Michael Adam Leggett Sells 2,200 Shares of La-Z-Boy (NYSE:LZB) Stock

La-Z-Boy Incorporated (NYSE:LZB) SVP Michael Adam Leggett sold 2,200 shares of the firm’s stock in a transaction dated Friday, February 20th. The stock was 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 approximately $1,571,501. This represents a 4.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

La-Z-Boy Stock Performance

Shares of LZB opened at $35.27 on Wednesday. The firm has a market cap of $1.44 billion, a P/E ratio of 17.46 and a beta of 1.27. La-Z-Boy Incorporated has a 52 week low of $29.03 and a 52 week high of $46.72. The firm’s 50-day simple moving average is $37.93 and its 200 day simple moving average is $36.05.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings data 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. La-Z-Boy had a return on equity of 10.79% and a net margin of 3.93%.The company had revenue of $541.59 million during the quarter, compared to analysts’ expectations of $535.47 million. During the same quarter in the previous year, the company posted $0.68 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. As a group, equities analysts forecast that La-Z-Boy Incorporated will post 2.99 earnings per share for the current year.

La-Z-Boy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be issued a $0.242 dividend. This represents a $0.97 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, March 3rd. La-Z-Boy’s dividend payout ratio is currently 48.02%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on LZB shares. Weiss Ratings reissued a “hold (c)” rating on shares of La-Z-Boy in a report on Monday, December 22nd. KeyCorp reiterated an “overweight” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th. Zacks Research downgraded shares of La-Z-Boy from a “strong-buy” rating to a “hold” rating in a report on Monday, January 19th. Sidoti upgraded shares of La-Z-Boy from a “neutral” rating to a “buy” rating and lifted their price target for the company from $36.00 to $39.00 in a research report on Wednesday, November 19th. Finally, Needham & Company LLC reissued a “buy” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.50.

Institutional Trading of La-Z-Boy

Several large investors have recently made changes to their positions in LZB. Allianz Asset Management GmbH raised its position in La-Z-Boy by 0.6% during the second quarter. Allianz Asset Management GmbH now owns 45,430 shares of the company’s stock valued at $1,689,000 after purchasing an additional 266 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of La-Z-Boy by 3.3% in the 2nd quarter. Advisors Asset Management Inc. now owns 8,675 shares of the company’s stock valued at $322,000 after purchasing an additional 274 shares during the last quarter. Bank of Montreal Can raised its holdings in shares of La-Z-Boy by 4.8% during the 2nd quarter. Bank of Montreal Can now owns 6,564 shares of the company’s stock worth $244,000 after buying an additional 300 shares in the last quarter. Osaic Holdings Inc. raised its holdings in shares of La-Z-Boy by 3.5% during the 2nd quarter. Osaic Holdings Inc. now owns 9,258 shares of the company’s stock worth $344,000 after buying an additional 310 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted 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 worth $26,000 after buying an additional 324 shares during the last quarter. Institutional investors and hedge funds own 99.62% of the company’s stock.

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.