La-Z-Boy (NYSE:LZB) Raised to “Hold” at Zacks Investment Research
According to Zacks, “La-Z-Boy Incorporated is one of the world’s leading residential furniture producers, marketing furniture for every room of the home. The La-Z-Boy Upholstery segment companies are La-Z-Boy and England. The Casegoods segment consists of three brands: American Drew, Hammary and Kincaid. The company-owned Retail segment of the La-Z-Boy Furniture Galleries stores. The corporation’s branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes the stand-alone La-Z-Boy Furniture Galleries stores and the independent Comfort Studio® locations, in addition to in-store gallery programs for Kincaid and England. “
Several other equities analysts have also recently weighed in on LZB. TheStreet cut La-Z-Boy from a b+ rating to a c rating in a research note on Wednesday, June 26th. Sidoti cut La-Z-Boy from a buy rating to a neutral rating and lowered their target price for the company from $38.00 to $35.00 in a research note on Thursday, June 6th. Four equities research analysts have rated the stock with a hold rating, The company has an average rating of Hold and an average price target of $36.67.
La-Z-Boy (NYSE:LZB) last released its earnings results on Tuesday, June 18th. The company reported $0.64 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by ($0.01). La-Z-Boy had a net margin of 3.93% and a return on equity of 15.33%. The business had revenue of $453.79 million for the quarter, compared to analysts’ expectations of $457.13 million. During the same period last year, the firm earned $0.72 EPS. The company’s revenue was up 8.0% compared to the same quarter last year. Sell-side analysts forecast that La-Z-Boy will post 2.23 EPS for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund grew its stake in shares of La-Z-Boy by 1.8% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 18,138 shares of the company’s stock valued at $598,000 after buying an additional 328 shares in the last quarter. Arizona State Retirement System grew its stake in shares of La-Z-Boy by 0.6% in the 2nd quarter. Arizona State Retirement System now owns 72,378 shares of the company’s stock valued at $2,219,000 after buying an additional 400 shares in the last quarter. Mason Street Advisors LLC grew its stake in shares of La-Z-Boy by 3.0% in the 1st quarter. Mason Street Advisors LLC now owns 14,985 shares of the company’s stock valued at $494,000 after buying an additional 441 shares in the last quarter. Royal Bank of Canada grew its stake in shares of La-Z-Boy by 5.2% in the 2nd quarter. Royal Bank of Canada now owns 9,120 shares of the company’s stock valued at $279,000 after buying an additional 449 shares in the last quarter. Finally, Strs Ohio grew its stake in shares of La-Z-Boy by 2.1% in the 2nd quarter. Strs Ohio now owns 29,100 shares of the company’s stock valued at $892,000 after buying an additional 600 shares in the last quarter. 88.13% of the stock is owned by institutional investors and hedge funds.
La-Z-Boy Company Profile
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas.
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