La-Z-Boy Incorporated (NYSE:LZB) Receives Average Rating of “Buy” from Analysts

La-Z-Boy Incorporated (NYSE:LZB) has received an average recommendation of “Buy” from the five research firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $42.50.

A number of brokerages have recently weighed in on LZB. Zacks Research upgraded La-Z-Boy from a “hold” rating to a “strong-buy” rating in a report on Friday, November 21st. Sidoti upgraded shares of La-Z-Boy from a “neutral” rating to a “buy” rating and upped their price objective for the company from $36.00 to $39.00 in a research note on Wednesday, November 19th. Needham & Company LLC reiterated a “buy” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Weiss Ratings restated a “hold (c)” rating on shares of La-Z-Boy in a report on Monday, December 22nd. Finally, KeyCorp reiterated an “overweight” rating on shares of La-Z-Boy in a report on Wednesday, December 17th.

La-Z-Boy Stock Down 0.3%

Shares of La-Z-Boy stock opened at $39.17 on Friday. La-Z-Boy has a 12 month low of $29.03 and a 12 month high of $48.31. The stock has a market cap of $1.62 billion, a PE ratio of 17.97 and a beta of 1.27. The business has a fifty day simple moving average of $37.39 and a 200-day simple moving average of $36.11.

La-Z-Boy (NYSE:LZB) last posted 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 analyst estimates of $517.63 million. During the same period in the previous year, the firm earned $0.71 earnings per share. La-Z-Boy’s quarterly revenue was up .3% on a year-over-year basis. Analysts expect that La-Z-Boy will post 2.99 EPS for the current fiscal year.

La-Z-Boy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Thursday, December 4th were issued a dividend of $0.242 per share. The ex-dividend date was Thursday, December 4th. This represents a $0.97 annualized dividend and a dividend yield of 2.5%. This is a positive change from La-Z-Boy’s previous quarterly dividend of $0.22. La-Z-Boy’s dividend payout ratio is presently 44.50%.

Institutional Trading of La-Z-Boy

Several large investors have recently added to or reduced their stakes in LZB. Smartleaf Asset Management LLC raised its holdings in shares of La-Z-Boy by 75.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 755 shares of the company’s stock valued at $26,000 after purchasing an additional 324 shares in the last quarter. GAMMA Investing LLC increased its position in La-Z-Boy by 116.9% during the second quarter. GAMMA Investing LLC now owns 746 shares of the company’s stock worth $28,000 after buying an additional 402 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in La-Z-Boy by 290.0% during the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock valued at $33,000 after buying an additional 670 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in La-Z-Boy by 99.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock valued at $42,000 after buying an additional 567 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in shares of La-Z-Boy by 3,130.8% in the third quarter. CIBC Private Wealth Group LLC now owns 1,260 shares of the company’s stock worth $43,000 after buying an additional 1,221 shares during the last quarter. 99.62% of the stock is owned by institutional investors.

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.