Analysts Set La-Z-Boy Incorporated (LZB) Target Price at $30.33

Shares of La-Z-Boy Incorporated (NYSE:LZB) have received an average recommendation of “Hold” from the seven research firms that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $30.33.

Several analysts have weighed in on LZB shares. BidaskClub cut La-Z-Boy from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. Stifel Nicolaus lowered their price target on La-Z-Boy from $30.00 to $27.00 and set a “hold” rating on the stock in a report on Thursday, August 24th. Zacks Investment Research cut La-Z-Boy from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Finally, Sidoti cut La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 price target on the stock. in a report on Tuesday, August 1st.

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In related news, VP Louis M. Riccio, Jr. sold 37,504 shares of the firm’s stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $32.35, for a total transaction of $1,213,254.40. Following the transaction, the vice president now directly owns 123,354 shares of the company’s stock, valued at approximately $3,990,501.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Kurt L. Darrow sold 100,000 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $31.52, for a total value of $3,152,000.00. Following the transaction, the chairman now directly owns 531,773 shares in the company, valued at $16,761,484.96. The disclosure for this sale can be found here. Company insiders own 3.17% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in LZB. BlackRock Inc. raised its holdings in shares of La-Z-Boy by 56,782.6% during the 1st quarter. BlackRock Inc. now owns 6,240,594 shares of the company’s stock valued at $168,497,000 after buying an additional 6,229,623 shares in the last quarter. Boston Partners purchased a new position in shares of La-Z-Boy during the 2nd quarter valued at about $24,774,000. JPMorgan Chase & Co. raised its holdings in shares of La-Z-Boy by 154.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 472,830 shares of the company’s stock valued at $15,367,000 after buying an additional 286,854 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of La-Z-Boy by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 4,473,226 shares of the company’s stock valued at $120,778,000 after buying an additional 275,811 shares in the last quarter. Finally, Marshall Wace North America L.P. raised its holdings in shares of La-Z-Boy by 639.8% during the 2nd quarter. Marshall Wace North America L.P. now owns 310,138 shares of the company’s stock valued at $10,235,000 after buying an additional 268,214 shares in the last quarter. 86.79% of the stock is currently owned by institutional investors.

La-Z-Boy (NYSE:LZB) traded down 0.81% on Wednesday, reaching $24.55. The company had a trading volume of 473,730 shares. La-Z-Boy has a 12-month low of $22.09 and a 12-month high of $34.10. The stock’s 50-day moving average price is $29.59 and its 200-day moving average price is $28.65. The stock has a market capitalization of $1.18 billion, a P/E ratio of 14.50 and a beta of 0.88.

La-Z-Boy (NYSE:LZB) last released its quarterly earnings results on Tuesday, August 22nd. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.29 by $0.05. La-Z-Boy had a net margin of 5.45% and a return on equity of 14.18%. The business had revenue of $357.10 million during the quarter, compared to analysts’ expectations of $359.34 million. During the same period in the previous year, the business earned $0.28 EPS. The business’s revenue was up 4.8% on a year-over-year basis. On average, equities research analysts anticipate that La-Z-Boy will post $1.73 EPS for the current fiscal year.

La-Z-Boy announced that its board has authorized a stock repurchase plan on Tuesday, June 20th that allows the company to repurchase 6,000,000 outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 8th will be issued a $0.11 dividend. The ex-dividend date is Thursday, September 7th. This represents a $0.44 annualized dividend and a dividend yield of 1.79%. La-Z-Boy’s payout ratio is currently 25.88%.

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.

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