Janet Kerr Sells 3,653 Shares of La-Z-Boy (NYSE:LZB) Stock

La-Z-Boy Incorporated (NYSE:LZB) Director Janet Kerr sold 3,653 shares of La-Z-Boy stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $31.75, for a total value of $115,982.75. Following the sale, the director directly owned 4,125 shares of the company’s stock, valued at approximately $130,968.75. This trade represents a 46.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

La-Z-Boy Price Performance

Shares of La-Z-Boy stock opened at $30.84 on Friday. The firm’s 50-day moving average is $37.57 and its two-hundred day moving average is $36.28. La-Z-Boy Incorporated has a 1 year low of $29.03 and a 1 year high of $44.90. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of 15.65, a PEG ratio of 1.06 and a beta of 1.23.

La-Z-Boy (NYSE:LZB) last released its quarterly earnings data on Tuesday, August 18th. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.06). The business had revenue of $475.69 million for the quarter, compared to the consensus estimate of $501.44 million. La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. La-Z-Boy’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.47 earnings per share. On average, equities analysts expect that La-Z-Boy Incorporated will post 2.7 earnings per share for the current year.

La-Z-Boy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Thursday, September 3rd will be issued a $0.242 dividend. This represents a $0.97 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Thursday, September 3rd. La-Z-Boy’s dividend payout ratio (DPR) is currently 49.24%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on LZB shares. KeyCorp decreased their price objective on shares of La-Z-Boy from $46.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday, August 20th. Wall Street Zen lowered shares of La-Z-Boy from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Zacks Research cut shares of La-Z-Boy from a “hold” rating to a “strong sell” rating in a report on Thursday, August 20th. Finally, Weiss Ratings downgraded shares of La-Z-Boy from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday, August 20th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, La-Z-Boy has an average rating of “Hold” and a consensus price target of $39.50.

Institutional Investors Weigh In On La-Z-Boy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Quarry LP increased its holdings in La-Z-Boy by 4,785.7% in the 4th quarter. Quarry LP now owns 684 shares of the company’s stock worth $25,000 after buying an additional 670 shares during the period. Versant Capital Management Inc lifted its stake in La-Z-Boy by 172.8% during the 2nd quarter. Versant Capital Management Inc now owns 652 shares of the company’s stock valued at $26,000 after acquiring an additional 413 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of La-Z-Boy in the 2nd quarter valued at $28,000. EverSource Wealth Advisors LLC boosted its holdings in shares of La-Z-Boy by 290.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock valued at $33,000 after acquiring an additional 670 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in shares of La-Z-Boy by 99.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock worth $42,000 after acquiring an additional 567 shares during the period. Institutional investors and hedge funds own 99.62% of the company’s stock.

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.