La-Z-Boy (NYSE:LZB) CEO Melinda Whittington Sells 7,364 Shares

La-Z-Boy Incorporated (NYSE:LZB) CEO Melinda Whittington sold 7,364 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $40.00, for a total transaction of $294,560.00. Following the completion of the transaction, the chief executive officer owned 415,061 shares in the company, valued at $16,602,440. The trade was a 1.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

La-Z-Boy Stock Up 3.9%

Shares of LZB stock opened at $41.88 on Thursday. La-Z-Boy Incorporated has a fifty-two week low of $29.03 and a fifty-two week high of $44.90. The firm’s 50 day moving average price is $36.55 and its two-hundred day moving average price is $36.42. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of 16.95, a price-to-earnings-growth ratio of 1.23 and a beta of 1.26.

La-Z-Boy (NYSE:LZB) last released its quarterly earnings data on Tuesday, June 16th. The company reported $1.26 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $569.23 million. During the same quarter in the prior year, the business earned $0.36 earnings per share. The business’s quarterly revenue was down .1% compared to the same quarter last year. On average, equities analysts forecast that La-Z-Boy Incorporated will post 2.98 EPS for the current fiscal year.

La-Z-Boy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were given a dividend of $0.242 per share. This represents a $0.97 dividend on an annualized basis 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 39.27%.

Institutional Trading of La-Z-Boy

Several large investors have recently modified their holdings of LZB. Quarry LP lifted its stake in shares of La-Z-Boy by 4,785.7% in the fourth quarter. Quarry LP now owns 684 shares of the company’s stock worth $25,000 after acquiring an additional 670 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in La-Z-Boy by 290.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock valued at $33,000 after purchasing an additional 670 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in La-Z-Boy by 99.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock valued at $42,000 after purchasing an additional 567 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in shares of La-Z-Boy by 159.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock valued at $43,000 after buying an additional 713 shares during the last quarter. Finally, TD Private Client Wealth LLC purchased a new position in shares of La-Z-Boy during the 4th quarter valued at approximately $45,000. 99.62% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LZB has been the topic of several research reports. Wall Street Zen raised 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 given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

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.