La-Z-Boy (NYSE:LZB) CAO Jennifer Lynn Mccurry Sells 3,410 Shares of Stock

La-Z-Boy Incorporated (NYSE:LZB) CAO Jennifer Lynn Mccurry sold 3,410 shares of La-Z-Boy stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $40.60, for a total transaction of $138,446.00. Following the completion of the transaction, the chief accounting officer directly owned 15,453 shares of the company’s stock, valued at $627,391.80. This trade represents a 18.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

La-Z-Boy Stock Performance

Shares of NYSE LZB opened at $40.12 on Wednesday. The firm’s 50 day moving average price is $36.38 and its 200-day moving average price is $36.40. La-Z-Boy Incorporated has a 52-week low of $29.03 and a 52-week high of $44.90. The company has a market cap of $1.60 billion, a PE ratio of 16.24, a P/E/G ratio of 1.22 and a beta of 1.26.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.44. La-Z-Boy had a net margin of 4.80% and a return on equity of 11.97%. The company had revenue of $570.34 million during the quarter, compared to the consensus estimate of $569.23 million. During the same quarter last year, the firm earned $0.36 earnings per share. The firm’s quarterly revenue was down .1% compared to the same quarter last year. On average, analysts forecast that La-Z-Boy Incorporated will post 2.98 earnings per share for the current fiscal year.

La-Z-Boy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were issued a $0.242 dividend. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.4%. La-Z-Boy’s dividend payout ratio (DPR) is presently 39.27%.

Institutional Investors Weigh In On La-Z-Boy

A number of hedge funds have recently added to or reduced their stakes in LZB. Pacer Advisors Inc. lifted its holdings in shares of La-Z-Boy by 49.5% during the 1st quarter. Pacer Advisors Inc. now owns 182,698 shares of the company’s stock valued at $5,872,000 after buying an additional 60,518 shares during the period. Access Investment Management LLC grew its holdings in shares of La-Z-Boy by 103.2% in the first quarter. Access Investment Management LLC now owns 184,375 shares of the company’s stock worth $5,926,000 after acquiring an additional 93,630 shares during the period. Bank of America Corp DE grew its holdings in shares of La-Z-Boy by 2.7% in the first quarter. Bank of America Corp DE now owns 430,129 shares of the company’s stock worth $13,824,000 after acquiring an additional 11,422 shares during the period. Amundi purchased a new stake in La-Z-Boy during the first quarter valued at $350,000. Finally, Empowered Funds LLC purchased a new stake in La-Z-Boy during the first quarter valued at $4,884,000. 99.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Weiss Ratings raised La-Z-Boy from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Wall Street Zen upgraded La-Z-Boy from a “hold” rating to a “buy” rating in a report on Sunday, June 14th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $39.00.

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.