La-Z-Boy Incorporated (NYSE:LZB) Chairman Kurt L. Darrow sold 45,720 shares of La-Z-Boy stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $34.66, for a total transaction of $1,584,655.20. Following the completion of the sale, the chairman now directly owns 549,302 shares in the company, valued at approximately $19,038,807.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
Shares of LZB stock opened at $33.15 on Thursday. La-Z-Boy Incorporated has a 1 year low of $23.15 and a 1 year high of $39.15. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 18.31 and a beta of 0.94.
La-Z-Boy (NYSE:LZB) last issued its earnings results on Tuesday, August 21st. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. La-Z-Boy had a net margin of 5.43% and a return on equity of 15.33%. The business had revenue of $384.70 million for the quarter, compared to analysts’ expectations of $368.17 million. During the same quarter in the previous year, the firm posted $0.24 EPS. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. equities research analysts forecast that La-Z-Boy Incorporated will post 2.02 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Friday, September 7th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.48 dividend on an annualized basis and a yield of 1.45%. La-Z-Boy’s payout ratio is 26.52%.
A number of equities research analysts recently commented on the stock. ValuEngine raised shares of La-Z-Boy from a “hold” rating to a “buy” rating in a report on Friday, May 18th. Zacks Investment Research raised shares of La-Z-Boy from a “sell” rating to a “hold” rating in a report on Wednesday, August 22nd. Finally, Stifel Nicolaus boosted their target price on shares of La-Z-Boy from $33.00 to $35.00 and gave the company a “hold” rating in a report on Thursday, August 23rd.
A number of hedge funds have recently modified their holdings of LZB. BlackRock Inc. raised its holdings in La-Z-Boy by 9.6% during the 2nd quarter. BlackRock Inc. now owns 6,602,851 shares of the company’s stock valued at $202,048,000 after acquiring an additional 579,379 shares during the period. LSV Asset Management raised its holdings in La-Z-Boy by 101.4% during the 2nd quarter. LSV Asset Management now owns 638,356 shares of the company’s stock valued at $19,533,000 after acquiring an additional 321,456 shares during the period. Millennium Management LLC raised its holdings in La-Z-Boy by 314.6% during the 1st quarter. Millennium Management LLC now owns 318,632 shares of the company’s stock valued at $9,543,000 after acquiring an additional 241,781 shares during the period. WINTON GROUP Ltd bought a new stake in La-Z-Boy during the 1st quarter valued at $5,948,000. Finally, Dean Investment Associates LLC bought a new stake in La-Z-Boy during the 1st quarter valued at $5,362,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.
La-Z-Boy Company Profile
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas.
Featured Article: Understanding Price to Earnings Ratio (PE)
Receive News & Ratings for La-Z-Boy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for La-Z-Boy and related companies with MarketBeat.com's FREE daily email newsletter.