Brown Advisory Inc. Lowers Position in La-Z-Boy Incorporated (NYSE:LZB)

Brown Advisory Inc. lowered its stake in shares of La-Z-Boy Incorporated (NYSE:LZB - Free Report) by 2.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 681,889 shares of the company's stock after selling 16,801 shares during the period. Brown Advisory Inc. owned approximately 1.65% of La-Z-Boy worth $26,655,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. TD Private Client Wealth LLC boosted its position in shares of La-Z-Boy by 22.8% during the 1st quarter. TD Private Client Wealth LLC now owns 1,355 shares of the company's stock worth $53,000 after purchasing an additional 252 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of La-Z-Boy by 7.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 14,944 shares of the company's stock worth $584,000 after purchasing an additional 1,057 shares during the period. Principal Financial Group Inc. boosted its position in La-Z-Boy by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 229,505 shares of the company's stock valued at $8,971,000 after buying an additional 5,822 shares during the period. Allspring Global Investments Holdings LLC boosted its position in La-Z-Boy by 273.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 537,314 shares of the company's stock valued at $21,262,000 after buying an additional 393,365 shares during the period. Finally, Illinois Municipal Retirement Fund raised its holdings in shares of La-Z-Boy by 6.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 23,914 shares of the company's stock valued at $935,000 after purchasing an additional 1,414 shares in the last quarter. Hedge funds and other institutional investors own 99.62% of the company's stock.

Analysts Set New Price Targets

LZB has been the topic of several research analyst reports. KeyCorp upgraded shares of La-Z-Boy from a "sector weight" rating to an "overweight" rating and set a $46.00 price target on the stock in a research note on Friday, April 25th. Wall Street Zen downgraded shares of La-Z-Boy from a "buy" rating to a "hold" rating in a research report on Sunday, June 22nd.

La-Z-Boy Stock Performance

La-Z-Boy stock traded down $0.83 during midday trading on Friday, hitting $39.21. 357,122 shares of the company's stock were exchanged, compared to its average volume of 477,699. La-Z-Boy Incorporated has a 12-month low of $35.18 and a 12-month high of $48.31. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 16.61 and a beta of 1.26. The firm's 50 day simple moving average is $40.54 and its 200 day simple moving average is $41.55.

La-Z-Boy (NYSE:LZB - Get Free Report) last issued its quarterly earnings data on Tuesday, June 17th. The company reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.01). La-Z-Boy had a return on equity of 12.08% and a net margin of 4.72%. The business had revenue of $570.87 million for the quarter, compared to analysts' expectations of $557.44 million. During the same period in the previous year, the business posted $0.95 earnings per share. The company's revenue for the quarter was up 3.1% on a year-over-year basis. On average, equities research 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 issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.24%. The ex-dividend date was Tuesday, June 3rd. La-Z-Boy's payout ratio is 37.29%.

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.