La-Z-Boy Incorporated (NYSE:LZB) Receives Average Rating of “Moderate Buy” from Analysts

Shares of La-Z-Boy Incorporated (NYSE:LZB) have been assigned an average rating of “Moderate Buy” from the five research firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $39.00.

Several equities research analysts have recently commented on LZB shares. Zacks Research downgraded shares of La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 19th. Wall Street Zen downgraded shares of La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd.

La-Z-Boy Stock Down 1.7%

NYSE:LZB opened at $34.35 on Friday. La-Z-Boy has a 12 month low of $29.03 and a 12 month high of $44.49. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 17.01 and a beta of 1.25. The company’s 50 day moving average is $33.91 and its 200-day moving average is $35.78.

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, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $535.47 million. During the same quarter in the previous year, the firm posted $0.68 earnings per share. La-Z-Boy’s revenue was up 3.8% compared to the same quarter last year. Research analysts predict that La-Z-Boy will post 2.61 EPS for the current fiscal year.

La-Z-Boy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd will be issued a dividend of $0.242 per share. This represents a $0.97 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, June 2nd. La-Z-Boy’s payout ratio is currently 47.52%.

Insiders Place Their Bets

In other La-Z-Boy news, SVP Michael Adam Leggett sold 2,200 shares of the business’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 completion of the sale, the senior vice president directly owned 42,473 shares of the company’s stock, valued at approximately $1,571,501. The trade was a 4.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.66% of the company’s stock.

Institutional Trading of La-Z-Boy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP raised its holdings in La-Z-Boy by 4,785.7% during 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. Smartleaf Asset Management LLC raised its holdings in 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 purchasing an additional 324 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in La-Z-Boy by 290.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after purchasing an additional 670 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in La-Z-Boy by 99.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock worth $42,000 after purchasing an additional 567 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its holdings in La-Z-Boy by 159.5% during 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 last quarter. 99.62% of the stock is owned by institutional investors.

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.