La-Z-Boy Incorporated (NYSE:LZB) Expected to Announce Quarterly Sales of $453.94 Million

Analysts predict that La-Z-Boy Incorporated (NYSE:LZB) will report $453.94 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for La-Z-Boy’s earnings, with the highest sales estimate coming in at $456.60 million and the lowest estimate coming in at $451.62 million. La-Z-Boy posted sales of $439.33 million during the same quarter last year, which suggests a positive year-over-year growth rate of 3.3%. The company is scheduled to issue its next earnings results after the market closes on Wednesday, November 20th.

According to Zacks, analysts expect that La-Z-Boy will report full-year sales of $1.83 billion for the current fiscal year, with estimates ranging from $1.81 billion to $1.83 billion. For the next financial year, analysts expect that the company will post sales of $1.90 billion, with estimates ranging from $1.90 billion to $1.91 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover La-Z-Boy.

La-Z-Boy (NYSE:LZB) last released its earnings results on Tuesday, August 20th. The company reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.09. The firm had revenue of $413.60 million for the quarter, compared to the consensus estimate of $415.95 million. La-Z-Boy had a net margin of 3.85% and a return on equity of 15.24%. The company’s revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 EPS.

Several brokerages recently commented on LZB. ValuEngine raised shares of La-Z-Boy from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Raymond James raised shares of La-Z-Boy from a “market perform” rating to an “outperform” rating and set a $36.00 price objective on the stock in a research report on Friday, August 23rd. Finally, Zacks Investment Research raised shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research report on Saturday, October 26th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $37.00.

In other La-Z-Boy news, SVP Darrell Dewain Edwards sold 14,820 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $33.43, for a total transaction of $495,432.60. Following the transaction, the senior vice president now owns 59,470 shares in the company, valued at approximately $1,988,082.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.02% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of LZB. Nuveen Asset Management LLC raised its stake in La-Z-Boy by 32.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,580,674 shares of the company’s stock worth $48,463,000 after acquiring an additional 388,563 shares during the period. Citadel Advisors LLC raised its stake in La-Z-Boy by 205.4% during the 2nd quarter. Citadel Advisors LLC now owns 303,654 shares of the company’s stock worth $9,311,000 after acquiring an additional 204,235 shares during the period. Renaissance Technologies LLC raised its stake in La-Z-Boy by 398.7% during the 2nd quarter. Renaissance Technologies LLC now owns 221,900 shares of the company’s stock worth $6,803,000 after acquiring an additional 177,400 shares during the period. Bank of America Corp DE raised its stake in La-Z-Boy by 83.8% during the 2nd quarter. Bank of America Corp DE now owns 346,041 shares of the company’s stock worth $10,610,000 after acquiring an additional 157,762 shares during the period. Finally, Morgan Stanley raised its stake in La-Z-Boy by 193.4% during the 2nd quarter. Morgan Stanley now owns 211,867 shares of the company’s stock worth $6,496,000 after acquiring an additional 139,663 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Shares of NYSE:LZB traded down $0.61 during midday trading on Thursday, reaching $36.35. The company’s stock had a trading volume of 178,712 shares, compared to its average volume of 343,052. The firm has a 50 day moving average of $34.28 and a 200-day moving average of $32.58. The firm has a market capitalization of $1.66 billion, a P/E ratio of 16.99 and a beta of 0.75. The company has a quick ratio of 1.13, a current ratio of 1.80 and a debt-to-equity ratio of 0.38. La-Z-Boy has a 12-month low of $25.30 and a 12-month high of $37.26.

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 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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Earnings History and Estimates for La-Z-Boy (NYSE:LZB)

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