La-Z-Boy (NYSE:LZB) Rating Lowered to “Hold” at Zacks Research

La-Z-Boy (NYSE:LZB) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Weiss Ratings restated a “hold (c)” rating on shares of La-Z-Boy in a research note on Monday, December 22nd. Needham & Company LLC restated a “buy” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. KeyCorp reiterated an “overweight” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Finally, Sidoti raised shares of La-Z-Boy from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $36.00 to $39.00 in a research report on Wednesday, November 19th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, La-Z-Boy currently has an average rating of “Moderate Buy” and an average target price of $42.50.

La-Z-Boy Stock Down 2.1%

Shares of La-Z-Boy stock opened at $38.34 on Monday. La-Z-Boy has a twelve month low of $29.03 and a twelve month high of $48.31. The company has a market cap of $1.58 billion, a price-to-earnings ratio of 17.58 and a beta of 1.27. The company’s 50 day moving average is $37.70 and its 200 day moving average is $36.08.

La-Z-Boy (NYSE:LZB) last released its quarterly earnings results on Tuesday, November 18th. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.17. La-Z-Boy had a return on equity of 11.19% and a net margin of 4.29%.The firm had revenue of $522.48 million for the quarter, compared to analysts’ expectations of $517.63 million. During the same period in the prior year, the firm earned $0.71 EPS. The company’s revenue was up .3% compared to the same quarter last year. Sell-side analysts expect that La-Z-Boy will post 2.99 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of LZB. Smartleaf Asset Management LLC increased its stake in La-Z-Boy by 75.2% in 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 in the last quarter. GAMMA Investing LLC boosted its stake in shares of La-Z-Boy by 116.9% in the second quarter. GAMMA Investing LLC now owns 746 shares of the company’s stock worth $28,000 after acquiring an additional 402 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of 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 purchasing an additional 670 shares in the last quarter. Geneos Wealth Management Inc. raised its stake 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 valued at $42,000 after purchasing an additional 567 shares during the period. Finally, CIBC Private Wealth Group LLC raised its stake in La-Z-Boy by 3,130.8% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,260 shares of the company’s stock valued at $43,000 after purchasing an additional 1,221 shares during the period. Institutional investors 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.