La-Z-Boy Incorporated (NYSE:LZB) Sees Significant Decline in Short Interest

La-Z-Boy Incorporated (NYSE:LZB - Get Free Report) was the recipient of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 1,890,000 shares, a decline of 27.3% from the September 15th total of 2,600,000 shares. Approximately 4.6% of the shares of the company are sold short. Based on an average daily volume of 506,000 shares, the short-interest ratio is presently 3.7 days.

Wall Street Analysts Forecast Growth

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

La-Z-Boy Price Performance

Shares of LZB traded up $0.02 on Friday, reaching $39.45. 273,232 shares of the stock traded hands, compared to its average volume of 449,697. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of 13.94 and a beta of 1.28. The stock's 50-day moving average price is $41.28 and its 200-day moving average price is $38.39. La-Z-Boy has a 12 month low of $27.92 and a 12 month high of $45.23.

La-Z-Boy (NYSE:LZB - Get Free Report) last announced its earnings results on Tuesday, August 20th. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.02. The business had revenue of $495.50 million during the quarter, compared to analysts' expectations 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 for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the company posted $0.62 EPS. As a group, equities research analysts forecast that La-Z-Boy will post 2.98 earnings per share for the current fiscal year.

La-Z-Boy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were paid a $0.20 dividend. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $0.80 dividend on an annualized basis and a yield of 2.03%. La-Z-Boy's payout ratio is presently 28.27%.

Insiders Place Their Bets

In other La-Z-Boy news, 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 value of $159,062.10. Following the completion of the transaction, the director now owns 3,372 shares in the company, valued at approximately $137,881.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, 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 value of $159,062.10. Following the completion of the sale, the director now owns 3,372 shares of the company's stock, valued at $137,881.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Jennifer Lynn Mccurry sold 4,414 shares of the business's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $41.31, for a total transaction of $182,342.34. Following the sale, the chief accounting officer now owns 13,236 shares in the company, valued at $546,779.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On La-Z-Boy

Several large investors have recently modified their holdings of LZB. Miller Howard Investments Inc. NY boosted its holdings in La-Z-Boy by 2.3% during the second quarter. Miller Howard Investments Inc. NY now owns 11,356 shares of the company's stock worth $423,000 after purchasing an additional 252 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of La-Z-Boy by 1.4% in the 2nd quarter. Louisiana State Employees Retirement System now owns 21,500 shares of the company's stock valued at $802,000 after acquiring an additional 300 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of La-Z-Boy by 0.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 36,639 shares of the company's stock valued at $1,379,000 after acquiring an additional 307 shares in the last quarter. SummerHaven Investment Management LLC increased its position in shares of La-Z-Boy by 1.7% in the second quarter. SummerHaven Investment Management LLC now owns 25,332 shares of the company's stock valued at $944,000 after acquiring an additional 418 shares during the last quarter. Finally, ProShare Advisors LLC raised its holdings in La-Z-Boy by 7.4% during the first quarter. ProShare Advisors LLC now owns 8,742 shares of the company's stock worth $329,000 after acquiring an additional 599 shares in the last quarter. 99.62% of the stock is currently owned by institutional investors.

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 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.