ValuEngine upgraded shares of La-Z-Boy (NYSE:LZB) from a hold rating to a buy rating in a research report released on Friday morning.
LZB has been the topic of a number of other reports. Stifel Nicolaus reissued a hold rating on shares of La-Z-Boy in a research report on Friday, December 1st. Zacks Investment Research raised shares of La-Z-Boy from a hold rating to a buy rating and set a $35.00 price target on the stock in a research report on Wednesday, January 31st. Finally, KeyCorp reissued a buy rating and set a $36.00 price target on shares of La-Z-Boy in a research report on Friday, November 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $33.50.
La-Z-Boy (LZB) opened at $32.20 on Friday. La-Z-Boy has a 12 month low of $23.15 and a 12 month high of $34.25. The firm has a market cap of $1,515.59, a price-to-earnings ratio of 21.05 and a beta of 0.89.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Tuesday, March 6th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.49%. La-Z-Boy’s payout ratio is currently 31.37%.
In related news, SVP Otis S. Sawyer sold 12,000 shares of the firm’s stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $31.51, for a total transaction of $378,120.00. Following the transaction, the senior vice president now directly owns 60,238 shares of the company’s stock, valued at $1,898,099.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Douglas Collier sold 4,000 shares of the firm’s stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $31.71, for a total transaction of $126,840.00. The disclosure for this sale can be found here. 3.17% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the business. MetLife Investment Advisors LLC bought a new stake in La-Z-Boy in the fourth quarter worth about $676,000. Vident Investment Advisory LLC raised its position in La-Z-Boy by 8.8% in the fourth quarter. Vident Investment Advisory LLC now owns 87,725 shares of the company’s stock worth $2,737,000 after acquiring an additional 7,111 shares during the period. Verition Fund Management LLC bought a new stake in La-Z-Boy in the fourth quarter worth about $552,000. Cornerstone Capital Management Holdings LLC. raised its position in La-Z-Boy by 67.7% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 68,358 shares of the company’s stock worth $2,132,000 after acquiring an additional 27,600 shares during the period. Finally, Stone Ridge Asset Management LLC bought a new stake in La-Z-Boy in the fourth quarter worth about $933,000. 88.64% of the stock is currently owned by institutional investors and hedge funds.
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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