GW&K Investment Management LLC Sells 24,036 Shares of La-Z-Boy Incorporated $LZB

GW&K Investment Management LLC decreased its position in La-Z-Boy Incorporated (NYSE:LZB) by 6.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 371,012 shares of the company’s stock after selling 24,036 shares during the quarter. GW&K Investment Management LLC owned approximately 0.90% of La-Z-Boy worth $12,734,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Smartleaf Asset Management LLC grew its position 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 last quarter. EverSource Wealth Advisors LLC raised its holdings in La-Z-Boy by 290.0% in the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after buying an additional 670 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of La-Z-Boy by 99.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock worth $42,000 after buying an additional 567 shares in the last quarter. MAI Capital Management grew its holdings in shares of La-Z-Boy by 2,520.9% during the third quarter. MAI Capital Management now owns 2,385 shares of the company’s stock valued at $82,000 after buying an additional 2,294 shares during the last quarter. Finally, MTM Investment Management LLC purchased a new stake in shares of La-Z-Boy during the second quarter valued at approximately $133,000. Institutional investors own 99.62% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Activity

In other La-Z-Boy news, SVP Michael Adam Leggett sold 2,200 shares of the company’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $37.00, for a total value of $81,400.00. Following the completion of the transaction, the senior vice president owned 42,473 shares in the company, valued at approximately $1,571,501. This represents a 4.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.66% of the stock is currently owned by corporate insiders.

La-Z-Boy Price Performance

LZB stock opened at $34.59 on Friday. La-Z-Boy Incorporated has a 12 month low of $29.03 and a 12 month high of $44.49. The firm’s 50-day moving average is $37.48 and its 200 day moving average is $35.93. The company has a market capitalization of $1.42 billion, a PE ratio of 17.12 and a beta of 1.26.

La-Z-Boy (NYSE:LZB) last posted its earnings results on Tuesday, February 17th. The company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.02. The business had revenue of $541.59 million for the quarter, compared to the consensus estimate 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 quarter last year, the firm posted $0.68 EPS. Sell-side analysts forecast that La-Z-Boy Incorporated will post 2.99 EPS for the current fiscal year.

La-Z-Boy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be issued a $0.242 dividend. This represents a $0.97 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, March 3rd. La-Z-Boy’s payout ratio is 48.02%.

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.