La-Z-Boy Incorporated (LZB) Stake Increased by LSV Asset Management
LSV Asset Management lifted its holdings in La-Z-Boy Incorporated (NYSE:LZB) by 42.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 113,300 shares of the company’s stock after buying an additional 33,800 shares during the period. LSV Asset Management owned about 0.23% of La-Z-Boy worth $3,682,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the company. Miles Capital Inc. boosted its position in shares of La-Z-Boy by 0.3% in the first quarter. Miles Capital Inc. now owns 7,835 shares of the company’s stock worth $212,000 after buying an additional 21 shares during the period. Arizona State Retirement System boosted its position in shares of La-Z-Boy by 0.4% in the second quarter. Arizona State Retirement System now owns 25,485 shares of the company’s stock worth $828,000 after buying an additional 100 shares during the period. Los Angeles Capital Management & Equity Research Inc. boosted its position in shares of La-Z-Boy by 0.5% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 37,123 shares of the company’s stock worth $1,206,000 after buying an additional 200 shares during the period. Texas Permanent School Fund boosted its position in shares of La-Z-Boy by 0.8% in the second quarter. Texas Permanent School Fund now owns 35,642 shares of the company’s stock worth $1,158,000 after buying an additional 297 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of La-Z-Boy by 0.5% in the first quarter. Legal & General Group Plc now owns 88,818 shares of the company’s stock worth $2,399,000 after buying an additional 398 shares during the period. 86.79% of the stock is owned by institutional investors and hedge funds.
Shares of La-Z-Boy Incorporated (NYSE LZB) opened at 25.40 on Tuesday. La-Z-Boy Incorporated has a 52-week low of $22.09 and a 52-week high of $34.10. The company’s 50-day moving average price is $28.28 and its 200-day moving average price is $28.56. The firm has a market cap of $1.23 billion, a PE ratio of 15.00 and a beta of 0.88.
La-Z-Boy (NYSE:LZB) last announced its earnings results on Tuesday, August 22nd. The company reported $0.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.05). The company had revenue of $357.10 million during the quarter, compared to analyst estimates of $359.34 million. La-Z-Boy had a return on equity of 14.18% and a net margin of 5.45%. La-Z-Boy’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 earnings per share. Equities analysts expect that La-Z-Boy Incorporated will post $1.73 earnings per share for the current fiscal year.
La-Z-Boy declared that its board has approved a share buyback program on Tuesday, June 20th that allows the company to buyback 6,000,000 shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 8th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Thursday, September 7th. La-Z-Boy’s payout ratio is presently 25.88%.
Several analysts have recently commented on LZB shares. BidaskClub cut La-Z-Boy from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. Stifel Nicolaus decreased their target price on La-Z-Boy from $30.00 to $27.00 and set a “hold” rating for the company in a research report on Thursday, August 24th. Zacks Investment Research cut La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Finally, Sidoti cut La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 target price for the company. in a research report on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $31.75.
In related news, Chairman Kurt L. Darrow sold 100,000 shares of the company’s stock in a transaction on Thursday, June 22nd. The shares were 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 of the company’s stock, valued at approximately $16,761,484.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Louis M. Riccio, Jr. sold 37,504 shares of the company’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $32.35, for a total transaction of $1,213,254.40. Following the completion of the transaction, the vice president now directly owns 123,354 shares of the company’s stock, valued at $3,990,501.90. The disclosure for this sale can be found here. 3.17% of the stock is currently owned by corporate insiders.
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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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