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

Rhumbline Advisers lowered its position in La-Z-Boy Incorporated (NYSE:LZB) by 16.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 145,993 shares of the company’s stock after selling 29,018 shares during the period. Rhumbline Advisers owned 0.35% of La-Z-Boy worth $5,010,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Franklin Resources Inc. boosted its stake in La-Z-Boy by 18.5% in the second quarter. Franklin Resources Inc. now owns 483,500 shares of the company’s stock worth $17,972,000 after purchasing an additional 75,580 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of La-Z-Boy by 18.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 721,029 shares of the company’s stock valued at $24,400,000 after buying an additional 113,396 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of La-Z-Boy by 7.1% in the second quarter. American Century Companies Inc. now owns 1,338,905 shares of the company’s stock valued at $49,767,000 after buying an additional 88,852 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of La-Z-Boy by 0.9% in the second quarter. Geode Capital Management LLC now owns 1,016,917 shares of the company’s stock valued at $37,804,000 after buying an additional 9,224 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in 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 worth $47,747,000 after buying an additional 100,416 shares in the last quarter. 99.62% of the stock is currently owned by institutional investors.

Insider Activity

In other news, SVP Michael Adam Leggett sold 2,200 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $37.00, for a total transaction of $81,400.00. Following the completion of the transaction, the senior vice president directly owned 42,473 shares in the company, valued at approximately $1,571,501. The trade was a 4.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.66% of the company’s stock.

La-Z-Boy Price Performance

Shares of NYSE LZB opened at $35.27 on Tuesday. The company’s 50 day simple moving average is $38.02 and its 200 day simple moving average is $36.05. La-Z-Boy Incorporated has a fifty-two week low of $29.03 and a fifty-two week high of $46.72. The firm has a market capitalization of $1.44 billion, a P/E ratio of 17.46 and a beta of 1.27.

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

La-Z-Boy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be issued a dividend of $0.242 per share. The ex-dividend date is Tuesday, March 3rd. This represents a $0.97 dividend on an annualized basis and a yield of 2.7%. La-Z-Boy’s dividend payout ratio (DPR) is 48.02%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. KeyCorp restated an “overweight” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Weiss Ratings reissued a “hold (c)” rating on shares of La-Z-Boy in a report on Monday, December 22nd. Sidoti upgraded shares of La-Z-Boy from a “neutral” rating to a “buy” rating and boosted their price objective 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 report on Wednesday, December 17th. Finally, Zacks Research cut La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 19th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, La-Z-Boy presently has an average rating of “Moderate Buy” and an average price target of $42.50.

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.