La-Z-Boy (NYSE:LZB) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of La-Z-Boy (NYSE:LZB) from a buy rating to a hold rating in a report issued on Saturday.

Separately, Weiss Ratings raised La-Z-Boy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, July 1st. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

La-Z-Boy Price Performance

Shares of LZB opened at $41.46 on Friday. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 1.29 and a beta of 1.27. La-Z-Boy has a 1-year low of $29.03 and a 1-year high of $44.90. The company has a 50-day moving average of $39.41 and a 200 day moving average of $36.78.

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

Insider Activity at La-Z-Boy

In other news, VP Raphaell Z. Richmond sold 13,671 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $39.83, for a total value of $544,515.93. Following the completion of the sale, the vice president owned 51,695 shares of the company’s stock, valued at approximately $2,059,011.85. This represents a 20.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jennifer Lynn Mccurry sold 3,715 shares of La-Z-Boy stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $41.05, for a total transaction of $152,500.75. Following the transaction, the chief accounting officer directly owned 16,763 shares in the company, valued at approximately $688,121.15. The trade was a 18.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 66,299 shares of company stock worth $2,677,491 over the last quarter. Corporate insiders own 3.12% of the company’s stock.

Institutional Trading of La-Z-Boy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of La-Z-Boy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 4,814,114 shares of the company’s stock valued at $179,422,000 after buying an additional 38,513 shares during the last quarter. M&T Bank Corp bought a new stake in shares of La-Z-Boy in the 4th quarter valued at about $18,433,000. Sei Investments Co. grew its position in shares of La-Z-Boy by 69.5% in the 1st quarter. Sei Investments Co. now owns 116,124 shares of the company’s stock worth $3,732,000 after buying an additional 47,626 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of La-Z-Boy in the 1st quarter worth approximately $4,884,000. Finally, Pacer Advisors Inc. raised its stake in shares of La-Z-Boy by 49.5% during the 1st quarter. Pacer Advisors Inc. now owns 182,698 shares of the company’s stock worth $5,872,000 after acquiring an additional 60,518 shares in 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.