La-Z-Boy Incorporated (LZB) Sees Large Growth in Short Interest
La-Z-Boy Incorporated (NYSE:LZB) was the target of a large increase in short interest during 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. Based on an average daily volume of 449,711 shares, the short-interest ratio is presently 4.3 days. Approximately 4.1% of the shares of the stock are short sold.
La-Z-Boy (LZB) opened at $27.75 on Friday. La-Z-Boy has a twelve month low of $23.15 and a twelve month high of $34.10. The company has a market capitalization of $1,348.01, a P/E ratio of 16.32 and a beta of 0.97.
La-Z-Boy (NYSE:LZB) last released its quarterly earnings data on Tuesday, August 22nd. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $359.34 million. During the same quarter in the prior year, the company posted $0.28 earnings per share. The company’s revenue was up 4.8% on a year-over-year basis. research analysts expect that La-Z-Boy will post 1.73 EPS for the current fiscal year.
Several research analysts have recently weighed in on the company. ValuEngine upgraded La-Z-Boy from a “hold” rating to a “buy” rating in a 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. Sidoti cut La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a report on Tuesday, August 1st. Zacks Investment Research cut La-Z-Boy from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. Finally, BidaskClub cut La-Z-Boy from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $33.00.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Menta Capital LLC lifted its holdings in La-Z-Boy by 96.6% in the second quarter. Menta Capital LLC now owns 32,249 shares of the company’s stock valued at $1,048,000 after acquiring an additional 15,849 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in La-Z-Boy during the second quarter worth $2,015,000. Northern Trust Corp lifted its stake in La-Z-Boy by 1.7% during the second quarter. Northern Trust Corp now owns 1,255,701 shares of the company’s stock worth $40,810,000 after purchasing an additional 20,775 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in La-Z-Boy by 44.4% during the second quarter. Goldman Sachs Group Inc. now owns 185,512 shares of the company’s stock worth $6,029,000 after purchasing an additional 57,043 shares in the last quarter. Finally, Smith Graham & Co. Investment Advisors LP lifted its stake in La-Z-Boy by 46.0% during the third quarter. Smith Graham & Co. Investment Advisors LP now owns 352,702 shares of the company’s stock worth $9,488,000 after purchasing an additional 111,183 shares in the last quarter. Hedge funds and other institutional investors own 87.47% of the company’s stock.
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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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