La-Z-Boy (NYSE:LZB) SVP Michael Adam Leggett Sells 9,000 Shares

La-Z-Boy Incorporated (NYSE:LZB) SVP Michael Adam Leggett sold 9,000 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $41.66, for a total value of $374,940.00. Following the completion of the transaction, the senior vice president owned 47,551 shares of the company’s stock, valued at approximately $1,980,974.66. This trade represents a 15.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

La-Z-Boy Trading Down 2.6%

Shares of LZB stock opened at $40.74 on Friday. The company’s fifty day moving average price is $36.68 and its 200-day moving average price is $36.43. The stock has a market cap of $1.63 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 1.28 and a beta of 1.26. La-Z-Boy Incorporated has a 12 month low of $29.03 and a 12 month high of $44.90.

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

La-Z-Boy Dividend Announcement

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP boosted its position in shares of La-Z-Boy by 4,785.7% during the fourth quarter. Quarry LP now owns 684 shares of the company’s stock valued at $25,000 after buying an additional 670 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in La-Z-Boy by 290.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after buying an additional 670 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in 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 stake in 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 boosted 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 valued at $43,000 after acquiring an additional 1,221 shares during the last quarter. 99.62% of the stock is owned by institutional investors.

La-Z-Boy Company Profile

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.