Legal & General Group Plc acquired a new position in La-Z-Boy Incorporated (NYSE:LZB - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 99,802 shares of the company's stock, valued at approximately $4,004,000. Legal & General Group Plc owned 0.25% of La-Z-Boy at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company bought a new stake in shares of La-Z-Boy during the 2nd quarter valued at about $678,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in La-Z-Boy in the second quarter worth about $1,000,000. Pinnacle Holdings LLC acquired a new position in La-Z-Boy in the second quarter valued at approximately $1,372,000. Commerce Bank acquired a new position in La-Z-Boy in the second quarter valued at approximately $223,000. Finally, William Blair Investment Management LLC bought a new position in shares of La-Z-Boy during the second quarter valued at approximately $19,511,000. Institutional investors own 99.62% of the company's stock.
La-Z-Boy Stock Up 2.4%
Shares of LZB stock opened at $32.72 on Friday. The stock has a 50-day simple moving average of $38.22 and a 200 day simple moving average of $36.44. La-Z-Boy Incorporated has a fifty-two week low of $29.03 and a fifty-two week high of $44.90. The stock has a market capitalization of $1.31 billion, a P/E ratio of 16.61, a P/E/G ratio of 1.08 and a beta of 1.23.
La-Z-Boy (NYSE:LZB - Get Free Report) last issued its quarterly earnings results on Tuesday, August 18th. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.06). The business had revenue of $475.69 million during the quarter, compared to the consensus estimate of $501.44 million. La-Z-Boy had a return on equity of 11.79% and a net margin of 3.86%.La-Z-Boy's revenue was down 3.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.47 earnings per share. On average, sell-side analysts anticipate that La-Z-Boy Incorporated will post 2.7 earnings per share for the current year.
La-Z-Boy Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Thursday, September 3rd will be given a $0.242 dividend. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 3rd. La-Z-Boy's dividend payout ratio is 49.24%.
Insider Buying and Selling at La-Z-Boy
In related news, SVP Michael Leggett sold 9,000 shares of the business's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $41.66, for a total transaction of $374,940.00. Following the transaction, the senior vice president directly owned 47,551 shares of the company's stock, valued at approximately $1,980,974.66. The trade was a 15.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Raphaell Z. Richmond sold 13,671 shares of the company's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $39.83, for a total transaction of $544,515.93. Following the completion of the transaction, the vice president owned 51,695 shares in the company, valued at approximately $2,059,011.85. This represents a 20.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 66,299 shares of company stock valued at $2,677,491 in the last 90 days. Corporate insiders own 3.12% of the company's stock.
Analysts Set New Price Targets
LZB has been the subject of a number of analyst reports. Weiss Ratings lowered La-Z-Boy from a "buy (b-)" rating to a "hold (c)" rating in a research report on Thursday, August 20th. KeyCorp cut their target price on La-Z-Boy from $46.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, August 20th. Zacks Research downgraded shares of La-Z-Boy from a "hold" rating to a "strong sell" rating in a report on Thursday, August 20th. Finally, Wall Street Zen lowered shares of La-Z-Boy from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $39.50.
Get Our Latest Analysis on La-Z-Boy
La-Z-Boy Company Profile
(
Free Report)
La-Z-Boy Incorporated NYSE: LZB is a leading U.S. manufacturer and marketer of residential furniture, best known for its upholstered recliners, sofas, stationary chairs and sleeper sofas. The company offers a broad range of products in both fabric and leather, complemented by occasional tables, desks, lamps and other home furnishings through its branded retail network.
Founded in 1927 by cousins Edward Knabusch and Edwin Shoemaker in Monroe, Michigan, La-Z-Boy pioneered the modern reclining chair.
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