La-Z-Boy Incorporated (NYSE:LZB) was the recipient of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 1,944,111 shares, an increase of 44.9% from the October 13th total of 1,342,113 shares. Approximately 4.1% of the company’s shares are short sold. Based on an average daily volume of 449,711 shares, the days-to-cover ratio is currently 4.3 days.
Institutional investors have recently added to or reduced their stakes in the business. Algert Global LLC grew its position in shares of La-Z-Boy by 32.6% during the 3rd quarter. Algert Global LLC now owns 104,018 shares of the company’s stock worth $2,798,000 after buying an additional 25,564 shares during the period. California Public Employees Retirement System grew its position in shares of La-Z-Boy by 8.7% during the 3rd quarter. California Public Employees Retirement System now owns 166,897 shares of the company’s stock worth $4,490,000 after buying an additional 13,297 shares during the period. Vident Investment Advisory LLC grew its position in shares of La-Z-Boy by 3.7% during the 3rd quarter. Vident Investment Advisory LLC now owns 80,614 shares of the company’s stock worth $2,169,000 after buying an additional 2,892 shares during the period. Cornerstone Capital Management Holdings LLC. grew its position in shares of La-Z-Boy by 1,377.8% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 40,758 shares of the company’s stock worth $1,096,000 after buying an additional 38,000 shares during the period. Finally, Magnetar Financial LLC acquired a new stake in shares of La-Z-Boy during the 3rd quarter worth approximately $382,000. Hedge funds and other institutional investors own 84.25% of the company’s stock.
LZB has been the subject of several research analyst reports. BidaskClub lowered shares of La-Z-Boy from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. Zacks Investment Research lowered shares of La-Z-Boy from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. ValuEngine raised shares of La-Z-Boy from a “hold” rating to a “buy” rating in a research report on Wednesday, October 25th. 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. Finally, Stifel Nicolaus decreased their price objective on shares of La-Z-Boy from $30.00 to $27.00 and set a “hold” rating on the stock in a report on Thursday, August 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $33.00.
Shares of La-Z-Boy (LZB) traded down $0.35 during trading on Wednesday, reaching $31.85. 592,934 shares of the company’s stock were exchanged, compared to its average volume of 465,868. The firm has a market capitalization of $1,587.50, a P/E ratio of 19.17 and a beta of 1.03. La-Z-Boy has a 12-month low of $23.15 and a 12-month high of $34.25.
La-Z-Boy (NYSE:LZB) last posted its earnings results on Wednesday, November 29th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.02. La-Z-Boy had a net margin of 5.53% and a return on equity of 14.33%. The firm had revenue of $393.20 million during the quarter, compared to analysts’ expectations of $390.03 million. During the same quarter in the prior year, the business earned $0.42 earnings per share. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. analysts expect that La-Z-Boy will post 1.74 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Monday, December 11th will be issued a dividend of $0.12 per share. This is a positive change from La-Z-Boy’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Friday, December 8th. This represents a $0.48 annualized dividend and a yield of 1.51%. La-Z-Boy’s dividend payout ratio (DPR) is presently 25.14%.
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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