Rhumbline Advisers Sells 29,018 Shares of La-Z-Boy Incorporated $LZB

Rhumbline Advisers decreased its position in La-Z-Boy Incorporated (NYSE:LZB) by 16.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 145,993 shares of the company’s stock after selling 29,018 shares during the period. Rhumbline Advisers’ holdings in La-Z-Boy were worth $5,010,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Qube Research & Technologies Ltd lifted its holdings in La-Z-Boy by 64.5% during the second quarter. Qube Research & Technologies Ltd now owns 391,470 shares of the company’s stock worth $14,551,000 after acquiring an additional 153,498 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of La-Z-Boy by 18.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 721,029 shares of the company’s stock worth $24,400,000 after purchasing an additional 113,396 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of La-Z-Boy by 7.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,391,236 shares of the company’s stock valued at $47,747,000 after purchasing an additional 100,416 shares in the last quarter. Access Investment Management LLC bought a new position in shares of La-Z-Boy during the 2nd quarter valued at about $3,346,000. Finally, American Century Companies Inc. grew its position in shares of La-Z-Boy by 7.1% in the 2nd quarter. American Century Companies Inc. now owns 1,338,905 shares of the company’s stock valued at $49,767,000 after purchasing an additional 88,852 shares during the period. Institutional investors and hedge funds own 99.62% of the company’s stock.

Insiders Place Their Bets

In other La-Z-Boy news, SVP Michael Adam Leggett sold 2,200 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $37.00, for a total transaction of $81,400.00. Following the transaction, the senior vice president owned 42,473 shares of the company’s stock, valued at $1,571,501. The trade was a 4.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.66% of the stock is currently owned by corporate insiders.

La-Z-Boy Trading Down 4.7%

La-Z-Boy stock opened at $35.27 on Tuesday. The company has a market cap of $1.44 billion, a P/E ratio of 17.46 and a beta of 1.27. La-Z-Boy Incorporated has a 1-year low of $29.03 and a 1-year high of $46.72. The company has a fifty day simple moving average of $38.02 and a 200 day simple moving average of $36.05.

La-Z-Boy (NYSE:LZB) last issued its quarterly 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. The firm had revenue of $541.59 million for the quarter, compared to analysts’ expectations of $535.47 million. La-Z-Boy had a net margin of 3.93% and a return on equity of 10.79%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.68 EPS. On average, equities research analysts forecast that La-Z-Boy Incorporated will post 2.99 EPS for the current year.

La-Z-Boy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be given a dividend of $0.242 per share. The ex-dividend date of this dividend is Tuesday, March 3rd. This represents a $0.97 annualized dividend and a yield of 2.7%. La-Z-Boy’s dividend payout ratio is 48.02%.

Wall Street Analyst Weigh In

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

La-Z-Boy 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.