La-Z-Boy Incorporated (LZB) Expected to Announce Quarterly Sales of $432.21 Million

Analysts expect La-Z-Boy Incorporated (NYSE:LZB) to announce $432.21 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for La-Z-Boy’s earnings. The highest sales estimate is $435.60 million and the lowest is $428.60 million. La-Z-Boy reported sales of $393.21 million during the same quarter last year, which indicates a positive year over year growth rate of 9.9%. The company is scheduled to report its next quarterly earnings report after the market closes on Wednesday, November 28th.

According to Zacks, analysts expect that La-Z-Boy will report full-year sales of $1.73 billion for the current fiscal year, with estimates ranging from $1.72 billion to $1.74 billion. For the next financial year, analysts anticipate that the firm will report sales of $1.84 billion, with estimates ranging from $1.83 billion to $1.86 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover La-Z-Boy.

La-Z-Boy (NYSE:LZB) last posted its earnings results on Tuesday, August 21st. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. The company had revenue of $384.70 million for the quarter, compared to the consensus estimate of $368.17 million. La-Z-Boy had a return on equity of 15.33% and a net margin of 5.43%. La-Z-Boy’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 earnings per share.

LZB has been the subject of a number of analyst reports. ValuEngine upgraded La-Z-Boy from a “hold” rating to a “buy” rating in a research report on Thursday, August 23rd. Stifel Nicolaus upped their price target on La-Z-Boy from $33.00 to $35.00 and gave the stock a “hold” rating in a research report on Thursday, August 23rd. Finally, Zacks Investment Research upgraded La-Z-Boy from a “sell” rating to a “hold” rating in a research report on Wednesday, August 22nd.

In other La-Z-Boy news, Chairman Kurt L. Darrow sold 45,720 shares of the company’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $34.66, for a total value of $1,584,655.20. Following the completion of the sale, the chairman now owns 549,302 shares in the company, valued at $19,038,807.32. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider John Douglas Collier sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $31.66, for a total value of $158,300.00. Following the completion of the sale, the insider now owns 75,070 shares of the company’s stock, valued at approximately $2,376,716.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 217,635 shares of company stock valued at $7,417,668. Company insiders own 4.55% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in shares of La-Z-Boy by 9.6% during the second quarter. BlackRock Inc. now owns 6,602,851 shares of the company’s stock worth $202,048,000 after purchasing an additional 579,379 shares in the last quarter. Northern Trust Corp grew its position in shares of La-Z-Boy by 4.5% during the second quarter. Northern Trust Corp now owns 1,272,785 shares of the company’s stock worth $38,948,000 after purchasing an additional 55,269 shares in the last quarter. Royce & Associates LP grew its position in shares of La-Z-Boy by 12.2% during the second quarter. Royce & Associates LP now owns 1,042,460 shares of the company’s stock worth $31,899,000 after purchasing an additional 113,502 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of La-Z-Boy by 0.9% during the third quarter. Bank of New York Mellon Corp now owns 726,373 shares of the company’s stock worth $22,954,000 after purchasing an additional 6,287 shares in the last quarter. Finally, LSV Asset Management grew its position in shares of La-Z-Boy by 5.0% during the third quarter. LSV Asset Management now owns 670,556 shares of the company’s stock worth $21,189,000 after purchasing an additional 32,200 shares in the last quarter. Hedge funds and other institutional investors own 91.22% of the company’s stock.

LZB traded down $0.46 during midday trading on Tuesday, reaching $28.74. The company had a trading volume of 4,427 shares, compared to its average volume of 362,366. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of 15.92 and a beta of 1.11. La-Z-Boy has a 1 year low of $26.50 and a 1 year high of $39.15.

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 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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