La-Z-Boy (NYSE:LZB) Announces Quarterly Earnings Results

La-Z-Boy (NYSE:LZB) issued its quarterly earnings results on Tuesday. The company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.44, FiscalAI reports. The business had revenue of $570.34 million for the quarter, compared to analysts’ expectations of $569.23 million. La-Z-Boy had a net margin of 3.93% and a return on equity of 10.79%.

La-Z-Boy Stock Performance

LZB stock traded down $2.53 during midday trading on Tuesday, reaching $35.25. The company’s stock had a trading volume of 1,133,646 shares, compared to its average volume of 409,221. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 17.45 and a beta of 1.26. The stock has a fifty day simple moving average of $35.58 and a two-hundred day simple moving average of $36.42. La-Z-Boy has a 1 year low of $29.03 and a 1 year high of $41.06.

La-Z-Boy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were given a $0.242 dividend. This represents a $0.97 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Tuesday, June 2nd. La-Z-Boy’s dividend payout ratio is 48.02%.

Hedge Funds Weigh In On La-Z-Boy

Several institutional investors have recently bought and sold shares of the business. Quarry LP grew its stake in La-Z-Boy by 4,785.7% in the fourth quarter. Quarry LP now owns 684 shares of the company’s stock valued at $25,000 after purchasing an additional 670 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in La-Z-Boy by 290.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after buying an additional 670 shares during the period. Geneos Wealth Management Inc. lifted its stake in La-Z-Boy by 99.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock valued at $42,000 after acquiring an additional 567 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in La-Z-Boy by 3,130.8% in the third quarter. CIBC Private Wealth Group LLC now owns 1,260 shares of the company’s stock valued at $43,000 after purchasing an additional 1,221 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in La-Z-Boy in the fourth quarter valued at $54,000. 99.62% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

LZB has been the topic of a number of analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of La-Z-Boy in a report on Monday, May 18th. Wall Street Zen upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating in a research report on Sunday. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $39.00.

La-Z-Boy Company Profile

La-Z-Boy Incorporated (NYSE: LZB) is a leading U.S. manufacturer and marketer of residential furniture, best known for its upholstered recliners, sofas, stationary chairs and sleeper sofas. The company offers a broad range of products in both fabric and leather, complemented by occasional tables, desks, lamps and other home furnishings through its branded retail network.

Founded in 1927 by cousins Edward Knabusch and Edwin Shoemaker in Monroe, Michigan, La-Z-Boy pioneered the modern reclining chair.