La-Z-Boy Inc. (NYSE:LZB) dropped 3.9% during trading on Wednesday following insider selling activity. The company traded as low as $24.77 and last traded at $24.91, with a volume of 252,091 shares traded. The stock had previously closed at $25.91.
Specifically, insider John Douglas Collier sold 26,874 shares of the business’s stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $26.17, for a total transaction of $703,292.58. Following the transaction, the insider now directly owns 98,849 shares in the company, valued at approximately $2,586,878.33. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Otis S. Sawyer sold 5,935 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $27.46, for a total value of $162,975.10. Following the transaction, the insider now owns 62,216 shares in the company, valued at $1,708,451.36. The disclosure for this sale can be found here. Insiders own 3.57% of the company’s stock.
Several research firms have recently commented on LZB. Zacks Investment Research raised shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research report on Friday, June 24th. Longbow Research began coverage on shares of La-Z-Boy in a research report on Friday, August 5th. They set a “neutral” rating on the stock.
The stock has a market cap of $1.23 billion, a PE ratio of 15.97 and a beta of 1.35. The company’s 50 day moving average is $27.38 and its 200-day moving average is $27.10.
La-Z-Boy (NYSE:LZB) last issued its earnings results on Tuesday, August 23rd. The company reported $0.28 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.29 by $0.01. La-Z-Boy had a net margin of 5.21% and a return on equity of 15.01%. The company earned $340.80 million during the quarter, compared to analysts’ expectations of $358.79 million. During the same period last year, the business posted $0.27 earnings per share. The company’s quarterly revenue was down .2% on a year-over-year basis. On average, equities research analysts forecast that La-Z-Boy Inc. will post $1.71 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, September 2nd were issued a $0.10 dividend. The ex-dividend date was Wednesday, August 31st. This represents a $0.40 dividend on an annualized basis and a yield of 1.60%. La-Z-Boy’s dividend payout ratio (DPR) is presently 25.48%.
A number of hedge funds and other institutional investors have recently modified their holdings of LZB. Capstone Asset Management Co. raised its stake in La-Z-Boy by 0.6% in the second quarter. Capstone Asset Management Co. now owns 14,703 shares of the company’s stock valued at $409,000 after buying an additional 90 shares in the last quarter. Wellington Management Group LLP raised its stake in La-Z-Boy by 2.4% in the first quarter. Wellington Management Group LLP now owns 2,175,316 shares of the company’s stock valued at $58,167,000 after buying an additional 50,884 shares in the last quarter. Aperio Group LLC acquired a new stake in La-Z-Boy during the first quarter valued at approximately $271,000. BlackRock Group LTD raised its stake in La-Z-Boy by 19.5% in the first quarter. BlackRock Group LTD now owns 109,630 shares of the company’s stock valued at $2,932,000 after buying an additional 17,922 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in La-Z-Boy during the second quarter valued at approximately $200,000. 86.05% of the stock is owned by institutional investors.
La-Z-Boy Company Profile
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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