Access Investment Management LLC Acquires 93,630 Shares of La-Z-Boy Incorporated $LZB

Key Points

• Access Investment Management more than doubled its La-Z-Boy position in the first quarter, purchasing 93,630 additional shares to hold 184,375 shares valued at approximately $5.9 million.
• Institutional investors own 99.62% of La-Z-Boy’s outstanding stock, while analysts maintain a “Moderate Buy” consensus with an average price target of $39.00.
• La-Z-Boy exceeded quarterly earnings expectations, reporting $1.26 in EPS versus the $0.82 estimate on $570.34 million in revenue, though revenue edged down year over year; company insiders sold 66,299 shares over the past 90 days.

Access Investment Management LLC grew its position in La-Z-Boy Incorporated (NYSE:LZB - Free Report) by 103.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 184,375 shares of the company's stock after purchasing an additional 93,630 shares during the quarter. La-Z-Boy makes up approximately 1.6% of Access Investment Management LLC's portfolio, making the stock its 26th largest holding. Access Investment Management LLC owned 0.45% of La-Z-Boy worth $5,926,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in La-Z-Boy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 4,814,114 shares of the company's stock valued at $179,422,000 after buying an additional 38,513 shares during the period. M&T Bank Corp acquired a new stake in La-Z-Boy in the 4th quarter valued at $18,433,000. Systematic Financial Management LP lifted its holdings in La-Z-Boy by 4.6% during the 1st quarter. Systematic Financial Management LP now owns 591,840 shares of the company's stock valued at $19,022,000 after purchasing an additional 26,009 shares during the last quarter. William Blair Investment Management LLC grew its position in La-Z-Boy by 13.1% during the 4th quarter. William Blair Investment Management LLC now owns 719,246 shares of the company's stock worth $26,806,000 after acquiring an additional 83,149 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in La-Z-Boy by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,694,255 shares of the company's stock valued at $86,594,000 after acquiring an additional 38,870 shares in the last quarter. Institutional investors own 99.62% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of La-Z-Boy from a "hold" rating to a "buy" rating in a report on Sunday, July 5th. Weiss Ratings upgraded shares of La-Z-Boy from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, July 1st. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, La-Z-Boy presently has an average rating of "Moderate Buy" and a consensus price target of $39.00.

La-Z-Boy Trading Down 1.9%

Shares of LZB opened at $39.37 on Friday. The stock has a market capitalization of $1.58 billion, a P/E ratio of 15.94, a price-to-earnings-growth ratio of 1.23 and a beta of 1.25. La-Z-Boy Incorporated has a 12 month low of $29.03 and a 12 month high of $44.90. The firm's fifty day simple moving average is $38.94 and its two-hundred day simple moving average is $36.68.

La-Z-Boy (NYSE:LZB - Get Free Report) last issued its quarterly earnings data on Tuesday, June 16th. The company reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $0.82 by $0.44. The firm had revenue of $570.34 million during the quarter, compared to analyst estimates of $569.23 million. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.The company's revenue for the quarter was down .1% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 EPS. As a group, research analysts predict that La-Z-Boy Incorporated will post 2.98 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Melinda D. Whittington sold 26,639 shares of the company's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $40.24, for a total transaction of $1,071,953.36. Following the sale, the chief executive officer directly owned 316,038 shares in the company, valued at $12,717,369.12. This represents a 7.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Raphaell Z. Richmond sold 13,671 shares of La-Z-Boy stock in a transaction on Monday, June 29th. The shares were sold at an average price of $39.83, for a total value of $544,515.93. Following the sale, the vice president directly owned 51,695 shares of the company's stock, valued at $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 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.

La-Z-Boy Company Profile

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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