La-Z-Boy (NYSE:LZB) CEO Melinda Whittington Sells 26,639 Shares

La-Z-Boy Incorporated (NYSE:LZB) CEO Melinda Whittington sold 26,639 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $40.24, for a total transaction of $1,071,953.36. Following the completion of the sale, the chief executive officer owned 316,038 shares of the company’s stock, valued at approximately $12,717,369.12. This represents a 7.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

La-Z-Boy Trading Up 3.9%

Shares of La-Z-Boy stock opened at $41.88 on Thursday. The stock’s fifty day simple moving average is $36.55 and its 200 day simple moving average is $36.42. The company has a market capitalization of $1.67 billion, a PE ratio of 16.95, a PEG ratio of 1.23 and a beta of 1.26. La-Z-Boy Incorporated has a 12 month low of $29.03 and a 12 month high of $44.90.

La-Z-Boy (NYSE:LZB) last posted its earnings results on Tuesday, June 16th. The company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.44. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.The firm had revenue of $570.34 million during the quarter, compared to analysts’ expectations of $569.23 million. During the same period in the previous year, the firm earned $0.36 earnings per share. The company’s revenue was down .1% on a year-over-year basis. Analysts predict that La-Z-Boy Incorporated will post 2.98 EPS for the current fiscal year.

La-Z-Boy Announces Dividend

The firm 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. The ex-dividend date was Tuesday, June 2nd. This represents a $0.97 annualized dividend and a dividend yield of 2.3%. La-Z-Boy’s payout ratio is currently 39.27%.

Wall Street Analyst Weigh In

Several analysts have commented on LZB shares. Wall Street Zen upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating in a report on Sunday, June 14th. Weiss Ratings upgraded shares of La-Z-Boy from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $39.00.

Institutional Trading of La-Z-Boy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP raised its holdings in La-Z-Boy by 4,785.7% during the fourth quarter. Quarry LP now owns 684 shares of the company’s stock worth $25,000 after acquiring an additional 670 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of La-Z-Boy by 290.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after purchasing an additional 670 shares during the last quarter. Geneos Wealth Management Inc. increased its position in shares of La-Z-Boy by 99.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock worth $42,000 after purchasing an additional 567 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of La-Z-Boy by 159.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock worth $43,000 after purchasing an additional 713 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its stake in shares of La-Z-Boy by 3,130.8% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,260 shares of the company’s stock worth $43,000 after purchasing an additional 1,221 shares in the last quarter. Institutional investors and hedge funds own 99.62% of the company’s stock.

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.