La-Z-Boy (NYSE:LZB) CEO Sells $1,071,953.36 in Stock

La-Z-Boy Incorporated (NYSE:LZB) CEO Melinda Whittington sold 26,639 shares of La-Z-Boy stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $40.24, for a total value of $1,071,953.36. Following the completion of the transaction, the chief executive officer owned 316,038 shares of the company’s stock, valued at approximately $12,717,369.12. This trade represents a 7.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

La-Z-Boy Stock Performance

Shares of NYSE LZB opened at $41.14 on Friday. La-Z-Boy Incorporated has a fifty-two week low of $29.03 and a fifty-two week high of $44.90. The company has a market cap of $1.64 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 1.25 and a beta of 1.26. The business’s 50 day moving average price is $36.82 and its 200-day moving average price is $36.47.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings data on Tuesday, June 16th. The company reported $1.26 earnings per share for the quarter, beating 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 company had revenue of $570.34 million during the quarter, compared to analyst estimates of $569.23 million. During the same quarter last year, the business posted $0.36 EPS. The firm’s revenue for the quarter was down .1% on a year-over-year basis. Sell-side analysts predict that La-Z-Boy Incorporated will post 2.98 earnings per share for the current year.

La-Z-Boy Announces Dividend

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

Wall Street Analyst Weigh In

LZB has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of La-Z-Boy from a “buy” rating to a “hold” rating in a report on Saturday. Weiss Ratings upgraded shares of La-Z-Boy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, La-Z-Boy currently has an average rating of “Moderate Buy” and an average target price of $39.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in LZB. Quarry LP lifted its position in shares of La-Z-Boy by 4,785.7% in the fourth quarter. Quarry LP now owns 684 shares of the company’s stock valued at $25,000 after acquiring an additional 670 shares in the last quarter. EverSource Wealth Advisors LLC increased 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% in 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 last quarter. Rockefeller Capital Management L.P. raised its stake in La-Z-Boy by 159.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock valued at $43,000 after purchasing an additional 713 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its holdings in La-Z-Boy by 3,130.8% in 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 in the last quarter. Hedge funds and other 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.