Bank of New York Mellon Corp bought a new position in La-Z-Boy Incorporated (NYSE:LZB - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 427,657 shares of the company's stock, valued at approximately $17,158,000. Bank of New York Mellon Corp owned about 1.07% of La-Z-Boy as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Royal Bank of Canada boosted its position in La-Z-Boy by 11.1% in the first quarter. Royal Bank of Canada now owns 16,056 shares of the company's stock worth $628,000 after purchasing an additional 1,598 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in La-Z-Boy by 3.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,836 shares of the company's stock valued at $971,000 after purchasing an additional 769 shares during the period. Norges Bank purchased a new stake in shares of La-Z-Boy during the 2nd quarter valued at $404,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of La-Z-Boy during the 2nd quarter valued at $736,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of La-Z-Boy by 290.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company's stock worth $33,000 after purchasing an additional 670 shares during the period. 99.62% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, CEO Melinda D. Whittington sold 26,639 shares of the company's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $40.24, for a total transaction of $1,071,953.36. Following the sale, the chief executive officer owned 316,038 shares of the company's stock, valued at approximately $12,717,369.12. This represents a 7.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer Lynn Mccurry sold 3,715 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $41.05, for a total transaction of $152,500.75. Following the completion of the sale, the chief accounting officer owned 16,763 shares in the company, valued at $688,121.15. This represents a 18.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 66,299 shares of company stock worth $2,677,491 over the last quarter. Insiders own 3.12% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the stock. KeyCorp decreased their price objective on shares of La-Z-Boy from $46.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, August 20th. Weiss Ratings cut shares of La-Z-Boy from a "buy (b-)" rating to a "hold (c)" rating in a research note on Thursday, August 20th. Wall Street Zen downgraded shares of La-Z-Boy from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Zacks Research lowered shares of La-Z-Boy from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 20th. Three research 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's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $39.50.
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La-Z-Boy Stock Performance
LZB stock opened at $31.58 on Tuesday. The stock has a fifty day moving average of $38.94 and a 200-day moving average of $36.59. La-Z-Boy Incorporated has a fifty-two week low of $29.03 and a fifty-two week high of $44.90. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 1.10 and a beta of 1.27.
La-Z-Boy (NYSE:LZB - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $501.44 million. La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. La-Z-Boy's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period last year, the company earned $0.47 earnings per share. Equities analysts predict that La-Z-Boy Incorporated will post 2.7 EPS for the current year.
La-Z-Boy Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Thursday, September 3rd will be issued a dividend of $0.242 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $0.97 dividend on an annualized basis and a yield of 3.1%. La-Z-Boy's dividend payout ratio is 49.24%.
La-Z-Boy 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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