Bank of America Corp DE acquired a new stake in La-Z-Boy Incorporated (NYSE:LZB - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 432,342 shares of the company's stock, valued at approximately $17,346,000. Bank of America Corp DE owned about 1.08% of La-Z-Boy as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of La-Z-Boy in the 2nd quarter valued at about $265,535,000. Dimensional Fund Advisors LP lifted its position in shares of La-Z-Boy by 1.5% during 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 during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of La-Z-Boy by 2.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 755,267 shares of the company's stock valued at $24,085,000 after purchasing an additional 18,997 shares during the period. William Blair Investment Management LLC acquired a new position in shares of La-Z-Boy during the second quarter valued at about $19,511,000. Finally, Systematic Financial Management LP boosted its position in shares of La-Z-Boy by 4.6% during the 1st quarter. Systematic Financial Management LP now owns 591,840 shares of the company's stock worth $19,022,000 after purchasing an additional 26,009 shares in the last quarter. 99.62% of the stock is owned by institutional investors.
La-Z-Boy Price Performance
NYSE LZB opened at $29.92 on Friday. The company has a fifty day moving average price of $35.75 and a 200-day moving average price of $35.91. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 1.10 and a beta of 1.23. La-Z-Boy Incorporated has a 1 year low of $29.03 and a 1 year high of $44.90.
La-Z-Boy (NYSE:LZB - Get Free Report) last issued its quarterly earnings data on Tuesday, August 18th. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.49 by ($0.06). The firm 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%.The company's revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.47 earnings per share. On average, research analysts anticipate that La-Z-Boy Incorporated will post 2.53 EPS for the current fiscal year.
La-Z-Boy Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Thursday, September 3rd were issued a $0.2420 dividend. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Thursday, September 3rd. La-Z-Boy's payout ratio is 49.24%.
Analyst Ratings Changes
Several analysts have recently commented on the company. KeyCorp reduced their target price on La-Z-Boy from $46.00 to $40.00 and set an "overweight" rating for the company in a research note on Thursday, August 20th. Zacks Research downgraded La-Z-Boy from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 20th. Wall Street Zen cut La-Z-Boy from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings downgraded shares of La-Z-Boy from a "buy (b-)" rating to a "hold (c)" rating in a report on Thursday, August 20th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, La-Z-Boy has a consensus rating of "Hold" and a consensus target price of $39.50.
Read Our Latest Stock Report on LZB
Insider Activity at La-Z-Boy
In related news, insider Terrence Linz sold 2,500 shares of La-Z-Boy stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $40.23, for a total value of $100,575.00. Following the sale, the insider owned 64,383 shares of the company's stock, valued at approximately $2,590,128.09. The trade was a 3.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Robert Sundy, II sold 5,000 shares of the firm's stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $30.85, for a total value of $154,250.00. Following the completion of the sale, the insider directly owned 59,297 shares of the company's stock, valued at $1,829,312.45. This represents a 7.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 24,824 shares of company stock worth $915,324. 3.12% of the stock is currently owned by corporate insiders.
About La-Z-Boy
(
Free Report)
La-Z-Boy Incorporated is a residential furniture manufacturer and retailer best known for its upholstered recliners. The company offers a broad range of furniture for living rooms, family rooms, bedrooms and other areas of the home, including recliners, sofas, sectionals, chairs, ottomans, tables, beds and complementary home furnishings.
Founded in 1927 in Monroe, Michigan, La-Z-Boy built its reputation around its reclining chair and has expanded into a full-service home furnishings company.
Further Reading
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