La-Z-Boy (NYSE:LZB) Stock Price Down 4.8% on Insider Selling

La-Z-Boy Incorporated (NYSE:LZB)’s share price was down 4.8% during mid-day trading on Monday following insider selling activity. The stock traded as low as $38.44 and last traded at $38.54. Approximately 421,419 shares changed hands during trading, a decline of 5% from the average daily volume of 441,391 shares. The stock had previously closed at $40.48.

Specifically, Director Janet Kerr sold 3,890 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $40.89, for a total transaction of $159,062.10. Following the transaction, the director now owns 3,372 shares in the company, valued at $137,881.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analysts Set New Price Targets

Separately, Sidoti lowered shares of La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 target price on the stock. in a report on Wednesday, August 21st.

La-Z-Boy Stock Performance

The company has a market cap of $1.64 billion, a price-to-earnings ratio of 13.85 and a beta of 1.28. The stock’s fifty day moving average is $40.85 and its two-hundred day moving average is $37.59.

La-Z-Boy (NYSE:LZB) last posted its earnings results on Tuesday, August 20th. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. The company had revenue of $495.50 million for the quarter, compared to analyst estimates of $482.23 million. La-Z-Boy had a net margin of 5.89% and a return on equity of 12.90%. The firm’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.62 EPS. On average, equities research analysts expect that La-Z-Boy Incorporated will post 2.98 EPS for the current year.

La-Z-Boy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Thursday, September 5th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.80 annualized dividend and a yield of 2.04%. La-Z-Boy’s dividend payout ratio (DPR) is 28.27%.

Institutional Investors Weigh In On La-Z-Boy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC purchased a new stake in La-Z-Boy in the 2nd quarter valued at about $400,000. Quarry LP increased its stake in La-Z-Boy by 2,550.0% in the 2nd quarter. Quarry LP now owns 1,378 shares of the company’s stock valued at $51,000 after buying an additional 1,326 shares during the last quarter. Algert Global LLC grew its position in shares of La-Z-Boy by 657.3% during the 2nd quarter. Algert Global LLC now owns 94,360 shares of the company’s stock valued at $3,518,000 after acquiring an additional 81,900 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of La-Z-Boy by 3.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,059 shares of the company’s stock valued at $822,000 after acquiring an additional 672 shares during the period. Finally, Millennium Management LLC grew its position in shares of La-Z-Boy by 125.6% during the 2nd quarter. Millennium Management LLC now owns 174,249 shares of the company’s stock valued at $6,496,000 after acquiring an additional 97,023 shares during the period. Hedge funds and other institutional investors own 99.62% of the company’s stock.

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.