La-Z-Boy (NYSE:LZB) Releases Earnings Results, Beats Estimates By $0.44 EPS

La-Z-Boy (NYSE:LZB) released its earnings results on Tuesday. The company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.44, FiscalAI reports. The firm had revenue of $570.34 million for the quarter, compared to analysts’ expectations of $569.23 million. La-Z-Boy had a return on equity of 10.79% and a net margin of 3.93%.

La-Z-Boy Trading Down 6.7%

Shares of LZB traded down $2.53 during midday trading on Tuesday, hitting $35.25. 976,879 shares of the company’s stock traded hands, compared to its average volume of 407,891. La-Z-Boy has a 1 year low of $29.03 and a 1 year high of $41.06. The firm’s fifty day moving average is $35.58 and its 200-day moving average is $36.42. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 17.45 and a beta of 1.26.

La-Z-Boy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were issued a dividend of $0.242 per share. This represents a $0.97 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Tuesday, June 2nd. La-Z-Boy’s dividend payout ratio is currently 48.02%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on LZB. Weiss Ratings reaffirmed a “hold (c)” rating on shares of La-Z-Boy in a research note on Monday, May 18th. Wall Street Zen raised La-Z-Boy from a “hold” rating to a “buy” rating in a research note on Sunday. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, La-Z-Boy currently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

Institutional Trading of La-Z-Boy

Several hedge funds and other institutional investors have recently made changes to their positions in LZB. Franklin Resources Inc. lifted its holdings in shares of La-Z-Boy by 208.8% during the 3rd quarter. Franklin Resources Inc. now owns 1,492,928 shares of the company’s stock valued at $51,237,000 after purchasing an additional 1,009,428 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of La-Z-Boy by 100.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 627,638 shares of the company’s stock valued at $23,392,000 after purchasing an additional 313,932 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of La-Z-Boy by 46.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 895,003 shares of the company’s stock valued at $33,357,000 after purchasing an additional 283,364 shares during the last quarter. Qube Research & Technologies Ltd lifted its holdings in shares of La-Z-Boy by 64.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 391,470 shares of the company’s stock valued at $14,551,000 after purchasing an additional 153,498 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of La-Z-Boy by 560.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 130,617 shares of the company’s stock valued at $4,483,000 after purchasing an additional 110,828 shares during the last quarter. Hedge funds and other institutional investors own 99.62% of the company’s stock.

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.