La-Z-Boy Incorporated $LZB Stock Holdings Lowered by William Blair Investment Management LLC

William Blair Investment Management LLC decreased its holdings in La-Z-Boy Incorporated (NYSE:LZB) by 5.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 636,097 shares of the company’s stock after selling 38,505 shares during the quarter. William Blair Investment Management LLC owned 1.54% of La-Z-Boy worth $21,831,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Advisors Asset Management Inc. raised its holdings in shares of La-Z-Boy by 3.3% during the second quarter. Advisors Asset Management Inc. now owns 8,675 shares of the company’s stock valued at $322,000 after acquiring an additional 274 shares during the period. Bank of Montreal Can boosted its stake in La-Z-Boy by 4.8% in the 2nd quarter. Bank of Montreal Can now owns 6,564 shares of the company’s stock worth $244,000 after purchasing an additional 300 shares during the period. Osaic Holdings Inc. grew its position in La-Z-Boy by 3.5% during the 2nd quarter. Osaic Holdings Inc. now owns 9,258 shares of the company’s stock worth $344,000 after purchasing an additional 310 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in La-Z-Boy by 75.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 755 shares of the company’s stock valued at $26,000 after purchasing an additional 324 shares during the period. Finally, Amalgamated Bank lifted its holdings in shares of La-Z-Boy by 3.4% in the third quarter. Amalgamated Bank now owns 12,269 shares of the company’s stock valued at $421,000 after purchasing an additional 407 shares in the last quarter. Institutional investors and hedge funds own 99.62% of the company’s stock.

La-Z-Boy Stock Performance

LZB opened at $35.65 on Tuesday. The company has a market cap of $1.46 billion, a PE ratio of 17.65 and a beta of 1.26. The stock has a 50-day moving average of $37.68 and a 200-day moving average of $35.98. La-Z-Boy Incorporated has a 52-week low of $29.03 and a 52-week high of $45.60.

La-Z-Boy (NYSE:LZB) last announced its earnings results on Tuesday, February 17th. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.59 by $0.02. La-Z-Boy had a net margin of 3.93% and a return on equity of 10.79%. The firm had revenue of $541.59 million for the quarter, compared to the consensus estimate of $535.47 million. During the same quarter last year, the firm posted $0.68 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. On average, research analysts predict that La-Z-Boy Incorporated will post 2.99 earnings per share for the current year.

La-Z-Boy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be paid a $0.242 dividend. The ex-dividend date is Tuesday, March 3rd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.7%. La-Z-Boy’s dividend payout ratio is currently 48.02%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LZB. Needham & Company LLC reissued a “buy” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th. Zacks Research downgraded La-Z-Boy from a “strong-buy” rating to a “hold” rating in a report on Monday, January 19th. Weiss Ratings reissued a “hold (c)” rating on shares of La-Z-Boy in a research report on Monday, December 22nd. Sidoti upgraded shares of La-Z-Boy from a “neutral” rating to a “buy” rating and raised their price target for the stock from $36.00 to $39.00 in a report on Wednesday, November 19th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.50.

Insider Activity at La-Z-Boy

In other La-Z-Boy news, SVP Michael Adam Leggett sold 2,200 shares of the firm’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $37.00, for a total transaction of $81,400.00. Following the completion of the transaction, the senior vice president owned 42,473 shares in the company, valued at $1,571,501. This trade represents a 4.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.66% of the company’s stock.

About La-Z-Boy

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.