La-Z-Boy Incorporated (NYSE:LZB) traded down 17% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $30.51 and last traded at $30.91, 2,125,381 shares changed hands during trading. An increase of 507% from the average session volume of 349,967 shares. The stock had previously closed at $37.24.
The company reported $0.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.03). La-Z-Boy had a return on equity of 15.24% and a net margin of 3.85%. The business had revenue of $447.21 million for the quarter, compared to analysts’ expectations of $454.39 million. During the same period in the previous year, the firm posted $0.48 earnings per share. The firm’s revenue was up 1.8% compared to the same quarter last year.
LZB has been the subject of several research analyst reports. Zacks Investment Research raised La-Z-Boy from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Saturday, October 26th. Raymond James raised La-Z-Boy from a “market perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a report on Friday, August 23rd. Finally, ValuEngine raised La-Z-Boy from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $37.00.
In related news, SVP Darrell Dewain Edwards sold 14,820 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $33.43, for a total value of $495,432.60. Following the completion of the sale, the senior vice president now directly owns 59,470 shares of the company’s stock, valued at $1,988,082.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 4.02% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the business. Carroll Financial Associates Inc. acquired a new position in La-Z-Boy in the third quarter valued at approximately $108,000. NumerixS Investment Technologies Inc boosted its stake in La-Z-Boy by 46.4% in the second quarter. NumerixS Investment Technologies Inc now owns 4,100 shares of the company’s stock valued at $126,000 after acquiring an additional 1,300 shares during the period. Bank of Montreal Can boosted its stake in La-Z-Boy by 401.4% in the second quarter. Bank of Montreal Can now owns 4,673 shares of the company’s stock valued at $143,000 after acquiring an additional 3,741 shares during the period. Bessemer Group Inc. acquired a new position in La-Z-Boy in the second quarter valued at approximately $172,000. Finally, Point72 Hong Kong Ltd boosted its stake in La-Z-Boy by 2,862.8% in the second quarter. Point72 Hong Kong Ltd now owns 5,659 shares of the company’s stock valued at $174,000 after acquiring an additional 5,468 shares during the period. Institutional investors own 88.81% of the company’s stock.
The company has a quick ratio of 1.13, a current ratio of 1.80 and a debt-to-equity ratio of 0.38. The stock has a 50 day simple moving average of $35.01 and a 200 day simple moving average of $32.78. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of 14.44 and a beta of 0.75.
About La-Z-Boy (NYSE:LZB)
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.
Further Reading: Dividend Reinvestment Plan (DRIP)
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