Key Points
- Director Janet Kerr sold 3,653 La-Z-Boy shares for approximately $116,000 under a pre-arranged Rule 10b5-1 trading plan, reducing her ownership by 46.97% to 4,125 shares.
- La-Z-Boy’s latest quarterly results missed expectations: EPS was $0.43 versus $0.49 forecast, while revenue fell 3.4% year over year to $475.69 million.
- The company maintains a quarterly dividend of $0.242 per share, equivalent to an annualized $0.97 payout and a 3.1% yield; analysts’ consensus rating is Hold with a $39.50 target price.
La-Z-Boy Incorporated (NYSE:LZB - Get Free Report) Director Janet Kerr sold 3,653 shares of the firm's stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $31.75, for a total transaction of $115,982.75. Following the sale, the director owned 4,125 shares of the company's stock, valued at approximately $130,968.75. The trade was a 46.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
La-Z-Boy Price Performance
Shares of LZB stock opened at $31.44 on Thursday. The firm's 50-day moving average is $37.74 and its two-hundred day moving average is $36.32. La-Z-Boy Incorporated has a 12 month low of $29.03 and a 12 month high of $44.90. The company has a market capitalization of $1.26 billion, a PE ratio of 15.96, a price-to-earnings-growth ratio of 1.07 and a beta of 1.23.
La-Z-Boy (NYSE:LZB - Get Free Report) last posted its quarterly earnings results on Tuesday, August 18th. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.06). The firm had revenue of $475.69 million during the quarter, compared to analysts' expectations of $501.44 million. La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. The business's quarterly revenue was down 3.4% on a year-over-year basis. During the same period last year, the company earned $0.47 EPS. Sell-side analysts forecast that La-Z-Boy Incorporated will post 2.7 EPS for the current year.
La-Z-Boy Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Thursday, September 3rd will be issued a $0.242 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $0.97 dividend on an annualized basis and a yield of 3.1%. La-Z-Boy's dividend payout ratio is currently 49.24%.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on the company. Weiss Ratings cut La-Z-Boy from a "buy (b-)" rating to a "hold (c)" rating in a research note on Thursday, August 20th. Zacks Research lowered La-Z-Boy from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 20th. Wall Street Zen cut La-Z-Boy from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Finally, KeyCorp cut their price objective 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 analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $39.50.
Check Out Our Latest Analysis on LZB
Hedge Funds Weigh In On La-Z-Boy
A number of hedge funds have recently made changes to their positions in LZB. BlackRock Inc. acquired a new stake in shares of La-Z-Boy in the second quarter valued at $265,535,000. Empowered Funds LLC acquired a new position in La-Z-Boy during the 2nd quarter worth $6,475,000. Sei Investments Co. increased its holdings in La-Z-Boy by 69.5% during the 1st quarter. Sei Investments Co. now owns 116,124 shares of the company's stock worth $3,732,000 after purchasing an additional 47,626 shares during the period. Pacer Advisors Inc. raised its position in La-Z-Boy by 49.5% in the 1st quarter. Pacer Advisors Inc. now owns 182,698 shares of the company's stock valued at $5,872,000 after purchasing an additional 60,518 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in La-Z-Boy in the 2nd quarter valued at about $1,546,000. Hedge funds and other 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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