California Public Employees Retirement System lowered its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 4.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 162,644 shares of the company’s stock after selling 7,268 shares during the quarter. California Public Employees Retirement System owned 0.35% of La-Z-Boy worth $4,507,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Boston Partners lifted its holdings in La-Z-Boy by 7.7% during the 4th quarter. Boston Partners now owns 984,912 shares of the company’s stock worth $27,292,000 after purchasing an additional 70,032 shares in the last quarter. Piedmont Investment Advisors Inc. lifted its holdings in La-Z-Boy by 3.6% during the 4th quarter. Piedmont Investment Advisors Inc. now owns 11,141 shares of the company’s stock worth $309,000 after purchasing an additional 387 shares in the last quarter. Oregon Public Employees Retirement Fund purchased a new stake in La-Z-Boy during the 4th quarter worth about $494,000. Victory Capital Management Inc. lifted its holdings in La-Z-Boy by 9.1% during the 4th quarter. Victory Capital Management Inc. now owns 27,678 shares of the company’s stock worth $767,000 after purchasing an additional 2,311 shares in the last quarter. Finally, LSV Asset Management lifted its holdings in La-Z-Boy by 15.3% during the 4th quarter. LSV Asset Management now owns 773,024 shares of the company’s stock worth $21,420,000 after purchasing an additional 102,468 shares in the last quarter. Institutional investors and hedge funds own 89.58% of the company’s stock.
NYSE:LZB opened at $33.69 on Friday. La-Z-Boy Incorporated has a twelve month low of $25.30 and a twelve month high of $39.15. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 18.61 and a beta of 0.95.
La-Z-Boy (NYSE:LZB) last released its quarterly earnings results on Tuesday, February 19th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.08. La-Z-Boy had a return on equity of 15.94% and a net margin of 5.92%. The firm had revenue of $467.58 million for the quarter, compared to analysts’ expectations of $457.17 million. As a group, equities research analysts forecast that La-Z-Boy Incorporated will post 2.18 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 20th. Shareholders of record on Monday, March 11th will be issued a $0.13 dividend. The ex-dividend date is Friday, March 8th. This represents a $0.52 annualized dividend and a dividend yield of 1.54%. La-Z-Boy’s payout ratio is currently 28.73%.
A number of analysts recently issued reports on LZB shares. Zacks Investment Research raised La-Z-Boy from a “sell” rating to a “hold” rating in a report on Wednesday, November 21st. Sidoti raised La-Z-Boy from a “neutral” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Monday, December 17th. Finally, ValuEngine raised La-Z-Boy from a “hold” rating to a “buy” rating in a report on Wednesday, February 20th.
In other La-Z-Boy news, CEO Kurt L. Darrow sold 100,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $34.39, for a total value of $3,439,000.00. Following the sale, the chief executive officer now owns 540,642 shares of the company’s stock, valued at approximately $18,592,678.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Darrell Dewain Edwards sold 1,777 shares of the firm’s stock in a transaction dated Thursday, February 21st. The shares were sold at an average price of $36.02, for a total value of $64,007.54. Following the completion of the sale, the insider now directly owns 31,947 shares in the company, valued at approximately $1,150,730.94. The disclosure for this sale can be found here. In the last ninety days, insiders sold 180,963 shares of company stock worth $6,218,850. Insiders own 4.55% of the company’s stock.
La-Z-Boy Company Profile
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas.
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