Vanguard Group Inc. lifted its stake in La-Z-Boy Incorporated (NYSE:LZB - Free Report) by 0.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,814,114 shares of the company's stock after buying an additional 38,513 shares during the quarter. Vanguard Group Inc. owned approximately 11.67% of La-Z-Boy worth $179,422,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the stock. Franklin Resources Inc. boosted its stake in shares of La-Z-Boy by 208.8% in the third quarter. Franklin Resources Inc. now owns 1,492,928 shares of the company's stock worth $51,237,000 after buying an additional 1,009,428 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of La-Z-Boy by 7.2% in the third quarter. American Century Companies Inc. now owns 1,434,642 shares of the company's stock worth $49,237,000 after buying an additional 95,737 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of La-Z-Boy by 7.8% in the third quarter. Thrivent Financial for Lutherans now owns 1,391,236 shares of the company's stock worth $47,747,000 after buying an additional 100,416 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of La-Z-Boy by 2.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 736,270 shares of the company's stock worth $27,463,000 after buying an additional 15,241 shares during the last quarter. Finally, M&T Bank Corp purchased a new stake in shares of La-Z-Boy in the fourth quarter worth about $18,433,000. Hedge funds and other institutional investors own 99.62% of the company's stock.
Insiders Place Their Bets
In related news, SVP Michael Adam Leggett sold 2,200 shares of the company's stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $37.00, for a total value of $81,400.00. Following the completion of the transaction, the senior vice president owned 42,473 shares of the company's stock, valued at approximately $1,571,501. This represents a 4.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.66% of the company's stock.
Analysts Set New Price Targets
LZB has been the topic of a number of recent research reports. Zacks Research downgraded La-Z-Boy from a "strong-buy" rating to a "hold" rating in a research note on Monday, January 19th. Wall Street Zen downgraded La-Z-Boy from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $39.00.
Check Out Our Latest Analysis on La-Z-Boy
La-Z-Boy Trading Down 0.1%
NYSE LZB opened at $35.69 on Monday. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of 17.67 and a beta of 1.25. La-Z-Boy Incorporated has a twelve month low of $29.03 and a twelve month high of $44.49. The stock has a 50-day moving average of $34.00 and a 200 day moving average of $35.70.
La-Z-Boy (NYSE:LZB - Get Free Report) last released its quarterly earnings results on Tuesday, February 17th. The company reported $0.61 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.02. The company had revenue of $541.59 million during the quarter, compared to analysts' expectations of $535.47 million. La-Z-Boy had a return on equity of 10.79% and a net margin of 3.93%.La-Z-Boy's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.68 EPS. Equities analysts predict that La-Z-Boy Incorporated will post 2.61 EPS for the current fiscal year.
La-Z-Boy Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be issued a $0.242 dividend. The ex-dividend date of this dividend is Tuesday, June 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 2.7%. La-Z-Boy's dividend payout ratio is presently 48.02%.
La-Z-Boy Company Profile
(
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.
Further Reading
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