La-Z-Boy (NYSE:LZB) Announces Earnings Results

La-Z-Boy (NYSE:LZB) issued its earnings results on Tuesday. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.06), FiscalAI reports. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.The firm had revenue of $475.69 million during the quarter, compared to analysts’ expectations of $501.44 million.

La-Z-Boy Trading Down 1.3%

Shares of NYSE:LZB traded down $0.54 on Tuesday, reaching $40.98. The company had a trading volume of 643,758 shares, compared to its average volume of 457,515. The firm has a market capitalization of $1.64 billion, a PE ratio of 16.59, a PEG ratio of 1.28 and a beta of 1.27. La-Z-Boy has a 52-week low of $29.03 and a 52-week high of $44.90. The firm’s 50 day simple moving average is $39.93 and its 200-day simple moving average is $36.88.

Analysts Set New Price Targets

Several research firms recently weighed in on LZB. Weiss Ratings upgraded La-Z-Boy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, July 1st. Wall Street Zen lowered shares of La-Z-Boy from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

Insider Activity

In other La-Z-Boy news, VP Raphaell Z. Richmond sold 13,671 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $39.83, for a total value of $544,515.93. Following the completion of the transaction, the vice president directly owned 51,695 shares in the company, valued at approximately $2,059,011.85. The trade was a 20.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Michael Adam Leggett sold 9,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $41.66, for a total transaction of $374,940.00. Following the sale, the senior vice president directly owned 47,551 shares of the company’s stock, valued at approximately $1,980,974.66. The trade was a 15.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 66,299 shares of company stock worth $2,677,491 over the last ninety days. 3.12% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vident Advisory LLC bought a new position in shares of La-Z-Boy during the 4th quarter worth approximately $565,000. State of Tennessee Department of Treasury grew its stake in shares of La-Z-Boy by 11.2% during the fourth quarter. State of Tennessee Department of Treasury now owns 26,240 shares of the company’s stock worth $955,000 after acquiring an additional 2,653 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its position in La-Z-Boy by 46.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 895,003 shares of the company’s stock worth $33,357,000 after purchasing an additional 283,364 shares during the last quarter. XTX Topco Ltd purchased a new stake in La-Z-Boy during the 4th quarter worth approximately $2,321,000. Finally, VARCOV Co. acquired a new position in La-Z-Boy during the 4th quarter valued at approximately $474,000. Hedge funds and other institutional investors own 99.62% of the company’s stock.

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.