LSV Asset Management Raises Stake in La-Z-Boy Incorporated (NYSE:LZB)

Key Points

• LSV Asset Management increased its stake in La-Z-Boy Incorporated by 5.0% during the first quarter, owning 1,604,462 shares valued at approximately $62.72 million.
• Institutional investors collectively own 99.62% of La-Z-Boy's stock, indicating significant confidence from large financial entities in the company.
• Despite a reported revenue of $570.87 million, La-Z-Boy's EPS was $0.92, which was slightly below the estimated $0.93, reflecting ongoing challenges in meeting market expectations.

LSV Asset Management lifted its holdings in shares of La-Z-Boy Incorporated (NYSE:LZB - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,604,462 shares of the company's stock after buying an additional 76,925 shares during the quarter. LSV Asset Management owned approximately 3.89% of La-Z-Boy worth $62,718,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. TD Private Client Wealth LLC raised its stake 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 buying an additional 252 shares during the period. PFG Advisors increased its position in shares of La-Z-Boy by 2.6% during the first quarter. PFG Advisors now owns 11,797 shares of the company's stock worth $461,000 after purchasing an additional 298 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of La-Z-Boy by 0.6% during the fourth quarter. Alliancebernstein L.P. now owns 48,545 shares of the company's stock worth $2,115,000 after purchasing an additional 301 shares in the last quarter. Allianz Asset Management GmbH increased its position in shares of La-Z-Boy by 0.8% during the first quarter. Allianz Asset Management GmbH now owns 45,164 shares of the company's stock worth $1,765,000 after purchasing an additional 346 shares in the last quarter. Finally, State of Tennessee Department of Treasury increased its position in shares of La-Z-Boy by 1.5% during the fourth quarter. State of Tennessee Department of Treasury now owns 24,504 shares of the company's stock worth $1,068,000 after purchasing an additional 359 shares in the last quarter. 99.62% of the stock is owned by institutional investors and hedge funds.

La-Z-Boy Trading Up 0.6%

NYSE:LZB traded up $0.20 during trading hours on Wednesday, hitting $36.43. The company had a trading volume of 41,056 shares, compared to its average volume of 489,309. The company has a 50-day moving average of $38.79 and a 200 day moving average of $40.79. The company has a market cap of $1.50 billion, a P/E ratio of 15.41 and a beta of 1.26. La-Z-Boy Incorporated has a 1 year low of $34.89 and a 1 year high of $48.31.

La-Z-Boy (NYSE:LZB - Get Free Report) last issued its earnings results 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). The company had revenue of $570.87 million during the quarter, compared to analysts' expectations of $557.44 million. La-Z-Boy had a net margin of 4.72% and a return on equity of 12.08%. The firm's quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 earnings per share. On average, analysts forecast that La-Z-Boy Incorporated will post 2.99 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on LZB shares. KeyCorp upgraded La-Z-Boy from a "sector weight" rating to an "overweight" rating and set a $46.00 price target for the company in a research report on Friday, April 25th. Wall Street Zen cut La-Z-Boy from a "buy" rating to a "hold" rating in a research report on Sunday, June 22nd.

La-Z-Boy Profile

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.