Empowered Funds LLC bought a new position in La-Z-Boy Incorporated (NYSE:LZB - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 161,394 shares of the company's stock, valued at approximately $6,475,000. Empowered Funds LLC owned about 0.40% of La-Z-Boy at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Public Employees Retirement System of Ohio bought a new stake in shares of La-Z-Boy during the second quarter valued at approximately $560,000. Bank of America Corp DE bought a new position in La-Z-Boy in the 2nd quarter worth approximately $17,346,000. Jupiter Topco LLC bought a new position in La-Z-Boy in the 2nd quarter worth approximately $674,000. Hsbc Holdings PLC bought a new position in La-Z-Boy in the 2nd quarter worth approximately $1,546,000. Finally, Legal & General Group Plc acquired a new position in La-Z-Boy during the 2nd quarter worth $4,004,000. 99.62% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research analysts have commented on the company. KeyCorp decreased 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 La-Z-Boy from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. 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. Based on data from MarketBeat, La-Z-Boy has a consensus rating of "Hold" and a consensus price target of $39.50.
View Our Latest Report on LZB
La-Z-Boy Price Performance
LZB opened at $32.57 on Monday. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 1.10 and a beta of 1.27. The firm has a 50 day simple moving average of $39.11 and a 200 day simple moving average of $36.64. La-Z-Boy Incorporated has a fifty-two week low of $29.03 and a fifty-two week 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). La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. The business had revenue of $475.69 million during the quarter, compared to analyst estimates of $501.44 million. During the same quarter in the prior year, the company earned $0.47 earnings per share. The company's quarterly revenue was down 3.4% on a year-over-year basis. As a group, analysts expect that La-Z-Boy Incorporated will post 2.7 EPS for the current year.
La-Z-Boy Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Thursday, September 3rd will be given a $0.242 dividend. This represents a $0.97 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Thursday, September 3rd. La-Z-Boy's dividend payout ratio (DPR) is currently 49.24%.
Insiders Place Their Bets
In other La-Z-Boy news, VP Raphaell Z. Richmond sold 13,671 shares of the firm's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $39.83, for a total transaction of $544,515.93. Following the transaction, the vice president owned 51,695 shares in the company, valued at approximately $2,059,011.85. This trade represents a 20.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Melinda D. Whittington sold 26,639 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $40.24, for a total value of $1,071,953.36. Following the transaction, the chief executive officer owned 316,038 shares in the company, valued at approximately $12,717,369.12. This trade represents a 7.77% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 66,299 shares of company stock worth $2,677,491 over the last three months. Insiders own 3.12% of the company's stock.
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider La-Z-Boy, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and La-Z-Boy wasn't on the list.
While La-Z-Boy currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The AI boom extends far beyond the biggest tech names. Discover 10 companies supplying the memory, storage, networking, semiconductor manufacturing, and power infrastructure that make AI possible. Learn where the next wave of AI investment opportunities may emerge—and the key risks investors should watch as the global AI buildout accelerates.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
