La-Z-Boy (NYSE:LZB) Cut to “Sell” at Zacks Investment Research

La-Z-Boy (NYSE:LZB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday, Zacks.com reports.

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. “

A number of other equities analysts have also commented on LZB. ValuEngine lowered La-Z-Boy from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Raymond James upgraded La-Z-Boy from a “market perform” rating to an “outperform” rating and set a $36.00 price target for the company in a research report on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $37.00.

Shares of LZB stock opened at $31.48 on Friday. The stock has a market capitalization of $1.47 billion, a P/E ratio of 14.71 and a beta of 0.67. The company has a current ratio of 1.77, a quick ratio of 1.12 and a debt-to-equity ratio of 0.36. The firm’s 50 day moving average is $34.54 and its 200 day moving average is $32.58. La-Z-Boy has a 12 month low of $25.30 and a 12 month high of $37.48.

La-Z-Boy (NYSE:LZB) last released its quarterly earnings data on Wednesday, November 20th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). La-Z-Boy had a net margin of 3.98% and a return on equity of 15.10%. The business had revenue of $447.21 million during the quarter, compared to analysts’ expectations of $454.39 million. During the same quarter in the prior year, the firm posted $0.48 earnings per share. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. On average, equities analysts predict that La-Z-Boy will post 2.26 EPS for the current year.

In other news, SVP Darrell Dewain Edwards sold 14,820 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $33.43, for a total value of $495,432.60. Following 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 legal filing with the SEC, which is available at this link. Corporate insiders own 4.02% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its holdings in shares of La-Z-Boy by 83.8% in the second quarter. Bank of America Corp DE now owns 346,041 shares of the company’s stock worth $10,610,000 after purchasing an additional 157,762 shares during the period. NumerixS Investment Technologies Inc increased its stake in La-Z-Boy by 46.4% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 4,100 shares of the company’s stock worth $126,000 after acquiring an additional 1,300 shares during the last quarter. Panagora Asset Management Inc. increased its stake in La-Z-Boy by 1.7% in the 2nd quarter. Panagora Asset Management Inc. now owns 411,805 shares of the company’s stock worth $12,626,000 after acquiring an additional 7,030 shares during the last quarter. First Merchants Corp bought a new position in La-Z-Boy in the 3rd quarter worth about $1,897,000. Finally, Maverick Capital Ltd. raised its holdings in shares of La-Z-Boy by 234.6% in the 3rd quarter. Maverick Capital Ltd. now owns 177,186 shares of the company’s stock valued at $5,952,000 after acquiring an additional 124,226 shares in the last quarter. Hedge funds and other institutional investors own 89.04% of the company’s stock.

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.

Further Reading: Investing in Growth Stocks

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