Melinda Whittington Sells 7,364 Shares of La-Z-Boy (NYSE:LZB) Stock

La-Z-Boy Incorporated (NYSE:LZB) CEO Melinda Whittington sold 7,364 shares of La-Z-Boy stock in a transaction 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 transaction, the chief executive officer owned 415,061 shares in the company, valued at $16,602,440. This represents a 1.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

La-Z-Boy Price Performance

NYSE:LZB opened at $40.74 on Friday. La-Z-Boy Incorporated has a one year low of $29.03 and a one year high of $44.90. The business has a fifty day moving average price of $36.68 and a 200-day moving average price of $36.43. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of 16.50, a price-to-earnings-growth ratio of 1.28 and a beta of 1.26.

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

La-Z-Boy Announces Dividend

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

Analyst Ratings Changes

A number of research analysts recently issued reports on LZB shares. Weiss Ratings upgraded La-Z-Boy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Wall Street Zen raised shares of La-Z-Boy from a “hold” rating to a “buy” rating in a report on Sunday, June 14th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.00.

Institutional Investors Weigh In On La-Z-Boy

A number of institutional investors have recently added to or reduced their stakes in LZB. Quarry LP lifted its holdings in shares of La-Z-Boy by 4,785.7% in 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. EverSource Wealth Advisors LLC grew its stake in La-Z-Boy by 290.0% during the second 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. grew its stake in La-Z-Boy by 99.0% during the second 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 in the last quarter. 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 acquiring an additional 713 shares during the last quarter. Finally, TD Private Client Wealth LLC bought a new stake in La-Z-Boy in the 4th quarter valued at $45,000. 99.62% of the stock is owned by hedge funds and other institutional investors.

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.