First Trust Advisors LP Sells 399,480 Shares of La-Z-Boy Incorporated $LZB

Key Points

• First Trust Advisors LP cut its La-Z-Boy stake by 40.7%, selling 399,480 shares during the first quarter and retaining 581,626 shares worth approximately $18.7 million. Institutional investors collectively own 99.62% of the company.
• La-Z-Boy insiders sold 66,299 shares valued at roughly $2.68 million over the past 90 days, including sales by an insider and the chief accounting officer.
• Analyst sentiment is favorable, with a consensus rating of “Moderate Buy” and a $39 price target. The company also exceeded quarterly earnings expectations, reporting $1.26 in EPS versus the $0.82 consensus estimate.

First Trust Advisors LP lowered its stake in La-Z-Boy Incorporated (NYSE:LZB - Free Report) by 40.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 581,626 shares of the company's stock after selling 399,480 shares during the quarter. First Trust Advisors LP owned 1.42% of La-Z-Boy worth $18,693,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in LZB. Franklin Resources Inc. lifted its holdings in shares of La-Z-Boy by 208.8% during the 3rd quarter. Franklin Resources Inc. now owns 1,492,928 shares of the company's stock valued at $51,237,000 after buying an additional 1,009,428 shares during the period. M&T Bank Corp bought a new stake in shares of La-Z-Boy in the fourth quarter worth $18,433,000. Goldman Sachs Group Inc. grew its holdings in shares of La-Z-Boy by 100.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 627,638 shares of the company's stock worth $23,392,000 after acquiring an additional 313,932 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in La-Z-Boy by 46.3% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 895,003 shares of the company's stock valued at $33,357,000 after acquiring an additional 283,364 shares during the last quarter. Finally, Qube Research & Technologies Ltd increased its position in La-Z-Boy by 64.5% during the second quarter. Qube Research & Technologies Ltd now owns 391,470 shares of the company's stock valued at $14,551,000 after acquiring an additional 153,498 shares during the last quarter. Institutional investors own 99.62% of the company's stock.

Insider Buying and Selling at La-Z-Boy

In other news, insider Terrence James Linz sold 2,500 shares of the firm's stock in a transaction dated Tuesday, June 30th. The stock was 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 of the company's stock, valued at $2,590,128.09. This trade represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jennifer Lynn Mccurry sold 3,715 shares of La-Z-Boy stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $41.05, for a total value of $152,500.75. Following the transaction, the chief accounting officer directly owned 16,763 shares in the company, valued at approximately $688,121.15. The trade was a 18.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 66,299 shares of company stock valued at $2,677,491 in the last ninety days. 3.12% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on LZB shares. Weiss Ratings raised La-Z-Boy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, July 1st. Wall Street Zen raised shares of La-Z-Boy from a "hold" rating to a "buy" rating in a research report on Sunday, July 5th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, La-Z-Boy currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.00.

La-Z-Boy Price Performance

Shares of La-Z-Boy stock opened at $40.82 on Thursday. La-Z-Boy Incorporated has a 1-year low of $29.03 and a 1-year high of $44.90. The company's fifty day simple moving average is $38.82 and its 200-day simple moving average is $36.65. The stock has a market capitalization of $1.63 billion, a PE ratio of 16.53, a P/E/G ratio of 1.26 and a beta of 1.25.

La-Z-Boy (NYSE:LZB - Get Free Report) last posted its quarterly earnings data on Tuesday, June 16th. The company reported $1.26 EPS for the quarter, topping the consensus estimate of $0.82 by $0.44. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.The firm had revenue of $570.34 million during the quarter, compared to analyst estimates of $569.23 million. During the same period in the prior year, the business posted $0.36 EPS. La-Z-Boy's revenue was down .1% on a year-over-year basis. As a group, research analysts anticipate that La-Z-Boy Incorporated will post 2.98 EPS for the current year.

About La-Z-Boy

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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