La-Z-Boy (LZB) Downgraded by Zacks Investment Research to Sell

La-Z-Boy (NYSE:LZB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

According to Zacks, “La-Z-Boy Incorporated is one of the world’s leading residential furniture producers, marketing furniture for every room of the home. The La-Z-Boy Upholstery segment companies are La-Z-Boy and England. The Casegoods segment consists of three brands: American Drew, Hammary and Kincaid. The company-owned Retail segment of the La-Z-Boy Furniture Galleries stores. The corporation’s branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes the stand-alone La-Z-Boy Furniture Galleries stores and the independent Comfort Studio® locations, in addition to in-store gallery programs for Kincaid and England. “

Several other equities analysts have also recently issued reports on the stock. ValuEngine upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating in a research note on Thursday, August 23rd. Stifel Nicolaus upped their target price on shares of La-Z-Boy from $33.00 to $35.00 and gave the company a “hold” rating in a research note on Thursday, August 23rd.

LZB traded up $0.42 during midday trading on Wednesday, hitting $29.16. 896 shares of the company traded hands, compared to its average volume of 370,571. The stock has a market capitalization of $1.34 billion, a P/E ratio of 15.88 and a beta of 1.00. La-Z-Boy has a 52 week low of $25.90 and a 52 week high of $39.15.

La-Z-Boy (NYSE:LZB) last posted its earnings results on Tuesday, August 21st. The company reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.14. The business had revenue of $384.70 million for the quarter, compared to analysts’ expectations of $368.17 million. La-Z-Boy had a net margin of 5.43% and a return on equity of 15.33%. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 EPS. Research analysts forecast that La-Z-Boy will post 1.98 earnings per share for the current fiscal year.

In other La-Z-Boy news, Chairman Kurt L. Darrow sold 45,720 shares of the company’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $34.66, for a total transaction of $1,584,655.20. Following the transaction, the chairman now owns 549,302 shares in the company, valued at approximately $19,038,807.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Otis S. Sawyer sold 88,806 shares of the company’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $34.62, for a total transaction of $3,074,463.72. Following the transaction, the insider now owns 71,324 shares in the company, valued at approximately $2,469,236.88. The disclosure for this sale can be found here. Insiders have sold a total of 217,635 shares of company stock worth $7,417,668 in the last 90 days. Company insiders own 4.55% of the company’s stock.

Several large investors have recently modified their holdings of LZB. BlackRock Inc. lifted its stake in shares of La-Z-Boy by 9.6% in the 2nd quarter. BlackRock Inc. now owns 6,602,851 shares of the company’s stock worth $202,048,000 after purchasing an additional 579,379 shares during the period. LSV Asset Management lifted its stake in shares of La-Z-Boy by 101.4% in the 2nd quarter. LSV Asset Management now owns 638,356 shares of the company’s stock worth $19,533,000 after purchasing an additional 321,456 shares during the period. Millennium Management LLC lifted its stake in shares of La-Z-Boy by 314.6% in the 1st quarter. Millennium Management LLC now owns 318,632 shares of the company’s stock worth $9,543,000 after purchasing an additional 241,781 shares during the period. Vantage Investment Partners LLC bought a new position in shares of La-Z-Boy in the 2nd quarter worth approximately $5,125,000. Finally, Renaissance Technologies LLC lifted its stake in shares of La-Z-Boy by 729.1% in the 2nd quarter. Renaissance Technologies LLC now owns 143,440 shares of the company’s stock worth $4,389,000 after purchasing an additional 126,140 shares during the period. Hedge funds and other institutional investors own 90.87% of the company’s stock.

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.

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