ArchPoint Investors Sells 53,200 Shares of La-Z-Boy Incorporated $LZB

ArchPoint Investors lowered its stake in La-Z-Boy Incorporated (NYSE:LZB) by 13.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 352,996 shares of the company’s stock after selling 53,200 shares during the quarter. La-Z-Boy comprises approximately 3.1% of ArchPoint Investors’ holdings, making the stock its 7th largest holding. ArchPoint Investors owned 0.86% of La-Z-Boy worth $13,156,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Quarry LP raised its stake in La-Z-Boy by 4,785.7% during the 4th quarter. Quarry LP now owns 684 shares of the company’s stock worth $25,000 after buying an additional 670 shares during the period. Smartleaf Asset Management LLC raised its stake in La-Z-Boy by 75.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 755 shares of the company’s stock worth $26,000 after buying an additional 324 shares during the period. EverSource Wealth Advisors LLC raised its stake in La-Z-Boy by 290.0% during the 2nd 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 period. Geneos Wealth Management Inc. raised its stake in La-Z-Boy by 99.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock worth $42,000 after buying an additional 567 shares during the period. Finally, TD Private Client Wealth LLC acquired a new stake in La-Z-Boy during the 4th quarter worth $45,000. Institutional investors and hedge funds own 99.62% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on LZB. Wall Street Zen raised La-Z-Boy from a “hold” rating to a “buy” rating in a research note on Sunday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of La-Z-Boy in a research note on Monday, May 18th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $39.00.

La-Z-Boy Trading Down 1.2%

LZB stock opened at $38.50 on Friday. The stock has a 50-day moving average price of $35.46 and a two-hundred day moving average price of $36.43. The stock has a market cap of $1.58 billion, a PE ratio of 19.06 and a beta of 1.26. La-Z-Boy Incorporated has a 1 year low of $29.03 and a 1 year high of $41.06.

La-Z-Boy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd will be issued a dividend of $0.242 per share. This represents a $0.97 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Tuesday, June 2nd. La-Z-Boy’s dividend payout ratio is 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.