La-Z-Boy Incorporated (NYSE:LZB) Receives $42.50 Average PT from Analysts

Shares of La-Z-Boy Incorporated (NYSE:LZB) have received a consensus recommendation of “Moderate Buy” from the five brokerages that are covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $42.50.

Several research analysts recently issued reports on the stock. Zacks Research cut shares of La-Z-Boy from a “strong-buy” rating to a “hold” rating in a report on Monday, January 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of La-Z-Boy in a research report on Monday, December 22nd. Wall Street Zen upgraded La-Z-Boy from a “hold” rating to a “buy” rating in a research note on Saturday. Needham & Company LLC reissued a “buy” rating on shares of La-Z-Boy in a report on Wednesday, December 17th. Finally, KeyCorp restated an “overweight” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th.

La-Z-Boy Stock Up 0.1%

Shares of NYSE LZB opened at $31.98 on Friday. The business’s 50 day moving average price is $35.89 and its 200 day moving average price is $35.58. The firm has a market cap of $1.31 billion, a P/E ratio of 15.83 and a beta of 1.26. La-Z-Boy has a 52 week low of $29.03 and a 52 week high of $44.49.

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

La-Z-Boy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were given a $0.242 dividend. This represents a $0.97 annualized dividend and a yield of 3.0%. The ex-dividend date was Tuesday, March 3rd. La-Z-Boy’s dividend payout ratio is currently 48.02%.

Insider Activity at La-Z-Boy

In other news, SVP Michael Adam Leggett sold 2,200 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $37.00, for a total transaction of $81,400.00. Following the sale, the senior vice president owned 42,473 shares of the company’s stock, 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 this link. 2.66% of the stock is owned by insiders.

Institutional Trading of La-Z-Boy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LZB. Quarry LP raised its position in shares of La-Z-Boy by 4,785.7% in the fourth quarter. Quarry LP now owns 684 shares of the company’s stock worth $25,000 after acquiring an additional 670 shares during the period. Smartleaf Asset Management LLC grew its position in shares of La-Z-Boy by 75.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 755 shares of the company’s stock valued at $26,000 after acquiring an additional 324 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of La-Z-Boy by 290.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock valued at $33,000 after acquiring an additional 670 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of La-Z-Boy by 99.0% in the 2nd 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. raised its holdings in La-Z-Boy by 159.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock worth $43,000 after purchasing an additional 713 shares during the period. Institutional investors and hedge funds own 99.62% of the company’s stock.

About La-Z-Boy

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.