La-Z-Boy (NYSE:LZB) Cut to “Hold” at Zacks Research

La-Z-Boy (NYSE:LZB) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other brokerages also recently issued reports on LZB. Needham & Company LLC reiterated a “buy” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. KeyCorp restated an “overweight” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of La-Z-Boy in a research report on Monday, December 22nd. Finally, Sidoti raised shares of La-Z-Boy from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $36.00 to $39.00 in a report on Wednesday, November 19th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $42.50.

La-Z-Boy Trading Down 2.1%

Shares of La-Z-Boy stock opened at $38.34 on Monday. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 17.58 and a beta of 1.27. La-Z-Boy has a 1-year low of $29.03 and a 1-year high of $48.31. The firm’s 50-day moving average price is $37.70 and its two-hundred day moving average price is $36.08.

La-Z-Boy (NYSE:LZB) last posted its earnings results on Tuesday, November 18th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.17. The company had revenue of $522.48 million during the quarter, compared to analysts’ expectations of $517.63 million. La-Z-Boy had a net margin of 4.29% and a return on equity of 11.19%. La-Z-Boy’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.71 earnings per share. As a group, equities research analysts predict that La-Z-Boy will post 2.99 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its position in shares of La-Z-Boy by 11.1% during the 1st quarter. Royal Bank of Canada now owns 16,056 shares of the company’s stock worth $628,000 after buying an additional 1,598 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in La-Z-Boy by 3.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,836 shares of the company’s stock valued at $971,000 after buying an additional 769 shares during the period. GAMMA Investing LLC boosted its stake in La-Z-Boy by 116.9% in the second quarter. GAMMA Investing LLC now owns 746 shares of the company’s stock valued at $28,000 after acquiring an additional 402 shares during the last quarter. TD Private Client Wealth LLC grew its holdings in La-Z-Boy by 38.3% during the 2nd quarter. TD Private Client Wealth LLC now owns 1,874 shares of the company’s stock worth $70,000 after acquiring an additional 519 shares during the period. Finally, State of Alaska Department of Revenue grew its holdings in La-Z-Boy by 7.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 24,584 shares of the company’s stock worth $913,000 after acquiring an additional 1,599 shares during the period. 99.62% of the stock is currently owned by institutional investors and hedge funds.

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.