La-Z-Boy Incorporated (NYSE:LZB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

La-Z-Boy Incorporated (NYSE:LZB) has received an average recommendation of “Moderate Buy” from the five ratings firms that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $42.50.

Several brokerages have issued reports on LZB. Needham & Company LLC restated a “buy” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Zacks Research downgraded La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 19th. Weiss Ratings reissued a “hold (c)” rating on shares of La-Z-Boy in a report on Monday, December 22nd. Finally, KeyCorp restated an “overweight” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th.

Insider Buying and Selling

In related news, SVP Michael Adam Leggett sold 2,200 shares of the firm’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $37.00, for a total transaction of $81,400.00. Following the transaction, the senior vice president directly owned 42,473 shares of the company’s stock, valued at approximately $1,571,501. This trade represents a 4.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.66% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Quarry LP grew its position in La-Z-Boy by 4,785.7% during the fourth quarter. Quarry LP now owns 684 shares of the company’s stock worth $25,000 after buying an additional 670 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of La-Z-Boy by 75.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 755 shares of the company’s stock valued at $26,000 after acquiring an additional 324 shares during the period. EverSource Wealth Advisors LLC grew its holdings 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 in the last quarter. Geneos Wealth Management Inc. increased its holdings in La-Z-Boy by 99.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock valued at $42,000 after buying an additional 567 shares during the period. Finally, Rockefeller Capital Management L.P. increased its holdings in La-Z-Boy by 159.5% in 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 period. 99.62% of the stock is owned by institutional investors.

La-Z-Boy Price Performance

La-Z-Boy stock traded down $0.34 during mid-day trading on Friday, hitting $32.28. 74,360 shares of the company’s stock traded hands, compared to its average volume of 425,626. The firm has a 50 day simple moving average of $36.03 and a two-hundred day simple moving average of $35.60. La-Z-Boy has a fifty-two week low of $29.03 and a fifty-two week high of $44.49. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 15.99 and a beta of 1.26.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings data on Tuesday, February 17th. The company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.02. The company had revenue of $541.59 million for the quarter, compared to analyst estimates of $535.47 million. La-Z-Boy had a net margin of 3.93% and a return on equity of 10.79%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.68 earnings per share. On average, research analysts anticipate that La-Z-Boy will post 2.99 earnings per share for the current fiscal year.

La-Z-Boy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd were given a $0.242 dividend. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, March 3rd. La-Z-Boy’s payout ratio is presently 48.02%.

About La-Z-Boy

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.