Nordea Investment Management AB decreased its position in shares of La-Z-Boy Incorporated (NYSE:LZB – Free Report) by 12.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 161,898 shares of the company’s stock after selling 23,881 shares during the period. Nordea Investment Management AB owned about 0.39% of La-Z-Boy worth $6,057,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake in La-Z-Boy by 11.1% during the first quarter. Royal Bank of Canada now owns 16,056 shares of the company’s stock worth $628,000 after purchasing an additional 1,598 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of La-Z-Boy by 3.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,836 shares of the company’s stock valued at $971,000 after purchasing an additional 769 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of La-Z-Boy by 0.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,016,917 shares of the company’s stock worth $37,804,000 after buying an additional 9,224 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of La-Z-Boy by 6.8% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 10,601 shares of the company’s stock worth $394,000 after buying an additional 674 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of La-Z-Boy by 12.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 246,590 shares of the company’s stock worth $9,166,000 after buying an additional 27,510 shares during the last quarter. 99.62% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the company. Zacks Research cut La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 19th. KeyCorp reissued an “overweight” rating on shares of La-Z-Boy in a report on Wednesday, December 17th. Needham & Company LLC reaffirmed a “buy” rating on shares of La-Z-Boy in a report on Wednesday, December 17th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of La-Z-Boy in a research report on Monday, December 22nd. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, La-Z-Boy presently has a consensus rating of “Moderate Buy” and an average price target of $42.50.
Insider Buying and Selling
In related news, SVP Michael Adam Leggett sold 2,200 shares of La-Z-Boy stock in a transaction that occurred 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 sale, the senior vice president directly owned 42,473 shares in the company, valued at $1,571,501. This trade represents a 4.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.66% of the stock is currently owned by corporate insiders.
La-Z-Boy Stock Down 0.2%
NYSE LZB opened at $32.66 on Friday. The company 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 Incorporated has a twelve month low of $29.03 and a twelve month high of $44.49. The business’s fifty day moving average is $36.03 and its 200 day moving average is $35.60.
La-Z-Boy (NYSE:LZB – Get Free Report) last issued its earnings results on Tuesday, February 17th. The company reported $0.61 earnings per share (EPS) 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 analysts’ expectations of $535.47 million. During the same quarter in the prior year, the firm earned $0.68 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, research analysts anticipate that La-Z-Boy Incorporated will post 2.99 earnings per share for the current fiscal year.
La-Z-Boy Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Tuesday, March 3rd were issued a $0.242 dividend. This represents a $0.97 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Tuesday, March 3rd. La-Z-Boy’s dividend payout ratio (DPR) 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.
Further Reading
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