Capstone Asset Management Co. Has $290,000 Stake in La-Z-Boy Incorporated (LZB)
Capstone Asset Management Co. lowered its stake in La-Z-Boy Incorporated (NYSE:LZB) by 10.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,923 shares of the company’s stock after selling 990 shares during the period. Capstone Asset Management Co.’s holdings in La-Z-Boy were worth $290,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the company. Teachers Advisors LLC raised its stake in La-Z-Boy by 14.6% in the fourth quarter. Teachers Advisors LLC now owns 526,416 shares of the company’s stock valued at $16,345,000 after buying an additional 67,083 shares during the period. Louisiana State Employees Retirement System raised its stake in La-Z-Boy by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 19,900 shares of the company’s stock valued at $537,000 after buying an additional 200 shares during the period. Legato Capital Management LLC raised 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 valued at $2,004,000 after buying an additional 52,104 shares during the period. State of Alaska Department of Revenue raised 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 valued at $741,000 after buying an additional 3,290 shares during the period. Finally, James Investment Research Inc. bought a new stake in La-Z-Boy during the first quarter valued at approximately $1,777,000. 84.99% of the stock is currently owned by hedge funds and other institutional investors.
La-Z-Boy Incorporated (NYSE:LZB) traded down 2.45% during midday trading on Tuesday, reaching $31.85. The company’s stock had a trading volume of 80,105 shares. The firm’s 50-day moving average price is $32.41 and its 200-day moving average price is $28.95. The stock has a market capitalization of $1.54 billion, a PE ratio of 18.41 and a beta of 0.85. La-Z-Boy Incorporated has a 52 week low of $22.09 and a 52 week high of $34.10.
La-Z-Boy (NYSE:LZB) last released its quarterly earnings data on Tuesday, June 20th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.11. The business had revenue of $412.70 million during 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 business’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 EPS. On average, analysts anticipate that La-Z-Boy Incorporated will post $1.86 earnings per share for the current year.
La-Z-Boy declared that its Board of Directors has approved a stock repurchase program on Tuesday, June 20th that authorizes the company to buyback 6,000,000 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
Several analysts recently commented on LZB shares. Zacks Investment Research raised La-Z-Boy from a “sell” rating to a “hold” rating in a report on Wednesday, April 19th. BidaskClub downgraded La-Z-Boy from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. Finally, Sidoti downgraded La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 target price on the stock. in a research report on Tuesday, August 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $32.50.
In other news, Chairman Kurt L. Darrow sold 100,000 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $31.52, for a total transaction of $3,152,000.00. Following the completion of the sale, the chairman now directly owns 531,773 shares in the company, valued at $16,761,484.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Louis M. Riccio, Jr. sold 37,504 shares of the firm’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $32.35, for a total value of $1,213,254.40. Following the sale, the vice president now owns 123,354 shares of the company’s stock, valued at $3,990,501.90. The disclosure for this sale can be found here. Corporate insiders own 3.17% 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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