La-Z-Boy Incorporated (NYSE:LZB) Stock Has Average Target Price of $39.50

Shares of La-Z-Boy Incorporated (NYSE:LZB) have been given an average recommendation of “Moderate Buy” by the five brokerages that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $39.50.

Several research analysts recently commented on LZB shares. Zacks Research raised shares of La-Z-Boy from a “strong sell” rating to a “hold” rating in a report on Monday, October 19th. Weiss Ratings cut shares of La-Z-Boy from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Wall Street Zen downgraded La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, KeyCorp cut their price target on La-Z-Boy from $46.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, August 20th.

La-Z-Boy Price Performance

NYSE:LZB traded down $0.87 on Friday, reaching $31.75. 653,072 shares of the company’s stock were exchanged, compared to its average volume of 542,484. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 16.12, a P/E/G ratio of 1.14 and a beta of 1.25. The stock has a fifty day simple moving average of $30.41 and a 200-day simple moving average of $35.18. La-Z-Boy has a 52 week low of $28.39 and a 52 week high of $44.90.

La-Z-Boy (NYSE:LZB) last posted its quarterly earnings results on Tuesday, August 18th. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.06). The business had revenue of $475.69 million during the quarter, compared to the consensus estimate of $501.44 million. La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. The business’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period last year, the firm earned $0.47 EPS. As a group, sell-side analysts predict that La-Z-Boy will post 2.53 EPS for the current year.

La-Z-Boy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Thursday, September 3rd were paid a dividend of $0.2420 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Thursday, September 3rd. La-Z-Boy’s payout ratio is presently 49.24%.

Insider Transactions at La-Z-Boy

In other La-Z-Boy news, Director Janet Kerr sold 3,653 shares of the firm’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $31.75, for a total value of $115,982.75. Following the completion of the transaction, the director owned 4,125 shares in the company, valued at $130,968.75. This trade represents a 46.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Sundy, II sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $30.85, for a total value of $154,250.00. Following the completion of the transaction, the insider owned 59,297 shares of the company’s stock, valued at approximately $1,829,312.45. This represents a 7.78% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 3.12% of the company’s stock.

Hedge Funds Weigh In On La-Z-Boy

Large investors have recently modified their holdings of the company. PNC Financial Services Group Inc. grew its stake in La-Z-Boy by 5.1% during the first quarter. PNC Financial Services Group Inc. now owns 7,827 shares of the company’s stock valued at $252,000 after acquiring an additional 379 shares in the last quarter. Versant Capital Management Inc lifted its stake in La-Z-Boy by 172.8% in the 2nd quarter. Versant Capital Management Inc now owns 652 shares of the company’s stock worth $26,000 after purchasing an additional 413 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in La-Z-Boy by 34.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,927 shares of the company’s stock valued at $57,000 after purchasing an additional 489 shares during the period. Choreo LLC boosted its holdings in La-Z-Boy by 4.2% in the 3rd quarter. Choreo LLC now owns 13,156 shares of the company’s stock valued at $390,000 after purchasing an additional 531 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of La-Z-Boy during the 2nd quarter valued at $28,000. 99.62% of the stock is currently owned by institutional investors.

About La-Z-Boy

La-Z-Boy Incorporated (NYSE:LZB) is an American furniture manufacturer and retailer best known for its upholstered reclining chairs and sofas. The company offers a broad range of residential furniture, including stationary and motion upholstery, sectionals, sofas, chairs, recliners, bedroom furniture, dining furniture, occasional tables and home accessories.

Founded in 1927, La-Z-Boy traces its origins to the development of an upholstered reclining chair by cousins Edward M. Knabusch and Edwin J.