Domenica, 04 Dicembre, 2016

La-Z-Boy (LZB) Spikes on Q2 Earnings Beat

Zaira Scannapieco | 02 Dicembre, 2016, 12:45

During the same quarter in the prior year, the company earned $0.41 earnings per share.

La-Z-Boy (NYSE:LZB) opened at 26.75 on Thursday. La-Z-Boy also inked a deal to acquire the license for its brand in the United Kingdom and Ireland, an agreement that was completed in the third quarter of the current fiscal year. "(LZB) Announces Earnings Results" was first published by The Cerbat Gem and is the sole property of of The Cerbat Gem.

Despite a slight decline in its sales and net income for the second quarter, La-Z-Boy Inc. officials remain positive heading into the second half of the fiscal year. Following the completion of the transaction, the insider now directly owns 98,849 shares of the company's stock, valued at approximately $2,586,878.33. If you are reading this piece on another publication, it was illegally stolen and reposted in violation of USA & worldwide copyright and trademark law. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Sales from company-owned La-Z-Boy Furniture Galleries stores increased 11.3% to $107.4 million due largely to acquisitions and new store openings. Vaughan Nelson Investment Management L.P. raised its position in La-Z-Boy by 91.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,942,925 shares of the company's stock worth $54,052,000 after buying an additional 925,700 shares in the last quarter. This is an increase from La-Z-Boy's previous quarterly dividend of $0.10. Morgan Stanley raised its position in La-Z-Boy by 160.2% in the third quarter. WBI Investments Inc. raised its position in La-Z-Boy by 559.7% in the second quarter. Finally, BlackRock Fund Advisors raised its position in La-Z-Boy by 1.4% in the second quarter.

The biggest institutional shareholders in La-Z-Boy Incorporated include Vanguard Group Inc which owns 4 million shares in the company valued at $109.77 million. Teachers Advisors Inc. now owns 424,228 shares of the company's stock worth $11,802,000 after buying an additional 83,029 shares in the last quarter.

Several analysts have weighed in on the stock. Zacks Investment Research upgraded shares of La-Z-Boy from a "sell" rating to a "hold" rating in a report on Tuesday, September 13th. Finally, KeyCorp reaffirmed a "buy" rating and set a $28.00 price target on shares of La-Z-Boy in a research note on Monday, October 10th. Longbow Research initiated coverage on shares of La-Z-Boy in a research note on Friday, August 5th. They issued a "neutral" rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. La-Z-Boy presently has an average rating of "Hold" and a consensus price target of $30.33.

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