Balyasny Asset Management L.P. Sells 273,498 Shares of La-Z-Boy Incorporated (NYSE:LZB)

Balyasny Asset Management L.P. reduced its stake in shares of La-Z-Boy Incorporated (NYSE:LZB - Free Report) by 88.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,422 shares of the company's stock after selling 273,498 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.09% of La-Z-Boy worth $1,630,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in LZB. Alliancebernstein L.P. increased its holdings in shares of La-Z-Boy by 0.6% in the fourth quarter. Alliancebernstein L.P. now owns 48,545 shares of the company's stock valued at $2,115,000 after purchasing an additional 301 shares during the period. State of Tennessee Department of Treasury increased its holdings in shares of La-Z-Boy by 1.5% in the fourth quarter. State of Tennessee Department of Treasury now owns 24,504 shares of the company's stock valued at $1,068,000 after purchasing an additional 359 shares during the period. O Shaughnessy Asset Management LLC increased its holdings in shares of La-Z-Boy by 7.8% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,282 shares of the company's stock valued at $274,000 after purchasing an additional 457 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of La-Z-Boy by 244.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 658 shares of the company's stock valued at $29,000 after purchasing an additional 467 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in La-Z-Boy by 4.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 13,887 shares of the company's stock worth $605,000 after acquiring an additional 556 shares during the period. 99.62% of the stock is owned by institutional investors and hedge funds.

La-Z-Boy Price Performance

Shares of LZB stock traded up $0.15 during trading hours on Friday, reaching $44.23. 391,606 shares of the company's stock were exchanged, compared to its average volume of 487,396. The company has a market cap of $1.83 billion, a P/E ratio of 15.20 and a beta of 1.33. The company's 50 day moving average is $39.45 and its two-hundred day moving average is $42.49. La-Z-Boy Incorporated has a 1 year low of $33.34 and a 1 year high of $48.31.

La-Z-Boy (NYSE:LZB - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.01. La-Z-Boy had a return on equity of 12.38% and a net margin of 5.92%. The company had revenue of $521.78 million during the quarter, compared to the consensus estimate of $516.47 million. As a group, analysts predict that La-Z-Boy Incorporated will post 2.99 EPS for the current fiscal year.

La-Z-Boy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Tuesday, June 3rd will be given a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $0.88 annualized dividend and a dividend yield of 1.99%. La-Z-Boy's payout ratio is 30.24%.

Analysts Set New Price Targets

Separately, KeyCorp upgraded La-Z-Boy from a "sector weight" rating to an "overweight" rating and set a $46.00 price target on the stock in a research report on Friday, April 25th.

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.