Bank of New York Mellon Corp Reduces Holdings in La-Z-Boy Incorporated (NYSE:LZB)

Bank of New York Mellon Corp cut its stake in shares of La-Z-Boy Incorporated (NYSE:LZB - Free Report) by 5.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 445,288 shares of the company's stock after selling 26,354 shares during the quarter. Bank of New York Mellon Corp owned 1.08% of La-Z-Boy worth $17,406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Johnson Financial Group Inc. lifted its holdings in shares of La-Z-Boy by 2,394.1% in the 4th quarter. Johnson Financial Group Inc. now owns 1,696 shares of the company's stock worth $80,000 after acquiring an additional 1,628 shares during the last quarter. Bank of Montreal Can bought a new stake in La-Z-Boy during the 4th quarter valued at $203,000. iSAM Funds UK Ltd bought a new stake in La-Z-Boy during the 4th quarter valued at $205,000. Bridgefront Capital LLC bought a new stake in La-Z-Boy during the 4th quarter valued at $214,000. Finally, Bayesian Capital Management LP bought a new stake in La-Z-Boy during the 4th quarter valued at $256,000. 99.62% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wall Street Zen downgraded shares of La-Z-Boy from a "buy" rating to a "hold" rating in a research report on Sunday, June 22nd. KeyCorp raised shares of La-Z-Boy from a "sector weight" rating to an "overweight" rating and set a $46.00 price objective on the stock in a research report on Friday, April 25th.

La-Z-Boy Price Performance

La-Z-Boy stock traded down $0.32 during mid-day trading on Friday, reaching $37.85. The stock had a trading volume of 337,197 shares, compared to its average volume of 476,242. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 16.04 and a beta of 1.26. The company has a 50-day moving average price of $40.19 and a two-hundred day moving average price of $41.34. La-Z-Boy Incorporated has a one year low of $35.18 and a one year high of $48.31.

La-Z-Boy (NYSE:LZB - Get Free Report) last posted its earnings results on Tuesday, June 17th. The company reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.01). The company had revenue of $570.87 million for the quarter, compared to the consensus estimate of $557.44 million. La-Z-Boy had a net margin of 4.72% and a return on equity of 12.08%. La-Z-Boy's revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 EPS. On average, equities research analysts anticipate that La-Z-Boy Incorporated will post 2.99 earnings per share for the current fiscal year.

La-Z-Boy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Tuesday, June 3rd were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Tuesday, June 3rd. La-Z-Boy's dividend payout ratio (DPR) is presently 37.29%.

La-Z-Boy Company Profile

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Wholesale, Retail, Corporate and Other segments. The Wholesale segment manufactures, and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas; and imports, distributes, and retails casegoods (wood) furniture, including occasional pieces, bedroom sets, dining room sets, entertainment centers, and occasional pieces.