La-Z-Boy (NYSE:LZB) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

La-Z-Boy (NYSE:LZB) announced its quarterly earnings data on Tuesday. The company reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.02, FiscalAI reports. La-Z-Boy had a return on equity of 11.19% and a net margin of 4.29%.The company had revenue of $541.59 million for the quarter, compared to analysts’ expectations of $535.47 million.

La-Z-Boy Stock Down 1.1%

Shares of NYSE LZB traded down $0.44 during trading on Tuesday, reaching $37.91. 444,095 shares of the company traded hands, compared to its average volume of 385,168. The firm has a 50 day simple moving average of $38.30 and a 200-day simple moving average of $36.04. La-Z-Boy has a 52-week low of $29.03 and a 52-week high of $48.13. The stock has a market capitalization of $1.56 billion, a PE ratio of 17.39 and a beta of 1.27.

Analysts Set New Price Targets

Several research firms recently issued reports on LZB. KeyCorp restated an “overweight” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Zacks Research cut shares of La-Z-Boy from a “strong-buy” rating to a “hold” rating in a report on Monday, January 19th. Needham & Company LLC reaffirmed a “buy” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th. Weiss Ratings reissued a “hold (c)” rating on shares of La-Z-Boy in a research report on Monday, December 22nd. Finally, Sidoti upgraded shares of La-Z-Boy from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $36.00 to $39.00 in a research report on Wednesday, November 19th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, La-Z-Boy presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.50.

Hedge Funds Weigh In On La-Z-Boy

Several hedge funds and other institutional investors have recently modified their holdings of LZB. Price T Rowe Associates Inc. MD boosted its position in La-Z-Boy by 4.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 51,087 shares of the company’s stock worth $1,905,000 after purchasing an additional 2,315 shares during the last quarter. Osaic Holdings Inc. lifted its stake in shares of La-Z-Boy by 24.6% in the 4th quarter. Osaic Holdings Inc. now owns 11,539 shares of the company’s stock worth $430,000 after purchasing an additional 2,280 shares during the period. ExodusPoint Capital Management LP purchased a new position in shares of La-Z-Boy in the fourth quarter worth approximately $3,632,000. Royal Bank of Canada grew its position in La-Z-Boy by 1,118.0% during the fourth quarter. Royal Bank of Canada now owns 23,581 shares of the company’s stock valued at $879,000 after buying an additional 21,645 shares during the period. Finally, Aster Capital Management DIFC Ltd purchased a new stake in La-Z-Boy during the fourth quarter valued at approximately $54,000. 99.62% of the stock is owned by institutional investors.

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.