La-Z-Boy (NYSE:LZB) Posts Quarterly Earnings Results, Misses Estimates By $0.06 EPS

La-Z-Boy (NYSE:LZB) announced its quarterly earnings data on Tuesday. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.06), FiscalAI reports. La-Z-Boy had a net margin of 4.80% and a return on equity of 11.97%. The company had revenue of $475.69 million during the quarter, compared to analysts’ expectations of $501.44 million.

La-Z-Boy Stock Down 1.3%

La-Z-Boy stock traded down $0.54 during midday trading on Tuesday, reaching $40.98. The company’s stock had a trading volume of 677,937 shares, compared to its average volume of 458,525. The company has a market cap of $1.64 billion, a P/E ratio of 16.59, a P/E/G ratio of 1.28 and a beta of 1.27. The business has a 50-day simple moving average of $39.93 and a 200-day simple moving average of $36.88. La-Z-Boy has a fifty-two week low of $29.03 and a fifty-two week high of $44.90.

Analyst Ratings Changes

LZB has been the topic of several analyst reports. Wall Street Zen cut shares of La-Z-Boy from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings upgraded shares of 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 assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $39.00.

Insider Buying and Selling at La-Z-Boy

In other news, SVP Michael Adam Leggett sold 9,000 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $41.66, for a total transaction of $374,940.00. Following the sale, the senior vice president owned 47,551 shares of the company’s stock, valued at approximately $1,980,974.66. This trade represents a 15.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jennifer Lynn Mccurry sold 3,715 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $41.05, for a total value of $152,500.75. Following the sale, the chief accounting officer owned 16,763 shares of the company’s stock, valued at approximately $688,121.15. The trade was a 18.14% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 66,299 shares of company stock worth $2,677,491. Corporate insiders own 3.12% of the company’s stock.

Hedge Funds Weigh In On La-Z-Boy

Hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. raised its holdings in La-Z-Boy by 208.8% during the third quarter. Franklin Resources Inc. now owns 1,492,928 shares of the company’s stock worth $51,237,000 after purchasing an additional 1,009,428 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of La-Z-Boy by 100.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 627,638 shares of the company’s stock valued at $23,392,000 after buying an additional 313,932 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its holdings in shares of La-Z-Boy by 46.3% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 895,003 shares of the company’s stock valued at $33,357,000 after buying an additional 283,364 shares in the last quarter. Qube Research & Technologies Ltd grew its position in shares of La-Z-Boy by 64.5% in the 2nd quarter. Qube Research & Technologies Ltd now owns 391,470 shares of the company’s stock valued at $14,551,000 after buying an additional 153,498 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of La-Z-Boy by 560.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 130,617 shares of the company’s stock valued at $4,483,000 after buying an additional 110,828 shares during the last quarter. 99.62% of the stock is currently 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.