$426.75 Million in Sales Expected for La-Z-Boy (LZB) This Quarter

Equities research analysts forecast that La-Z-Boy (NYSE:LZB) will announce $426.75 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for La-Z-Boy’s earnings, with the lowest sales estimate coming in at $423.00 million and the highest estimate coming in at $429.20 million. La-Z-Boy posted sales of $412.71 million during the same quarter last year, which indicates a positive year over year growth rate of 3.4%. The firm is expected to issue its next earnings results on Tuesday, June 19th.

On average, analysts expect that La-Z-Boy will report full year sales of $1.59 billion for the current fiscal year. For the next fiscal year, analysts forecast that the firm will post sales of $1.64 billion per share, with estimates ranging from $1.63 billion to $1.64 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow La-Z-Boy.

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La-Z-Boy (NYSE:LZB) last posted its quarterly earnings results on Tuesday, February 20th. The company reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.21). The firm had revenue of $413.64 million for the quarter, compared to analysts’ expectations of $402.67 million. La-Z-Boy had a net margin of 4.74% and a return on equity of 13.96%. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.47 EPS.

A number of analysts have recently commented on LZB shares. Zacks Investment Research downgraded La-Z-Boy from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. ValuEngine downgraded La-Z-Boy from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $33.50.

La-Z-Boy stock traded down $0.25 during trading hours on Friday, hitting $29.20. 266,734 shares of the stock traded hands, compared to its average volume of 361,240. La-Z-Boy has a 1 year low of $23.15 and a 1 year high of $34.25. The company has a market cap of $1,404.98, a PE ratio of 16.88 and a beta of 0.85.

The business also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Tuesday, March 6th were paid a $0.12 dividend. The ex-dividend date was Monday, March 5th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.64%. La-Z-Boy’s payout ratio is 27.75%.

In other news, VP Louis M. Riccio, Jr. sold 65,910 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $31.72, for a total value of $2,090,665.20. Following the sale, the vice president now owns 95,342 shares in the company, valued at $3,024,248.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.17% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. MetLife Investment Advisors LLC acquired a new position in La-Z-Boy in the 4th quarter worth about $676,000. Vident Investment Advisory LLC raised its holdings in La-Z-Boy by 8.8% in the 4th quarter. Vident Investment Advisory LLC now owns 87,725 shares of the company’s stock worth $2,737,000 after purchasing an additional 7,111 shares during the period. Verition Fund Management LLC acquired a new position in La-Z-Boy in the 4th quarter worth about $552,000. Cornerstone Capital Management Holdings LLC. raised its holdings in La-Z-Boy by 67.7% in the 4th quarter. Cornerstone Capital Management Holdings LLC. now owns 68,358 shares of the company’s stock worth $2,132,000 after purchasing an additional 27,600 shares during the period. Finally, Stone Ridge Asset Management LLC acquired a new position in La-Z-Boy in the 4th quarter worth about $933,000. Hedge funds and other institutional investors own 88.56% of the company’s stock.

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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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