Insider Selling: La-Z-Boy (NYSE:LZB) CEO Sells $294,560.00 in Stock

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 stock was sold at an average price of $40.00, for a total transaction of $294,560.00. Following the sale, the chief executive officer owned 415,061 shares of the company’s stock, valued at $16,602,440. This trade represents a 1.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

La-Z-Boy Stock Up 0.8%

Shares of NYSE:LZB opened at $41.14 on Friday. La-Z-Boy Incorporated has a 12-month low of $29.03 and a 12-month high of $44.90. The business has a 50 day moving average of $36.82 and a 200-day moving average of $36.47. The stock has a market cap of $1.64 billion, a PE ratio of 16.66, a P/E/G ratio of 1.25 and a beta of 1.26.

La-Z-Boy (NYSE:LZB) last announced its earnings results on Tuesday, June 16th. The company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.44. The company had revenue of $570.34 million for the quarter, compared to analyst estimates of $569.23 million. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.The firm’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 earnings per share. Equities research analysts expect that La-Z-Boy Incorporated will post 2.98 earnings per share for the current year.

La-Z-Boy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were given a dividend of $0.242 per share. The ex-dividend date was Tuesday, June 2nd. This represents a $0.97 annualized dividend and a yield of 2.4%. La-Z-Boy’s dividend payout ratio (DPR) is presently 39.27%.

Institutional Investors Weigh In On La-Z-Boy

A number of large investors have recently added to or reduced their stakes in LZB. Quarry LP increased its stake in La-Z-Boy by 4,785.7% during the 4th quarter. Quarry LP now owns 684 shares of the company’s stock worth $25,000 after acquiring an additional 670 shares during the period. EverSource Wealth Advisors LLC raised its holdings in La-Z-Boy by 290.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock valued at $33,000 after acquiring an additional 670 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of 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 acquiring an additional 567 shares during the period. Rockefeller Capital Management L.P. lifted its position 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 acquiring an additional 713 shares during the period. Finally, CIBC Private Wealth Group LLC grew its holdings in shares of La-Z-Boy by 3,130.8% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,260 shares of the company’s stock worth $43,000 after purchasing an additional 1,221 shares in the last quarter. Institutional investors and hedge funds own 99.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LZB. Wall Street Zen cut shares of La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings raised shares of La-Z-Boy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, La-Z-Boy currently has a consensus rating of “Moderate Buy” and an average price target of $39.00.

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.