La-Z-Boy (NYSE:LZB) Shares Gap Down to $41.87

La-Z-Boy Incorporated (NYSE:LZB)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $41.87, but opened at $39.49. La-Z-Boy shares last traded at $40.58, with a volume of 107,507 shares changing hands.

Analysts Set New Price Targets

Separately, Sidoti lowered 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.

La-Z-Boy Price Performance

The business has a 50-day moving average of $39.89 and a 200-day moving average of $37.28. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 14.80 and a beta of 1.29.

La-Z-Boy (NYSE:LZB) last announced its quarterly 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. La-Z-Boy had a return on equity of 13.10% and a net margin of 5.99%. The firm had revenue of $495.50 million for the quarter, compared to the consensus estimate of $482.23 million. During the same quarter in the previous year, the business earned $0.62 earnings per share. The business’s revenue was up 2.9% compared to the same quarter last year. As a group, equities analysts anticipate that La-Z-Boy Incorporated will post 3.13 EPS for the current fiscal year.

Institutional Investors Weigh In On La-Z-Boy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in La-Z-Boy by 1.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,184,810 shares of the company’s stock worth $117,584,000 after purchasing an additional 35,961 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of La-Z-Boy by 7.5% in the 2nd quarter. Pacer Advisors Inc. now owns 1,394,677 shares of the company’s stock valued at $51,994,000 after acquiring an additional 97,680 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of La-Z-Boy by 14.5% in the 2nd quarter. American Century Companies Inc. now owns 982,668 shares of the company’s stock valued at $36,634,000 after acquiring an additional 124,409 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of La-Z-Boy by 31.8% in the 4th quarter. First Trust Advisors LP now owns 789,342 shares of the company’s stock valued at $29,143,000 after acquiring an additional 190,651 shares during the last quarter. Finally, Schroder Investment Management Group lifted its stake in shares of La-Z-Boy by 1.3% in the 4th quarter. Schroder Investment Management Group now owns 692,004 shares of the company’s stock valued at $25,549,000 after acquiring an additional 8,722 shares during the last quarter. 99.62% of the stock is currently owned by institutional investors.

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.