La-Z-Boy (NYSE:LZB) Downgraded by ValuEngine to “Hold”

La-Z-Boy (NYSE:LZB) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, January 9th.

A number of other equities analysts also recently weighed in on LZB. Zacks Investment Research upgraded shares of La-Z-Boy from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 25th. Stifel Nicolaus reiterated a “hold” rating on shares of La-Z-Boy in a report on Friday, December 1st. Finally, KeyCorp reiterated a “buy” rating and issued a $36.00 price objective on shares of La-Z-Boy in a report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $33.50.

Shares of La-Z-Boy (NYSE LZB) traded down $0.70 during mid-day trading on Tuesday, hitting $29.55. 272,661 shares of the stock were exchanged, compared to its average volume of 260,268. The company has a market capitalization of $1,420.00, a price-to-earnings ratio of 16.98 and a beta of 0.89. La-Z-Boy has a twelve month low of $23.15 and a twelve month high of $34.25.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings data on Wednesday, November 29th. The company reported $0.47 EPS for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.02. The business had revenue of $393.20 million for the quarter, compared to analyst estimates of $390.03 million. La-Z-Boy had a net margin of 5.53% and a return on equity of 14.33%. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 earnings per share. analysts forecast that La-Z-Boy will post 1.78 EPS for the current fiscal year.

In related news, SVP Otis S. Sawyer sold 12,000 shares of the company’s stock in a transaction dated Saturday, December 29th. The shares were sold at an average price of $31.51, for a total value of $378,120.00. Following the transaction, the senior vice president now directly owns 60,238 shares in the company, valued at $1,898,099.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Douglas Collier sold 4,000 shares of the company’s stock in a transaction dated Friday, December 29th. The stock was sold at an average price of $31.71, for a total transaction of $126,840.00. The disclosure for this sale can be found here. Corporate insiders own 3.17% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pinebridge Investments L.P. lifted its position in La-Z-Boy by 12.7% during the third quarter. Pinebridge Investments L.P. now owns 56,485 shares of the company’s stock worth $1,519,000 after purchasing an additional 6,387 shares during the period. Menta Capital LLC lifted its holdings in shares of La-Z-Boy by 96.6% in the second quarter. Menta Capital LLC now owns 32,249 shares of the company’s stock worth $1,048,000 after acquiring an additional 15,849 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of La-Z-Boy by 44.4% in the second quarter. Goldman Sachs Group Inc. now owns 185,512 shares of the company’s stock worth $6,029,000 after acquiring an additional 57,043 shares during the last quarter. Smith Graham & Co. Investment Advisors LP lifted its holdings in shares of La-Z-Boy by 46.0% in the third quarter. Smith Graham & Co. Investment Advisors LP now owns 352,702 shares of the company’s stock worth $9,488,000 after acquiring an additional 111,183 shares during the last quarter. Finally, Magnetar Financial LLC bought a new position in shares of La-Z-Boy in the third quarter worth about $382,000. 86.24% of the stock is owned by institutional investors and hedge funds.

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About La-Z-Boy

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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