Zacks: Brokerages Expect La-Z-Boy Incorporated (LZB) Will Announce Quarterly Sales of $468.43 Million
Wall Street analysts forecast that La-Z-Boy Incorporated (NYSE:LZB) will announce $468.43 million in sales for the current quarter, according to Zacks. Three analysts have issued estimates for La-Z-Boy’s earnings, with the lowest sales estimate coming in at $463.89 million and the highest estimate coming in at $472.50 million. La-Z-Boy reported sales of $420.03 million during the same quarter last year, which would suggest a positive year over year growth rate of 11.5%. The company is scheduled to announce its next quarterly earnings results on Tuesday, June 18th.
According to Zacks, analysts expect that La-Z-Boy will report full-year sales of $1.76 billion for the current financial year, with estimates ranging from $1.75 billion to $1.76 billion. For the next fiscal year, analysts anticipate that the company will post sales of $1.86 billion, with estimates ranging from $1.85 billion to $1.87 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover La-Z-Boy.
La-Z-Boy (NYSE:LZB) last announced its earnings results on Tuesday, February 19th. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.08. La-Z-Boy had a net margin of 5.92% and a return on equity of 15.94%. The business had revenue of $467.58 million during the quarter, compared to analysts’ expectations of $457.17 million.
In related news, insider Darrell Dewain Edwards sold 1,777 shares of the stock in a transaction dated Thursday, February 21st. The shares were sold at an average price of $36.02, for a total transaction of $64,007.54. Following the completion of the transaction, the insider now directly owns 31,947 shares of the company’s stock, valued at $1,150,730.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Douglas Collier sold 49,635 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $32.71, for a total transaction of $1,623,560.85. Following the transaction, the insider now directly owns 65,594 shares of the company’s stock, valued at $2,145,579.74. The disclosure for this sale can be found here. Insiders have sold 230,598 shares of company stock valued at $7,842,411 over the last three months. 4.55% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of LZB. Wells Fargo & Company MN grew its position in La-Z-Boy by 43.3% during the third quarter. Wells Fargo & Company MN now owns 149,490 shares of the company’s stock worth $4,724,000 after buying an additional 45,197 shares during the period. Bank of New York Mellon Corp grew its position in 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 buying an additional 6,287 shares during the period. PNC Financial Services Group Inc. grew its position in La-Z-Boy by 79.3% during the third quarter. PNC Financial Services Group Inc. now owns 10,013 shares of the company’s stock worth $316,000 after buying an additional 4,430 shares during the period. BlackRock Inc. grew its position in La-Z-Boy by 3.2% during the third quarter. BlackRock Inc. now owns 6,812,974 shares of the company’s stock worth $215,291,000 after buying an additional 210,123 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in La-Z-Boy during the third quarter worth about $400,000. 92.24% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:LZB traded up $0.28 on Tuesday, reaching $33.29. The company’s stock had a trading volume of 387,500 shares, compared to its average volume of 312,112. La-Z-Boy has a 52-week low of $25.30 and a 52-week high of $39.15. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 18.43 and a beta of 0.95.
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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