Janet Kerr Sells 3,653 Shares of La-Z-Boy (NYSE:LZB) Stock

La-Z-Boy Incorporated (NYSE:LZB) Director Janet Kerr sold 3,653 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $31.75, for a total transaction of $115,982.75. Following the completion of the sale, the director directly owned 4,125 shares in the company, valued at $130,968.75. This represents a 46.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

La-Z-Boy Price Performance

LZB stock traded down $0.23 during midday trading on Wednesday, reaching $31.44. The company had a trading volume of 637,044 shares, compared to its average volume of 806,534. La-Z-Boy Incorporated has a 1 year low of $29.03 and a 1 year high of $44.90. The company has a market capitalization of $1.26 billion, a P/E ratio of 15.96, a P/E/G ratio of 1.07 and a beta of 1.23. The firm has a 50-day moving average price of $37.74 and a 200-day moving average price of $36.32.

La-Z-Boy (NYSE:LZB) last posted its quarterly earnings data on Tuesday, August 18th. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.06). La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. The company had revenue of $475.69 million for the quarter, compared to analysts’ expectations of $501.44 million. During the same quarter last year, the business posted $0.47 EPS. The business’s quarterly revenue was down 3.4% compared to the same quarter last year. On average, equities analysts predict that La-Z-Boy Incorporated will post 2.7 EPS for the current year.

La-Z-Boy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Thursday, September 3rd will be given a dividend of $0.242 per share. The ex-dividend date is Thursday, September 3rd. This represents a $0.97 dividend on an annualized basis and a yield of 3.1%. La-Z-Boy’s dividend payout ratio (DPR) is presently 49.24%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Zacks Research cut La-Z-Boy from a “hold” rating to a “strong sell” rating in a report on Thursday, August 20th. Wall Street Zen downgraded La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings lowered La-Z-Boy from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday, August 20th. Finally, KeyCorp decreased their price target on shares of La-Z-Boy from $46.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, August 20th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, La-Z-Boy has an average rating of “Hold” and a consensus target price of $39.50.

Institutional Investors Weigh In On La-Z-Boy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of La-Z-Boy in the 2nd quarter worth about $265,535,000. Dimensional Fund Advisors LP raised its position in La-Z-Boy by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,694,255 shares of the company’s stock worth $86,594,000 after buying an additional 38,870 shares during the last quarter. Franklin Resources Inc. lifted its stake in La-Z-Boy by 24.0% during the 4th quarter. Franklin Resources Inc. now owns 1,851,873 shares of the company’s stock valued at $69,019,000 after acquiring an additional 358,945 shares during the period. California State Teachers Retirement System boosted its holdings in La-Z-Boy by 4,483.9% in the second quarter. California State Teachers Retirement System now owns 1,755,210 shares of the company’s stock worth $70,419,000 after purchasing an additional 1,716,919 shares during the last quarter. Finally, LSV Asset Management raised its stake in La-Z-Boy by 0.8% during the 4th quarter. LSV Asset Management now owns 1,476,882 shares of the company’s stock valued at $55,043,000 after buying an additional 11,983 shares during the last quarter. 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.