BlackRock Inc. purchased a new position in La-Z-Boy Incorporated (NYSE:LZB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,618,524 shares of the company's stock, valued at approximately $265,535,000. BlackRock Inc. owned about 16.54% of La-Z-Boy at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in LZB. Royal Bank of Canada grew 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 acquiring an additional 1,598 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in La-Z-Boy by 3.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,836 shares of the company's stock worth $971,000 after purchasing an additional 769 shares during the last quarter. Norges Bank bought a new stake in La-Z-Boy during the second quarter worth about $404,000. Arrowstreet Capital Limited Partnership bought a new stake in La-Z-Boy during the second quarter worth about $736,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of La-Z-Boy by 290.0% in 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 in the last quarter. Hedge funds and other institutional investors own 99.62% of the company's stock.
Insider Activity at La-Z-Boy
In other La-Z-Boy news, insider Terrence James Linz sold 2,500 shares of the business's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $40.23, for a total value of $100,575.00. Following the transaction, the insider owned 64,383 shares in the company, valued at approximately $2,590,128.09. The trade was a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jennifer Lynn Mccurry sold 3,715 shares of the business's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $41.05, for a total transaction of $152,500.75. Following the completion of the transaction, the chief accounting officer owned 16,763 shares in the company, valued at $688,121.15. The trade was a 18.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 66,299 shares of company stock worth $2,677,491 over the last ninety days. Insiders own 3.12% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages have recently commented on LZB. KeyCorp reduced their price objective on La-Z-Boy from $46.00 to $40.00 and set an "overweight" rating on the stock in a research report on Thursday, August 20th. Zacks Research downgraded La-Z-Boy from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 20th. Weiss Ratings lowered La-Z-Boy from a "buy (b-)" rating to a "hold (c)" rating in a research note on Thursday, August 20th. Finally, Wall Street Zen cut shares of La-Z-Boy from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued 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.
Check Out Our Latest Report on La-Z-Boy
La-Z-Boy Price Performance
LZB opened at $32.37 on Thursday. The stock's 50 day simple moving average is $39.39 and its 200 day simple moving average is $36.72. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of 16.43, a PEG ratio of 1.08 and a beta of 1.27. 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 announced its quarterly earnings data on Tuesday, August 18th. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.06). The company had revenue of $475.69 million during the quarter, compared to the consensus estimate of $501.44 million. La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. The business's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.47 EPS. As a group, sell-side analysts anticipate that La-Z-Boy Incorporated will post 2.7 EPS for the current year.
La-Z-Boy Announces Dividend
The company also recently declared 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. This represents a $0.97 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Thursday, September 3rd. La-Z-Boy's dividend payout ratio is currently 49.24%.
About La-Z-Boy
(
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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