Key Points
- Insider sale: Robert Sundy II sold 5,000 La-Z-Boy shares for approximately $154,250, reducing his ownership by 7.78% to 59,297 shares.
- Weak quarterly results: La-Z-Boy reported quarterly EPS of $0.43 versus the $0.49 consensus estimate, while revenue of $475.69 million declined 3.4% year over year and missed expectations.
- Mixed outlook: The company announced a quarterly dividend of $0.242 per share, equivalent to a 3.1% yield, while analyst sentiment averaged “Hold” with a $39.50 consensus price target.
La-Z-Boy Incorporated (NYSE:LZB - Get Free Report) insider Robert Sundy II sold 5,000 shares of the business's stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $30.85, for a total value of $154,250.00. Following the completion of the sale, the insider owned 59,297 shares of the company's stock, valued at $1,829,312.45. This trade represents a 7.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
La-Z-Boy Price Performance
LZB stock opened at $31.02 on Tuesday. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 15.74, a PEG ratio of 1.10 and a beta of 1.23. The business's fifty day moving average price is $37.22 and its two-hundred day moving average price is $36.22. La-Z-Boy Incorporated has a fifty-two week low of $29.03 and a fifty-two week high of $44.90.
La-Z-Boy (NYSE:LZB - Get Free Report) last announced its earnings results on Tuesday, August 18th. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.49 by ($0.06). The business had revenue of $475.69 million during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted $0.47 EPS. Research analysts expect that La-Z-Boy Incorporated will post 2.53 EPS for the current year.
La-Z-Boy Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Thursday, September 3rd will be paid a $0.242 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $0.97 annualized dividend and a yield of 3.1%. La-Z-Boy's payout ratio is 49.24%.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on the stock. Zacks Research lowered shares of La-Z-Boy from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 20th. KeyCorp dropped their price target on shares of 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. Wall Street Zen cut La-Z-Boy from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings downgraded La-Z-Boy from a "buy (b-)" rating to a "hold (c)" rating in a research report on Thursday, August 20th. Three research 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. According to data from MarketBeat.com, La-Z-Boy has an average rating of "Hold" and a consensus target price of $39.50.
View Our Latest Report on La-Z-Boy
Institutional Investors Weigh In On La-Z-Boy
Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in La-Z-Boy in the 2nd quarter valued at about $265,535,000. Dimensional Fund Advisors LP lifted its holdings 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 worth $86,594,000 after acquiring an additional 38,870 shares during the period. California State Teachers Retirement System lifted its holdings in shares of La-Z-Boy by 4,483.9% during the 2nd quarter. California State Teachers Retirement System now owns 1,755,210 shares of the company's stock worth $70,419,000 after acquiring an additional 1,716,919 shares during the period. LSV Asset Management boosted its position in shares of La-Z-Boy by 0.8% during the 4th quarter. LSV Asset Management now owns 1,476,882 shares of the company's stock worth $55,043,000 after acquiring an additional 11,983 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in La-Z-Boy by 2.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 755,267 shares of the company's stock valued at $24,085,000 after acquiring an additional 18,997 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 is a residential furniture manufacturer and retailer best known for its upholstered recliners. The company offers a broad range of furniture for living rooms, family rooms, bedrooms and other areas of the home, including recliners, sofas, sectionals, chairs, ottomans, tables, beds and complementary home furnishings.
Founded in 1927 in Monroe, Michigan, La-Z-Boy built its reputation around its reclining chair and has expanded into a full-service home furnishings company.
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