La-Z-Boy (NYSE:LZB) Raised to “Hold” at Zacks Research

La-Z-Boy (NYSE:LZB) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday, Zacks reports.

Other analysts also recently issued research reports about the company. Weiss Ratings downgraded La-Z-Boy from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. KeyCorp cut their price objective on La-Z-Boy from $46.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, August 20th. Finally, Wall Street Zen cut La-Z-Boy from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.50.

La-Z-Boy Trading Down 0.1%

NYSE:LZB opened at $29.21 on Monday. La-Z-Boy has a 12 month low of $28.79 and a 12 month high of $44.90. The firm has a fifty day simple moving average of $31.84 and a 200-day simple moving average of $35.51. The company has a market capitalization of $1.17 billion, a P/E ratio of 14.83, a PEG ratio of 1.05 and a beta of 1.24.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings data on Tuesday, August 18th. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.06). La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. The company had revenue of $475.69 million for the quarter, compared to analysts’ expectations of $501.44 million. During the same period last year, the firm earned $0.47 earnings per share. La-Z-Boy’s quarterly revenue was down 3.4% compared to the same quarter last year. Equities analysts forecast that La-Z-Boy will post 2.53 EPS for the current year.

Insiders Place Their Bets

In other La-Z-Boy news, insider Robert Sundy, II sold 5,000 shares of the company’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $30.85, for a total value of $154,250.00. Following the sale, the insider directly owned 59,297 shares of the company’s stock, valued at approximately $1,829,312.45. This represents a 7.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Janet Kerr sold 3,653 shares of the company’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $31.75, for a total transaction of $115,982.75. Following the completion of the sale, the director directly owned 4,125 shares in the company, valued at approximately $130,968.75. The trade was a 46.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.12% of the company’s stock.

Hedge Funds Weigh In On La-Z-Boy

Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of La-Z-Boy during the 2nd quarter worth approximately $265,535,000. Dimensional Fund Advisors LP increased its holdings in shares of La-Z-Boy by 1.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,694,255 shares of the company’s stock valued at $86,594,000 after purchasing an additional 38,870 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of La-Z-Boy by 2.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 755,267 shares of the company’s stock valued at $24,085,000 after purchasing an additional 18,997 shares in the last quarter. Systematic Financial Management LP increased its holdings in shares of La-Z-Boy by 4.6% during the 1st quarter. Systematic Financial Management LP now owns 591,840 shares of the company’s stock valued at $19,022,000 after purchasing an additional 26,009 shares in the last quarter. Finally, William Blair Investment Management LLC acquired a new position in shares of La-Z-Boy in the 2nd quarter valued at $19,511,000. 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 furniture manufacturer and retailer best known for its upholstered reclining chairs. The company’s product portfolio also includes sofas, sectionals, stationary chairs, loveseats, ottomans, tables, beds and other home furnishings, offered in a range of styles, fabrics and leather options.

La-Z-Boy operates through a combination of furniture manufacturing, wholesale and retail activities. Its products are sold through company-owned La-Z-Boy Furniture Galleries, independent furniture dealers and other retail channels, including its e-commerce platform.