Morningstar Investment Management LLC Has $614,000 Stock Position in La-Z-Boy Incorporated $LZB

Morningstar Investment Management LLC reduced its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 39.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 19,104 shares of the company’s stock after selling 12,688 shares during the period. Morningstar Investment Management LLC’s holdings in La-Z-Boy were worth $614,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of LZB. Quarry LP lifted its position in La-Z-Boy by 4,785.7% in the 4th quarter. Quarry LP now owns 684 shares of the company’s stock valued at $25,000 after acquiring an additional 670 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in La-Z-Boy by 290.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after purchasing an additional 670 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in La-Z-Boy by 99.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock worth $42,000 after purchasing an additional 567 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in La-Z-Boy by 159.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock worth $43,000 after purchasing an additional 713 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its stake in shares of La-Z-Boy by 3,130.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,260 shares of the company’s stock valued at $43,000 after purchasing an additional 1,221 shares during the period. Institutional investors own 99.62% of the company’s stock.

Insider Buying and Selling at La-Z-Boy

In related news, CEO Melinda D. Whittington sold 26,639 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $40.24, for a total transaction of $1,071,953.36. Following the transaction, the chief executive officer directly owned 316,038 shares in the company, valued at approximately $12,717,369.12. The trade was a 7.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Adam Leggett sold 9,000 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $41.66, for a total transaction of $374,940.00. Following the completion of the sale, the senior vice president owned 47,551 shares of the company’s stock, valued at approximately $1,980,974.66. This represents a 15.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 66,299 shares of company stock valued at $2,677,491 in the last 90 days. Company insiders own 3.12% of the company’s stock.

Analyst Upgrades and Downgrades

LZB has been the topic of a number of research reports. Weiss Ratings upgraded La-Z-Boy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, July 1st. Wall Street Zen upgraded La-Z-Boy from a “hold” rating to a “buy” rating in a report on Sunday, July 5th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $39.00.

La-Z-Boy Stock Performance

NYSE:LZB opened at $39.66 on Monday. La-Z-Boy Incorporated has a 52-week low of $29.03 and a 52-week high of $44.90. The company has a market cap of $1.59 billion, a P/E ratio of 16.06, a P/E/G ratio of 1.21 and a beta of 1.25. The stock’s 50-day simple moving average is $38.45 and its 200 day simple moving average is $36.60.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 EPS for the quarter, beating the consensus estimate of $0.82 by $0.44. The firm had revenue of $570.34 million during the quarter, compared to analysts’ expectations of $569.23 million. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.The business’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 earnings per share. As a group, equities analysts predict that La-Z-Boy Incorporated will post 2.98 earnings per share for the current fiscal year.

La-Z-Boy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were paid a $0.242 dividend. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.97 annualized dividend and a dividend yield of 2.4%. La-Z-Boy’s dividend payout ratio (DPR) is currently 39.27%.

La-Z-Boy Company Profile

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.