Teachers Advisors LLC Sells 22,239 Shares of La-Z-Boy Incorporated (LZB)
Teachers Advisors LLC reduced its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 4.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 504,177 shares of the company’s stock after selling 22,239 shares during the period. Teachers Advisors LLC owned 1.03% of La-Z-Boy worth $13,613,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Strs Ohio increased its stake in La-Z-Boy by 5.4% in the first quarter. Strs Ohio now owns 35,000 shares of the company’s stock worth $945,000 after buying an additional 1,800 shares during the last quarter. Legato Capital Management LLC increased its stake in La-Z-Boy by 2,600.0% in the first quarter. Legato Capital Management LLC now owns 54,108 shares of the company’s stock worth $2,004,000 after buying an additional 52,104 shares during the last quarter. State of Alaska Department of Revenue increased its stake in La-Z-Boy by 13.6% in the first quarter. State of Alaska Department of Revenue now owns 27,490 shares of the company’s stock worth $741,000 after buying an additional 3,290 shares during the last quarter. James Investment Research Inc. bought a new stake in La-Z-Boy during the first quarter worth $1,777,000. Finally, Russell Investments Group Ltd. bought a new stake in La-Z-Boy during the fourth quarter worth $555,000. 85.10% of the stock is owned by institutional investors.
Shares of La-Z-Boy Incorporated (LZB) opened at 32.55 on Friday. The firm has a market cap of $1.57 billion, a P/E ratio of 18.82 and a beta of 0.85. The stock’s 50 day moving average is $30.08 and its 200-day moving average is $28.57. La-Z-Boy Incorporated has a 52-week low of $22.09 and a 52-week high of $32.90.
La-Z-Boy (NYSE:LZB) last issued its quarterly earnings results on Tuesday, June 20th. The company reported $0.57 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.11. The company had revenue of $412.70 million for the quarter, compared to the consensus estimate of $400.25 million. La-Z-Boy had a return on equity of 14.82% and a net margin of 5.65%. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 EPS. Equities analysts anticipate that La-Z-Boy Incorporated will post $1.86 earnings per share for the current fiscal year.
La-Z-Boy declared that its Board of Directors has approved a stock buyback program on Tuesday, June 20th that allows the company to repurchase 6,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
A number of research firms have recently weighed in on LZB. Zacks Investment Research raised shares of La-Z-Boy from a “sell” rating to a “hold” rating in a research report on Wednesday, April 19th. BidaskClub downgraded shares of La-Z-Boy from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $31.33.
In other La-Z-Boy news, VP Louis M. Riccio, Jr. sold 37,504 shares of La-Z-Boy stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $32.35, for a total value of $1,213,254.40. Following the transaction, the vice president now directly owns 123,354 shares of the company’s stock, valued at approximately $3,990,501.90. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Kurt L. Darrow sold 100,000 shares of La-Z-Boy stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $31.52, for a total value of $3,152,000.00. Following the completion of the transaction, the chairman now directly owns 531,773 shares in the company, valued at $16,761,484.96. The disclosure for this sale can be found here. Insiders own 3.57% of the company’s stock.
La-Z-Boy Company Profile
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.
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