La-Z-Boy (NYSE:LZB) SVP Michael Adam Leggett Sells 9,000 Shares of Stock

La-Z-Boy Incorporated (NYSE:LZB) SVP Michael Adam Leggett sold 9,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $41.66, for a total transaction of $374,940.00. Following the completion of the sale, the senior vice president owned 47,551 shares in the company, valued at $1,980,974.66. The trade was a 15.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

La-Z-Boy Stock Performance

Shares of LZB traded down $1.10 during mid-day trading on Thursday, reaching $40.74. 707,958 shares of the company’s stock traded hands, compared to its average volume of 461,002. The business’s 50-day moving average price is $36.55 and its 200-day moving average price is $36.42. The stock has a market capitalization of $1.63 billion, a P/E ratio of 16.50, a price-to-earnings-growth ratio of 1.23 and a beta of 1.26. La-Z-Boy Incorporated has a 12 month low of $29.03 and a 12 month high of $44.90.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings data on Tuesday, June 16th. The company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.44. The business had revenue of $570.34 million during the quarter, compared to analyst estimates of $569.23 million. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.The business’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 EPS. Equities research analysts anticipate that La-Z-Boy Incorporated will post 2.98 EPS for the current year.

La-Z-Boy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were issued a $0.242 dividend. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.97 annualized dividend and a yield of 2.4%. La-Z-Boy’s dividend payout ratio is presently 39.27%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on LZB shares. Wall Street Zen upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating in a report on Sunday, June 14th. Weiss Ratings raised La-Z-Boy from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $39.00.

Hedge Funds Weigh In On La-Z-Boy

Several large investors have recently made changes to their positions in LZB. Quarry LP grew its stake in shares of La-Z-Boy by 4,785.7% in the 4th quarter. Quarry LP now owns 684 shares of the company’s stock worth $25,000 after purchasing an additional 670 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in La-Z-Boy by 290.0% during the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after buying an additional 670 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in La-Z-Boy by 99.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock worth $42,000 after buying an additional 567 shares in the last quarter. Rockefeller Capital Management L.P. grew its position in La-Z-Boy by 159.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock worth $43,000 after buying an additional 713 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its position in La-Z-Boy by 3,130.8% in the third quarter. CIBC Private Wealth Group LLC now owns 1,260 shares of the company’s stock worth $43,000 after buying an additional 1,221 shares during the last quarter. Institutional investors 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.