Nordea Investment Management AB Sells 23,881 Shares of La-Z-Boy Incorporated $LZB

Nordea Investment Management AB trimmed its stake in La-Z-Boy Incorporated (NYSE:LZB) by 12.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 161,898 shares of the company’s stock after selling 23,881 shares during the period. Nordea Investment Management AB’s holdings in La-Z-Boy were worth $6,057,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Smartleaf Asset Management LLC grew its position in shares of La-Z-Boy by 75.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 755 shares of the company’s stock valued at $26,000 after buying an additional 324 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of La-Z-Boy by 290.0% during the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after acquiring 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 acquiring an additional 567 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of La-Z-Boy by 3,130.8% in the third quarter. CIBC Private Wealth Group LLC now owns 1,260 shares of the company’s stock worth $43,000 after acquiring an additional 1,221 shares during the period. Finally, MAI Capital Management boosted its holdings in La-Z-Boy by 2,520.9% in the third quarter. MAI Capital Management now owns 2,385 shares of the company’s stock valued at $82,000 after acquiring an additional 2,294 shares during the last quarter. 99.62% of the stock is owned by institutional investors.

Insider Activity

In related news, SVP Michael Adam Leggett sold 2,200 shares of the business’s stock in a transaction on Friday, February 20th. The shares were 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 in the company, valued at $1,571,501. The trade was a 4.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.66% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on LZB shares. Weiss Ratings reissued a “hold (c)” rating on shares of La-Z-Boy in a research report on Monday, December 22nd. 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. KeyCorp reiterated an “overweight” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Finally, Needham & Company LLC reissued a “buy” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $42.50.

La-Z-Boy Price Performance

Shares of La-Z-Boy stock opened at $32.66 on Friday. The stock’s 50-day moving average is $36.03 and its 200 day moving average is $35.60. La-Z-Boy Incorporated has a one year low of $29.03 and a one year high of $44.49. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 16.17 and a beta of 1.26.

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

La-Z-Boy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd were paid a $0.242 dividend. The ex-dividend date was Tuesday, March 3rd. This represents a $0.97 annualized dividend and a dividend yield of 3.0%. La-Z-Boy’s payout ratio is currently 48.02%.

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.