Pinnacle Holdings LLC acquired a new position in La-Z-Boy Incorporated (NYSE:LZB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 34,204 shares of the company's stock, valued at approximately $1,372,000. Pinnacle Holdings LLC owned 0.09% of La-Z-Boy at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc grew its stake in shares of La-Z-Boy by 172.8% during the 2nd quarter. Versant Capital Management Inc now owns 652 shares of the company's stock valued at $26,000 after purchasing an additional 413 shares during the period. Quarry LP boosted its holdings in shares of La-Z-Boy by 4,785.7% in the fourth quarter. Quarry LP now owns 684 shares of the company's stock worth $25,000 after buying an additional 670 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in La-Z-Boy during the second quarter valued at approximately $28,000. EverSource Wealth Advisors LLC increased its holdings in La-Z-Boy by 290.0% during the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company's stock valued at $33,000 after buying an additional 670 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its position in La-Z-Boy by 99.0% in the second 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. Institutional investors own 99.62% of the company's stock.
Insiders Place Their Bets
In other La-Z-Boy 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 transaction of $100,575.00. Following the sale, the insider directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Adam Leggett sold 9,000 shares of the business's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $41.66, for a total value of $374,940.00. Following the completion of the transaction, the senior vice president owned 47,551 shares in the company, valued at $1,980,974.66. The trade was a 15.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 66,299 shares of company stock worth $2,677,491 in the last three months. 3.12% of the stock is owned by company insiders.
La-Z-Boy Price Performance
Shares of NYSE:LZB opened at $33.82 on Monday. The company has a market capitalization of $1.35 billion, a P/E ratio of 17.17, a P/E/G ratio of 1.13 and a beta of 1.27. La-Z-Boy Incorporated has a 1-year low of $29.03 and a 1-year high of $44.90. The firm's 50 day simple moving average is $39.73 and its two-hundred day simple moving average is $36.85.
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 (EPS) for the quarter, missing analysts' consensus estimates of $0.49 by ($0.06). The firm had revenue of $475.69 million during 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 business's revenue for the quarter was down 3.4% on a year-over-year basis. During the same period last year, the company earned $0.47 earnings per share. On average, sell-side analysts anticipate that La-Z-Boy Incorporated will post 2.7 earnings per share for the current fiscal year.
La-Z-Boy Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Thursday, September 3rd will be paid a $0.242 dividend. This represents a $0.97 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Thursday, September 3rd. La-Z-Boy's dividend payout ratio is presently 49.24%.
Analysts Set New Price Targets
LZB has been the subject of a number of recent research reports. Weiss Ratings downgraded shares of La-Z-Boy from a "buy (b-)" rating to a "hold (c)" rating in a research report on Thursday. Wall Street Zen downgraded La-Z-Boy from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Zacks Research lowered La-Z-Boy from a "hold" rating to a "strong sell" rating in a report on Thursday. Finally, KeyCorp reduced their price target on La-Z-Boy from $46.00 to $40.00 and set an "overweight" rating for the company in a research report on Thursday. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, La-Z-Boy currently has an average rating of "Hold" and an average price target of $39.50.
Check Out Our Latest Analysis on La-Z-Boy
La-Z-Boy News Roundup
Here are the key news stories impacting La-Z-Boy this week:
- Positive Sentiment: La-Z-Boy’s retail business showed momentum, with retail-segment sales reportedly rising 16% and the company returning $35 million to shareholders. La-Z-Boy Shatters Records: 16% Retail Segment Sales Growth and $35 Million Shareholder Returns
- Positive Sentiment: Management expects second-quarter sales of $500 million to $520 million while investing in supply-chain capacity and retail expansion, signaling confidence in longer-term growth. La-Z-Boy expects Q2 sales of $500M-$520M while investing in supply chain and retail expansion
- Neutral Sentiment: Recent coverage indicates that strong retail performance was offset by weaker wholesale results, highlighting uneven demand across La-Z-Boy’s distribution channels. La-Z-Boy’s retail momentum offset by wholesale numbers in Q1
- Negative Sentiment: Sidoti lowered its FY2027 EPS forecast to $2.55 from $2.66, cut Q2 2027 estimates to $0.48 from $0.73, and reduced Q3 and Q4 estimates to $0.59 and $1.04, respectively. Its Q2 2028 forecast fell to $0.58 from $0.87.
- Negative Sentiment: Sidoti also reduced FY2028 EPS expectations to $3.00 from $3.32. The repeated estimate cuts imply analysts see softer profitability ahead, which is likely weighing on LZB shares.
- Negative Sentiment: La-Z-Boy’s latest reported quarter missed expectations, with EPS of $0.43 versus $0.49 expected and revenue of $475.69 million versus $501.44 million forecast; revenue declined 3.4% year over year.
La-Z-Boy 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.
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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).
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.
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