Bank of New York Mellon Corp Sells 26,354 Shares of La-Z-Boy Incorporated (NYSE:LZB)

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

A number of other hedge funds have also modified their holdings of the stock. Johnson Financial Group Inc. boosted its position 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 purchasing an additional 1,628 shares during the last quarter. Bank of Montreal Can bought a new position in shares of La-Z-Boy in the 4th quarter worth $203,000. iSAM Funds UK Ltd bought a new position in shares of La-Z-Boy in the 4th quarter worth $205,000. Bridgefront Capital LLC bought a new position in shares of La-Z-Boy in the 4th quarter worth $214,000. Finally, Bayesian Capital Management LP bought a new position in shares of La-Z-Boy in the 4th quarter worth $256,000. 99.62% of the stock is owned by institutional investors and hedge funds.

La-Z-Boy Trading Up 1.9%

Shares of La-Z-Boy stock traded up $0.71 during trading on Tuesday, reaching $38.35. The stock had a trading volume of 495,378 shares, compared to its average volume of 476,454. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 16.25 and a beta of 1.26. The stock has a fifty day moving average price of $39.97 and a two-hundred day moving average price of $41.26. La-Z-Boy Incorporated has a 52 week low of $35.18 and a 52 week high of $48.31.

La-Z-Boy (NYSE:LZB - Get Free Report) last issued its quarterly earnings results on Tuesday, June 17th. The company reported $0.92 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.01). The firm had revenue of $570.87 million during 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%. The business's revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 earnings per share. On average, equities analysts forecast that La-Z-Boy Incorporated will post 2.99 EPS for the current fiscal year.

La-Z-Boy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Tuesday, June 3rd were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.29%. The ex-dividend date was Tuesday, June 3rd. La-Z-Boy's payout ratio is 37.29%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on LZB shares. KeyCorp upgraded La-Z-Boy from a "sector weight" rating to an "overweight" rating and set a $46.00 target price on the stock in a report on Friday, April 25th. Wall Street Zen lowered La-Z-Boy from a "buy" rating to a "hold" rating in a report on Sunday, June 22nd.

About La-Z-Boy

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.