La-Z-Boy Incorporated (NYSE:LZB – Get Free Report) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $36.50 and traded as high as $40.23. La-Z-Boy shares last traded at $39.9590, with a volume of 401,237 shares changing hands.
Wall Street Analyst Weigh In
LZB has been the topic of a number of recent analyst reports. Wall Street Zen upgraded La-Z-Boy from a “hold” rating to a “buy” rating in a research report on Sunday, July 5th. Weiss Ratings upgraded La-Z-Boy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, July 1st. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.
View Our Latest Analysis on LZB
La-Z-Boy Trading Down 1.6%
La-Z-Boy (NYSE:LZB – Get Free Report) last announced its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $569.23 million. During the same quarter in the previous year, the company earned $0.36 earnings per share. La-Z-Boy’s quarterly revenue was down .1% on a year-over-year basis. As a group, analysts expect 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 announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were given a $0.242 dividend. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.97 annualized dividend and a dividend yield of 2.4%. La-Z-Boy’s dividend payout ratio is currently 39.27%.
Insider Buying and Selling
In other news, VP Raphaell Z. Richmond sold 13,671 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $39.83, for a total value of $544,515.93. Following the completion of the transaction, the vice president owned 51,695 shares in the company, valued at $2,059,011.85. This trade represents a 20.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Terrence James Linz sold 2,500 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $40.23, for a total value of $100,575.00. Following the completion of the sale, the insider directly owned 64,383 shares in the company, valued at approximately $2,590,128.09. The trade was a 3.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 66,299 shares of company stock worth $2,677,491 over the last quarter. Company insiders own 2.66% of the company’s stock.
Institutional Trading of La-Z-Boy
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in La-Z-Boy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 4,814,114 shares of the company’s stock valued at $179,422,000 after acquiring an additional 38,513 shares during the period. M&T Bank Corp bought a new position in shares of La-Z-Boy during the fourth quarter valued at approximately $18,433,000. SG Americas Securities LLC increased its stake in shares of La-Z-Boy by 595.1% during the fourth quarter. SG Americas Securities LLC now owns 148,226 shares of the company’s stock valued at $5,524,000 after purchasing an additional 126,903 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in shares of La-Z-Boy by 13.1% during the fourth quarter. William Blair Investment Management LLC now owns 719,246 shares of the company’s stock valued at $26,806,000 after purchasing an additional 83,149 shares during the last quarter. Finally, Louisiana State Employees Retirement System bought a new stake in shares of La-Z-Boy in the 1st quarter worth approximately $588,000. 99.62% of the stock is owned by hedge funds and other 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.
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