La-Z-Boy (NYSE:LZB) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of La-Z-Boy (NYSE:LZB) from a hold rating to a buy rating in a research report released on Saturday morning, Zacks.com reports. They currently have $44.00 price objective on the stock.

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. “

LZB has been the subject of several other reports. Raymond James upped their price objective on La-Z-Boy from $37.00 to $46.00 and gave the stock an outperform rating in a research report on Thursday. Sidoti upgraded La-Z-Boy from a neutral rating to a buy rating and set a $45.00 target price for the company in a research note on Monday, October 19th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $43.00.

Shares of NYSE:LZB opened at $39.32 on Friday. La-Z-Boy has a fifty-two week low of $15.61 and a fifty-two week high of $42.69. The firm’s 50 day moving average price is $35.30 and its 200 day moving average price is $30.24. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 28.70 and a beta of 1.20.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings data on Monday, November 16th. The company reported $0.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.32. La-Z-Boy had a net margin of 4.07% and a return on equity of 12.42%. On average, research analysts predict that La-Z-Boy will post 2.13 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Wednesday, December 2nd will be issued a $0.14 dividend. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.07. This represents a $0.56 annualized dividend and a dividend yield of 1.42%. The ex-dividend date is Tuesday, December 1st. La-Z-Boy’s payout ratio is presently 16.20%.

In related news, COO Darrell Dewain Edwards sold 96,119 shares of the company’s stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $37.04, for a total value of $3,560,247.76. Also, CEO Kurt L. Darrow sold 42,613 shares of the stock in a transaction on Friday, October 16th. The stock was sold at an average price of $35.11, for a total transaction of $1,496,142.43. Following the sale, the chief executive officer now owns 618,430 shares of the company’s stock, valued at approximately $21,713,077.30. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.

A number of hedge funds have recently modified their holdings of LZB. Macquarie Group Ltd. purchased a new stake in La-Z-Boy during the 2nd quarter valued at approximately $28,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of La-Z-Boy by 30.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,434 shares of the company’s stock worth $147,000 after purchasing an additional 1,269 shares during the last quarter. Advisor Group Holdings Inc. acquired a new stake in shares of La-Z-Boy during the first quarter worth $136,000. Janney Montgomery Scott LLC purchased a new position in La-Z-Boy in the 3rd quarter valued at $239,000. Finally, Pacer Advisors Inc. increased its stake in La-Z-Boy by 15.6% in the 2nd quarter. Pacer Advisors Inc. now owns 7,771 shares of the company’s stock valued at $210,000 after buying an additional 1,047 shares during the period. Hedge funds and other institutional investors own 90.60% of the company’s stock.

About La-Z-Boy

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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