Short Interest in La-Z-Boy Incorporated (NYSE:LZB) Decreases By 8.2%

La-Z-Boy Incorporated (NYSE:LZB) was the target of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 2,250,000 shares, a decline of 8.2% from the August 30th total of 2,450,000 shares. Based on an average daily trading volume, of 329,100 shares, the short-interest ratio is currently 6.8 days. Currently, 5.0% of the company’s stock are short sold.

A number of equities analysts have commented on LZB shares. Zacks Investment Research raised shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a research report on Saturday, August 24th. Raymond James raised shares of La-Z-Boy from a “market perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a research report on Friday, August 23rd. TheStreet cut shares of La-Z-Boy from a “b+” rating to a “c” rating in a research report on Wednesday, June 26th. Finally, ValuEngine cut shares of La-Z-Boy from a “hold” rating to a “sell” rating in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $35.33.

In related news, SVP Darrell Dewain Edwards sold 14,820 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $33.43, for a total transaction of $495,432.60. Following the transaction, the senior vice president now directly owns 59,470 shares in the company, valued at $1,988,082.10. The sale was disclosed in a filing with the SEC, which is available through this link. 4.02% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. Nuveen Asset Management LLC increased its stake in shares of La-Z-Boy by 32.6% in the second quarter. Nuveen Asset Management LLC now owns 1,580,674 shares of the company’s stock valued at $48,463,000 after buying an additional 388,563 shares during the period. Northern Trust Corp increased its stake in shares of La-Z-Boy by 1.0% in the second quarter. Northern Trust Corp now owns 1,258,790 shares of the company’s stock valued at $38,594,000 after buying an additional 13,000 shares during the period. Bank of New York Mellon Corp increased its stake in shares of La-Z-Boy by 6.0% in the second quarter. Bank of New York Mellon Corp now owns 788,277 shares of the company’s stock valued at $24,169,000 after buying an additional 44,789 shares during the period. Systematic Financial Management LP boosted its holdings in La-Z-Boy by 0.6% in the second quarter. Systematic Financial Management LP now owns 448,938 shares of the company’s stock valued at $13,764,000 after acquiring an additional 2,708 shares during the last quarter. Finally, Tributary Capital Management LLC boosted its holdings in La-Z-Boy by 4.6% in the third quarter. Tributary Capital Management LLC now owns 429,674 shares of the company’s stock valued at $14,433,000 after acquiring an additional 18,815 shares during the last quarter. 90.05% of the stock is owned by hedge funds and other institutional investors.

LZB stock traded up $0.61 during midday trading on Thursday, reaching $34.97. 277,700 shares of the company were exchanged, compared to its average volume of 351,004. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.80 and a quick ratio of 1.13. The business has a 50-day moving average price of $32.65 and a two-hundred day moving average price of $32.37. La-Z-Boy has a one year low of $25.30 and a one year high of $36.63. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 16.34 and a beta of 0.77.

La-Z-Boy (NYSE:LZB) last released its quarterly earnings data on Tuesday, August 20th. The company reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.09. La-Z-Boy had a net margin of 3.85% and a return on equity of 15.24%. The firm had revenue of $413.60 million during the quarter, compared to analysts’ expectations of $415.95 million. During the same period in the previous year, the business posted $0.39 earnings per share. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, analysts anticipate that La-Z-Boy will post 2.34 earnings per share for the current fiscal year.

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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