La-Z-Boy (NYSE:LZB) CEO Melinda Whittington Sells 26,639 Shares

La-Z-Boy Incorporated (NYSE:LZB) CEO Melinda Whittington sold 26,639 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $40.24, for a total value of $1,071,953.36. Following the completion of the sale, the chief executive officer owned 316,038 shares in the company, valued at $12,717,369.12. This represents a 7.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

La-Z-Boy Trading Up 3.9%

La-Z-Boy stock traded up $1.58 during midday trading on Wednesday, reaching $41.88. 790,207 shares of the stock traded hands, compared to its average volume of 651,032. The firm has a market cap of $1.67 billion, a PE ratio of 16.95, a price-to-earnings-growth ratio of 1.23 and a beta of 1.26. The company has a 50-day simple moving average of $36.55 and a two-hundred day simple moving average of $36.42. La-Z-Boy Incorporated has a 12-month low of $29.03 and a 12-month high of $44.90.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.44. The company had revenue of $570.34 million for the quarter, compared to analyst estimates of $569.23 million. La-Z-Boy had a net margin of 4.80% and a return on equity of 11.97%. The business’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 earnings per share. Equities research analysts anticipate that La-Z-Boy Incorporated will post 2.98 earnings per share for the current year.

La-Z-Boy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were paid a dividend of $0.242 per share. This represents a $0.97 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Tuesday, June 2nd. La-Z-Boy’s dividend payout ratio is presently 39.27%.

Analyst Ratings Changes

Several equities analysts have commented on LZB shares. Wall Street Zen raised shares of La-Z-Boy from a “hold” rating to a “buy” rating in a research report on Sunday, June 14th. Weiss Ratings raised La-Z-Boy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, La-Z-Boy presently has a consensus rating of “Moderate Buy” and an average target price of $39.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in LZB. Quarry LP increased its position in shares of La-Z-Boy by 4,785.7% in the 4th quarter. Quarry LP now owns 684 shares of the company’s stock valued at $25,000 after purchasing an additional 670 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of La-Z-Boy by 290.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after purchasing an additional 670 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in shares of La-Z-Boy by 99.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock worth $42,000 after purchasing an additional 567 shares in the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of La-Z-Boy by 159.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock worth $43,000 after purchasing an additional 713 shares in the last quarter. Finally, TD Private Client Wealth LLC purchased a new position in La-Z-Boy in the fourth quarter valued at $45,000. 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.