La-Z-Boy (LZB) Trading Up 11.8% on Earnings Beat

La-Z-Boy Incorporated (NYSE:LZB) shares were up 11.8% during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $36.09 and last traded at $36.01. Approximately 1,301,593 shares traded hands during mid-day trading, an increase of 313% from the average daily volume of 315,414 shares. The stock had previously closed at $32.22.

The company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.08. The company had revenue of $467.58 million during the quarter, compared to analysts’ expectations of $457.17 million. La-Z-Boy had a net margin of 5.11% and a return on equity of 15.07%.

A number of analysts have recently commented on LZB shares. Sidoti raised shares of La-Z-Boy from a “neutral” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Monday, December 17th. Zacks Investment Research raised shares of La-Z-Boy from a “sell” rating to a “hold” rating in a research report on Wednesday, November 21st.

Several hedge funds have recently made changes to their positions in LZB. Quantamental Technologies LLC bought a new stake in shares of La-Z-Boy in the fourth quarter worth $112,000. Tower Research Capital LLC TRC raised its position in La-Z-Boy by 805.5% during the third quarter. Tower Research Capital LLC TRC now owns 3,622 shares of the company’s stock worth $114,000 after acquiring an additional 3,222 shares in the last quarter. Meeder Asset Management Inc. raised its position in La-Z-Boy by 44.9% during the fourth quarter. Meeder Asset Management Inc. now owns 4,111 shares of the company’s stock worth $114,000 after acquiring an additional 1,274 shares in the last quarter. Bessemer Group Inc. bought a new stake in La-Z-Boy during the third quarter worth $165,000. Finally, Point72 Hong Kong Ltd bought a new stake in La-Z-Boy during the third quarter worth $165,000. 90.67% of the stock is currently owned by institutional investors and hedge funds.

The stock has a market capitalization of $1.47 billion, a PE ratio of 19.90 and a beta of 0.85.

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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.

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