La-Z-Boy Incorporated (NYSE:LZB) Expected to Post Quarterly Sales of $453.94 Million

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Wall Street analysts forecast that La-Z-Boy Incorporated (NYSE:LZB) will announce sales of $453.94 million for the current quarter, Zacks reports. Three analysts have issued estimates for La-Z-Boy’s earnings. The lowest sales estimate is $451.62 million and the highest is $456.60 million. La-Z-Boy reported sales of $439.33 million during the same quarter last year, which indicates a positive year-over-year growth rate of 3.3%. The firm is scheduled to announce its next quarterly earnings report after the market closes on Wednesday, November 20th.

According to Zacks, analysts expect that La-Z-Boy will report full-year sales of $1.83 billion for the current fiscal year, with estimates ranging from $1.81 billion to $1.83 billion. For the next fiscal year, analysts forecast that the firm will post sales of $1.90 billion, with estimates ranging from $1.90 billion to $1.91 billion. Zacks’ sales averages are an average based on a survey of research firms that cover La-Z-Boy.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings results on Tuesday, August 20th. The company reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.09. La-Z-Boy had a return on equity of 15.24% and a net margin of 3.85%. The firm had revenue of $413.60 million during the quarter, compared to the consensus estimate of $415.95 million. During the same period last year, the company earned $0.39 earnings per share. The company’s revenue for the quarter was up 7.5% on a year-over-year basis.

Several brokerages recently weighed in on LZB. Zacks Investment Research raised La-Z-Boy from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Saturday, October 26th. Raymond James upgraded La-Z-Boy from a “market perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a research report on Friday, August 23rd. Finally, ValuEngine upgraded La-Z-Boy from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. La-Z-Boy presently has a consensus rating of “Buy” and a consensus target price of $37.00.

In other La-Z-Boy news, SVP Darrell Dewain Edwards sold 14,820 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $33.43, for a total value of $495,432.60. Following the completion of the transaction, the senior vice president now owns 59,470 shares in the company, valued at $1,988,082.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.02% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE increased its position in shares of La-Z-Boy by 83.8% in the second quarter. Bank of America Corp DE now owns 346,041 shares of the company’s stock valued at $10,610,000 after buying an additional 157,762 shares in the last quarter. NumerixS Investment Technologies Inc increased its position in shares of La-Z-Boy by 46.4% in the second quarter. NumerixS Investment Technologies Inc now owns 4,100 shares of the company’s stock valued at $126,000 after buying an additional 1,300 shares in the last quarter. Panagora Asset Management Inc. increased its position in shares of La-Z-Boy by 1.7% in the second quarter. Panagora Asset Management Inc. now owns 411,805 shares of the company’s stock valued at $12,626,000 after buying an additional 7,030 shares in the last quarter. Coatue Management LLC purchased a new position in shares of La-Z-Boy in the second quarter valued at $1,945,000. Finally, New York State Teachers Retirement System increased its position in shares of La-Z-Boy by 2.0% in the second quarter. New York State Teachers Retirement System now owns 134,968 shares of the company’s stock valued at $4,138,000 after buying an additional 2,600 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Shares of NYSE LZB traded down $0.61 during mid-day trading on Thursday, hitting $36.35. 178,712 shares of the company were exchanged, compared to its average volume of 343,052. The company has a quick ratio of 1.13, a current ratio of 1.80 and a debt-to-equity ratio of 0.38. The stock has a 50 day simple moving average of $34.28 and a 200-day simple moving average of $32.58. La-Z-Boy has a 1-year low of $25.30 and a 1-year high of $37.26. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 16.99 and a beta of 0.75.

About La-Z-Boy

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.

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Earnings History and Estimates for La-Z-Boy (NYSE:LZB)

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