Arrowstreet Capital Limited Partnership Sells 318,184 Shares of La-Z-Boy Incorporated $LZB

Key Points

• Arrowstreet Capital cut its La-Z-Boy stake by 61.4%, selling 318,184 shares and retaining 199,719 shares worth about $6.4 million. Institutional investors and hedge funds collectively own 99.62% of the stock.
• Analyst sentiment improved, with Wall Street Zen and Weiss Ratings upgrading La-Z-Boy to “Buy.” Four analysts rate the stock Buy and one rates it Hold, with a consensus price target of $39.
• La-Z-Boy reported quarterly EPS of $1.26, beating estimates of $0.82, while revenue of $570.34 million was roughly in line with forecasts. Shares opened at $39.37, near the consensus target.

Arrowstreet Capital Limited Partnership lowered its stake in shares of La-Z-Boy Incorporated (NYSE:LZB - Free Report) by 61.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 199,719 shares of the company's stock after selling 318,184 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.49% of La-Z-Boy worth $6,419,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of LZB. Osaic Holdings Inc. raised its holdings in La-Z-Boy by 3.5% in the 2nd quarter. Osaic Holdings Inc. now owns 9,258 shares of the company's stock valued at $344,000 after acquiring an additional 310 shares in the last quarter. Raymond James Financial Inc. grew its holdings in shares of La-Z-Boy by 2.3% during the 3rd quarter. Raymond James Financial Inc. now owns 14,703 shares of the company's stock worth $505,000 after purchasing an additional 336 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in shares of La-Z-Boy by 0.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 110,619 shares of the company's stock worth $4,126,000 after purchasing an additional 363 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of La-Z-Boy by 5.1% during the first quarter. PNC Financial Services Group Inc. now owns 7,827 shares of the company's stock valued at $252,000 after purchasing an additional 379 shares during the period. Finally, State of Alaska Department of Revenue increased its position in shares of La-Z-Boy by 1.9% during the fourth quarter. State of Alaska Department of Revenue now owns 23,336 shares of the company's stock valued at $868,000 after purchasing an additional 440 shares during the period. 99.62% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

La-Z-Boy Stock Performance

Shares of LZB opened at $39.37 on Monday. The business's fifty day moving average price is $38.94 and its two-hundred day moving average price is $36.66. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 1.20 and a beta of 1.27. La-Z-Boy Incorporated has a 52 week low of $29.03 and a 52 week high of $44.90.

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

Insiders Place Their Bets

In related news, CAO Jennifer Lynn Mccurry sold 3,715 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $41.05, for a total value of $152,500.75. Following the sale, the chief accounting officer directly owned 16,763 shares in the company, valued at $688,121.15. This trade represents a 18.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Melinda D. Whittington sold 7,364 shares of the company's stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $40.00, for a total transaction of $294,560.00. Following the completion of the sale, the chief executive officer directly owned 415,061 shares of the company's stock, valued at $16,602,440. The trade was a 1.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 66,299 shares of company stock valued at $2,677,491 in the last ninety days. 3.12% of the stock is currently owned by insiders.

La-Z-Boy 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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