La-Z-Boy (NYSE:LZB) Cut to Sell at ValuEngine

La-Z-Boy (NYSE:LZB) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a note issued to investors on Thursday, ValuEngine reports.

Several other research firms have also commented on LZB. Zacks Investment Research raised shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Saturday, August 24th. Raymond James raised shares of La-Z-Boy from a “market perform” rating to an “outperform” rating and set a $36.00 target price for the company in a research note on Friday, August 23rd. Finally, TheStreet lowered shares of La-Z-Boy from a “b+” rating to a “c” rating in a research note on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. La-Z-Boy has an average rating of “Hold” and an average price target of $35.33.

LZB stock opened at $33.32 on Thursday. La-Z-Boy has a 12 month low of $25.30 and a 12 month high of $36.63. The firm has a market cap of $1.55 billion, a PE ratio of 15.57 and a beta of 0.77. The firm has a 50 day simple moving average of $32.35 and a 200 day simple moving average of $32.33. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.80 and a quick ratio of 1.13.

La-Z-Boy (NYSE:LZB) last released its earnings results on Tuesday, August 20th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.33 by $0.09. La-Z-Boy had a net margin of 3.85% and a return on equity of 15.24%. The business had revenue of $413.60 million during the quarter, compared to analyst estimates of $415.95 million. During the same period in the prior year, the business earned $0.39 earnings per share. The business’s quarterly revenue was up 7.5% on a year-over-year basis. As a group, sell-side analysts expect that La-Z-Boy will post 2.34 earnings per share for the current year.

In related news, SVP Darrell Dewain Edwards sold 14,820 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $33.43, for a total value of $495,432.60. Following the completion of the sale, the senior vice president now owns 59,470 shares in the company, valued at approximately $1,988,082.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.02% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Bank of America Corp DE lifted its position in shares of La-Z-Boy by 83.8% in the 2nd quarter. Bank of America Corp DE now owns 346,041 shares of the company’s stock valued at $10,610,000 after acquiring an additional 157,762 shares in the last quarter. NumerixS Investment Technologies Inc lifted its position in shares of La-Z-Boy by 46.4% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 4,100 shares of the company’s stock valued at $126,000 after acquiring an additional 1,300 shares in the last quarter. Panagora Asset Management Inc. lifted its position in shares of La-Z-Boy by 1.7% in the 2nd quarter. Panagora Asset Management Inc. now owns 411,805 shares of the company’s stock valued at $12,626,000 after acquiring an additional 7,030 shares in the last quarter. Coatue Management LLC purchased a new stake in shares of La-Z-Boy in the 2nd quarter valued at approximately $1,945,000. Finally, New York State Teachers Retirement System lifted its position in shares of La-Z-Boy by 2.0% in the 2nd quarter. New York State Teachers Retirement System now owns 134,968 shares of the company’s stock valued at $4,138,000 after acquiring an additional 2,600 shares in the last quarter. Institutional investors and hedge funds own 89.97% 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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