La-Z-Boy (NYSE:LZB) Cut to Hold at StockNews.com

La-Z-Boy (NYSE:LZB) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

La-Z-Boy Trading Down 1.7 %

LZB stock traded down $0.53 during mid-day trading on Monday, hitting $31.39. 429,020 shares of the company were exchanged, compared to its average volume of 391,179. The business has a 50 day simple moving average of $31.06 and a 200-day simple moving average of $29.23. The stock has a market capitalization of $1.35 billion, a PE ratio of 9.72 and a beta of 1.12. La-Z-Boy has a 1-year low of $21.92 and a 1-year high of $33.92.

La-Z-Boy (NYSE:LZB) last released its quarterly earnings results on Wednesday, August 23rd. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.07. La-Z-Boy had a net margin of 6.27% and a return on equity of 16.64%. The company had revenue of $481.65 million during the quarter, compared to the consensus estimate of $474.58 million. During the same period in the previous year, the business earned $0.91 earnings per share. The firm’s quarterly revenue was down 20.3% on a year-over-year basis. Equities research analysts expect that La-Z-Boy will post 2.86 earnings per share for the current year.

Institutional Investors Weigh In On La-Z-Boy

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its position in La-Z-Boy by 2.6% during the second quarter. BlackRock Inc. now owns 7,072,668 shares of the company’s stock valued at $202,561,000 after purchasing an additional 180,158 shares in the last quarter. Vanguard Group Inc. raised its position in La-Z-Boy by 1.4% during the third quarter. Vanguard Group Inc. now owns 5,055,848 shares of the company’s stock valued at $114,109,000 after purchasing an additional 70,057 shares in the last quarter. Dimensional Fund Advisors LP raised its position in La-Z-Boy by 1.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,125,525 shares of the company’s stock valued at $89,516,000 after purchasing an additional 53,595 shares in the last quarter. Silvercrest Asset Management Group LLC raised its position in La-Z-Boy by 3.2% during the second quarter. Silvercrest Asset Management Group LLC now owns 1,990,021 shares of the company’s stock valued at $56,994,000 after purchasing an additional 61,055 shares in the last quarter. Finally, LSV Asset Management raised its position in La-Z-Boy by 5.8% during the second quarter. LSV Asset Management now owns 1,886,693 shares of the company’s stock valued at $54,035,000 after purchasing an additional 103,600 shares in the last quarter. 96.31% of the stock is currently owned by institutional investors and hedge funds.

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 Wholesale, Retail, Corporate and Other segments. The Wholesale segment manufactures, and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas; and imports, distributes, and retails casegoods (wood) furniture, including occasional pieces, bedroom sets, dining room sets, entertainment centers, and occasional pieces.