La-Z-Boy (NYSE:LZB) Stock Rating Upgraded by Wall Street Zen

La-Z-Boy (NYSE:LZB) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Other analysts also recently issued reports about the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of La-Z-Boy in a report on Monday, December 22nd. Needham & Company LLC reissued a “buy” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th. KeyCorp restated an “overweight” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Finally, Zacks Research lowered La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 19th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.50.

La-Z-Boy Trading Down 2.0%

LZB stock opened at $31.98 on Friday. The company’s 50 day moving average is $35.89 and its 200 day moving average is $35.57. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 15.83 and a beta of 1.26. La-Z-Boy has a 1-year low of $29.03 and a 1-year high of $44.49.

La-Z-Boy (NYSE:LZB) last announced its earnings results on Tuesday, February 17th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.02. La-Z-Boy had a net margin of 3.93% and a return on equity of 10.79%. The business had revenue of $541.59 million during the quarter, compared to analyst estimates of $535.47 million. During the same period in the previous year, the business posted $0.68 earnings per share. La-Z-Boy’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, sell-side analysts forecast that La-Z-Boy will post 2.99 EPS for the current fiscal year.

Insider Activity at La-Z-Boy

In related news, SVP Michael Adam Leggett sold 2,200 shares of La-Z-Boy stock in a transaction on Friday, February 20th. The shares were sold at an average price of $37.00, for a total value of $81,400.00. Following the transaction, the senior vice president owned 42,473 shares in the company, valued at $1,571,501. This trade represents a 4.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.66% of the company’s stock.

Hedge Funds Weigh In On La-Z-Boy

Several hedge funds and other institutional investors have recently modified their holdings of LZB. Quarry LP boosted its position in La-Z-Boy by 4,785.7% during the 4th quarter. Quarry LP now owns 684 shares of the company’s stock valued at $25,000 after acquiring an additional 670 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of La-Z-Boy by 75.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 755 shares of the company’s stock valued at $26,000 after purchasing an additional 324 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of La-Z-Boy by 290.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock valued at $33,000 after purchasing an additional 670 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of 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 purchasing an additional 567 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its position in shares of La-Z-Boy by 159.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock valued at $43,000 after purchasing an additional 713 shares in the last quarter. 99.62% of the stock is owned by institutional investors.

La-Z-Boy Company Profile

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.