Zacks Investment Research upgraded shares of La-Z-Boy Incorporated (NYSE:LZB) from a sell rating to a hold rating in a research report sent to investors on Wednesday.
According to Zacks, “La-Z-Boy is the third largest furniture maker in the U.S., the largest reclining-chair manufacturer in the world and America’s largest manufacturer of upholstered furniture. “
LZB has been the subject of a number of other research reports. Raymond James Financial, Inc. reaffirmed a market perform rating on shares of La-Z-Boy in a research report on Thursday, January 5th. They noted that the move was a valuation call. Stifel Nicolaus lowered La-Z-Boy from a buy rating to a hold rating and lowered their price target for the company from $33.00 to $30.00 in a research report on Wednesday, February 22nd. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $29.67.
La-Z-Boy (NYSE:LZB) opened at 27.75 on Wednesday. The stock has a market cap of $1.35 billion, a PE ratio of 17.33 and a beta of 0.89. The company’s 50 day moving average price is $28.01 and its 200 day moving average price is $27.44. La-Z-Boy has a 12 month low of $22.09 and a 12 month high of $32.90.
La-Z-Boy (NYSE:LZB) last released its earnings results on Tuesday, February 21st. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.02. La-Z-Boy had a return on equity of 14.79% and a net margin of 5.22%. The company earned $390 million during the quarter, compared to analyst estimates of $392.84 million. During the same quarter in the previous year, the company posted $0.43 EPS. La-Z-Boy’s revenue for the quarter was up 1.6% on a year-over-year basis. Equities analysts forecast that La-Z-Boy will post $1.65 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Monday, March 6th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Thursday, March 2nd. La-Z-Boy’s payout ratio is 27.85%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Analytic Investors LLC acquired a new position in La-Z-Boy during the third quarter worth approximately $213,000. BlackRock Fund Advisors raised its position in La-Z-Boy by 7.3% in the third quarter. BlackRock Fund Advisors now owns 3,420,418 shares of the company’s stock worth $84,005,000 after buying an additional 233,511 shares during the last quarter. Zebra Capital Management LLC acquired a new position in La-Z-Boy during the fourth quarter worth approximately $777,000. Bank of New York Mellon Corp raised its position in La-Z-Boy by 1.5% in the third quarter. Bank of New York Mellon Corp now owns 742,381 shares of the company’s stock worth $18,232,000 after buying an additional 11,293 shares during the last quarter. Finally, Teachers Advisors LLC raised its position in La-Z-Boy by 8.3% in the third quarter. Teachers Advisors LLC now owns 459,333 shares of the company’s stock worth $11,281,000 after buying an additional 35,105 shares during the last quarter. 87.94% of the stock is owned by institutional investors and hedge funds.
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.
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