Hsbc Holdings PLC bought a new stake in La-Z-Boy Incorporated (NYSE:LZB - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 38,535 shares of the company's stock, valued at approximately $1,546,000. Hsbc Holdings PLC owned about 0.10% of La-Z-Boy at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in LZB. Versant Capital Management Inc boosted its stake in La-Z-Boy by 172.8% in the 2nd quarter. Versant Capital Management Inc now owns 652 shares of the company's stock worth $26,000 after buying an additional 413 shares during the last quarter. Quarry LP increased its stake in shares of La-Z-Boy by 4,785.7% during the 4th quarter. Quarry LP now owns 684 shares of the company's stock valued at $25,000 after acquiring an additional 670 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of La-Z-Boy during the 2nd quarter valued at about $28,000. EverSource Wealth Advisors LLC lifted its holdings in shares of La-Z-Boy by 290.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company's stock worth $33,000 after acquiring an additional 670 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of La-Z-Boy by 99.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company's stock worth $42,000 after acquiring an additional 567 shares during the period. 99.62% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at La-Z-Boy
In other news, VP Raphaell Z. Richmond sold 13,671 shares of the stock in a transaction on Monday, June 29th. The shares were sold at an average price of $39.83, for a total value of $544,515.93. Following the completion of the sale, the vice president owned 51,695 shares of the company's stock, valued at $2,059,011.85. This represents a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Melinda D. Whittington sold 7,364 shares of the firm's stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $40.00, for a total transaction of $294,560.00. Following the completion of the transaction, the chief executive officer directly owned 415,061 shares in the company, valued at approximately $16,602,440. This represents a 1.74% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 66,299 shares of company stock valued at $2,677,491 over the last quarter. Company insiders own 3.12% of the company's stock.
Analysts Set New Price Targets
Several research firms recently issued reports on LZB. 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. Weiss Ratings lowered shares of La-Z-Boy from a "buy (b-)" rating to a "hold (c)" rating in a research report on Thursday, August 20th. Zacks Research lowered shares of La-Z-Boy from a "hold" rating to a "strong sell" rating in a report on Thursday, August 20th. Finally, KeyCorp decreased their price target on shares of La-Z-Boy from $46.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, August 20th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, La-Z-Boy currently has a consensus rating of "Hold" and a consensus price target of $39.50.
Check Out Our Latest Analysis on LZB
La-Z-Boy Price Performance
La-Z-Boy stock opened at $31.58 on Tuesday. The company has a market cap of $1.26 billion, a price-to-earnings ratio of 16.03, a price-to-earnings-growth ratio of 1.10 and a beta of 1.27. La-Z-Boy Incorporated has a 12 month low of $29.03 and a 12 month high of $44.90. The stock's 50-day moving average is $38.94 and its 200-day moving average is $36.59.
La-Z-Boy (NYSE:LZB - Get Free Report) last issued its earnings results on Tuesday, August 18th. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.49 by ($0.06). The firm had revenue of $475.69 million for the quarter, compared to analysts' expectations of $501.44 million. La-Z-Boy had a return on equity of 11.79% and a net margin of 3.86%.The firm'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. Research analysts anticipate that La-Z-Boy Incorporated will post 2.7 EPS for the current year.
La-Z-Boy Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Thursday, September 3rd will be paid a dividend of $0.242 per share. This represents a $0.97 annualized dividend and a yield of 3.1%. The ex-dividend date is Thursday, September 3rd. La-Z-Boy's payout ratio is currently 49.24%.
La-Z-Boy Company Profile
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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.
See Also
Want to see what other hedge funds are holding LZB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for La-Z-Boy Incorporated (NYSE:LZB - Free Report).
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