.66. This trade represents a 15.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
La-Z-Boy Trading Down 2.6%
Shares of LZB opened at $40.74 on Friday. The firm has a fifty day simple moving average of $36.68 and a two-hundred day simple moving average of $36.43. The firm has a market cap of $1.63 billion, a PE ratio of 16.50, a P/E/G ratio of 1.28 and a beta of 1.26. 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 released its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.82 by $0.44. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.The firm had revenue of $570.34 million for the quarter, compared to the consensus estimate of $569.23 million. During the same period last year, the business posted $0.36 EPS. The company's revenue for the quarter was down .1% on a year-over-year basis. As a group, research analysts forecast that La-Z-Boy Incorporated will post 2.98 EPS 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 $0.242 dividend. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 2.4%. La-Z-Boy's dividend payout ratio is currently 39.27%.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on LZB shares. Weiss Ratings upgraded La-Z-Boy from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, June 17th. Wall Street Zen upgraded shares of La-Z-Boy from a "hold" rating to a "buy" rating in a research note on Sunday, June 14th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $39.00.
Check Out Our Latest Analysis on La-Z-Boy
Hedge Funds Weigh In On La-Z-Boy
A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of La-Z-Boy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 4,814,114 shares of the company's stock worth $179,422,000 after purchasing an additional 38,513 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of La-Z-Boy by 1.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,694,255 shares of the company's stock valued at $86,594,000 after buying an additional 38,870 shares in the last quarter. Franklin Resources Inc. boosted its holdings in La-Z-Boy by 24.0% in the 4th quarter. Franklin Resources Inc. now owns 1,851,873 shares of the company's stock worth $69,019,000 after buying an additional 358,945 shares during the period. LSV Asset Management increased its stake in La-Z-Boy by 0.8% in the 4th quarter. LSV Asset Management now owns 1,476,882 shares of the company's stock worth $55,043,000 after buying an additional 11,983 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in La-Z-Boy by 7.2% in the 3rd quarter. American Century Companies Inc. now owns 1,434,642 shares of the company's stock worth $49,237,000 after buying an additional 95,737 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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