La-Z-Boy (NYSE:LZB) Raised to Buy at Sidoti

Sidoti upgraded shares of La-Z-Boy (NYSE:LZB) from a neutral rating to a buy rating in a report issued on Monday, Analyst Ratings Network reports. The brokerage currently has $45.00 price objective on the stock.

Other analysts have also issued reports about the stock. KeyCorp restated a hold rating on shares of La-Z-Boy in a research report on Wednesday, June 24th. Raymond James lifted their price target on shares of La-Z-Boy from $32.00 to $37.00 and gave the company an outperform rating in a report on Thursday, August 20th. Stifel Nicolaus boosted their target price on shares of La-Z-Boy from $25.00 to $37.00 and gave the stock a buy rating in a report on Thursday, June 25th. Finally, Zacks Investment Research raised shares of La-Z-Boy from a hold rating to a buy rating and set a $36.00 target price on the stock in a report on Tuesday, August 25th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. La-Z-Boy currently has a consensus rating of Buy and a consensus price target of $38.75.

NYSE:LZB opened at $35.52 on Monday. The company has a 50-day moving average price of $32.76 and a 200-day moving average price of $27.99. La-Z-Boy has a 12 month low of $15.61 and a 12 month high of $37.48. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 25.93 and a beta of 1.22.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings results on Tuesday, August 18th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.31. The company had revenue of $285.50 million during the quarter, compared to analysts’ expectations of $289.74 million. La-Z-Boy had a net margin of 4.07% and a return on equity of 12.42%. La-Z-Boy’s revenue was down 31.0% on a year-over-year basis. During the same period last year, the company posted $0.42 EPS. On average, equities research analysts expect that La-Z-Boy will post 2.13 earnings per share for the current fiscal year.

In related news, CEO Kurt L. Darrow sold 42,613 shares of the stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $35.11, for a total value of $1,496,142.43. Following the completion of the transaction, the chief executive officer now directly owns 618,430 shares of the company’s stock, valued at approximately $21,713,077.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.20% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Macquarie Group Ltd. purchased a new position in shares of La-Z-Boy during the 2nd quarter valued at approximately $28,000. Advisor Group Holdings Inc. acquired a new position in La-Z-Boy in the 1st quarter valued at about $136,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position 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 buying an additional 1,269 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of La-Z-Boy by 15.6% during the second quarter. Pacer Advisors Inc. now owns 7,771 shares of the company’s stock worth $210,000 after buying an additional 1,047 shares in the last quarter. Finally, Pitcairn Co. acquired a new position in shares of La-Z-Boy during the second quarter worth about $237,000. 90.60% of the stock is currently owned by institutional investors and hedge funds.

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.

Recommended Story: Insider Trading

Analyst Recommendations for La-Z-Boy (NYSE:LZB)

Receive News & Ratings for La-Z-Boy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for La-Z-Boy and related companies with MarketBeat.com's FREE daily email newsletter.