Systematic Financial Management LP trimmed its position in La-Z-Boy Incorporated (NYSE:LZB) by 6.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 333,563 shares of the company’s stock after selling 24,132 shares during the quarter. Systematic Financial Management LP owned about 0.69% of La-Z-Boy worth $10,841,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Ameritas Investment Partners Inc. bought a new stake in shares of La-Z-Boy in the first quarter worth about $107,000. Point72 Asia Hong Kong Ltd purchased a new position in La-Z-Boy in the first quarter worth about $110,000. Victory Capital Management Inc. grew its position in La-Z-Boy by 39.6% in the first quarter. Victory Capital Management Inc. now owns 4,252 shares of the company’s stock worth $115,000 after acquiring an additional 1,206 shares in the last quarter. First Quadrant L P CA purchased a new position in La-Z-Boy in the second quarter worth about $167,000. Finally, Miles Capital Inc. grew its position in La-Z-Boy by 0.3% in the first quarter. Miles Capital Inc. now owns 7,835 shares of the company’s stock worth $212,000 after acquiring an additional 21 shares in the last quarter. 86.79% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts recently commented on LZB shares. Zacks Investment Research upgraded La-Z-Boy from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a research report on Thursday, June 22nd. BidaskClub lowered La-Z-Boy from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. Sidoti lowered La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 price target for the company. in a research report on Tuesday, August 1st. Finally, Stifel Nicolaus dropped their target price on La-Z-Boy from $30.00 to $27.00 and set a “hold” rating for the company in a research report on Thursday, August 24th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. La-Z-Boy currently has a consensus rating of “Hold” and an average target price of $31.75.
In related news, VP Louis M. Riccio, Jr. sold 37,504 shares of the company’s stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $32.35, for a total transaction of $1,213,254.40. Following the completion of the transaction, the vice president now owns 123,354 shares of the company’s stock, valued at $3,990,501.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Kurt L. Darrow sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $31.52, for a total transaction of $3,152,000.00. Following the transaction, the chairman now directly owns 531,773 shares of the company’s stock, valued at approximately $16,761,484.96. The disclosure for this sale can be found here. Insiders own 3.17% of the company’s stock.
La-Z-Boy Incorporated (LZB) opened at 25.55 on Friday. La-Z-Boy Incorporated has a 12 month low of $22.09 and a 12 month high of $34.10. The firm’s 50 day moving average price is $28.49 and its 200 day moving average price is $28.56. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 15.09 and a beta of 0.88.
La-Z-Boy (NYSE:LZB) last posted its quarterly earnings data on Tuesday, August 22nd. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.05). The firm had revenue of $357.10 million during the quarter, compared to analyst estimates of $359.34 million. La-Z-Boy had a net margin of 5.45% and a return on equity of 14.18%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.28 EPS. On average, equities research analysts predict that La-Z-Boy Incorporated will post $1.73 EPS for the current fiscal year.
La-Z-Boy declared that its Board of Directors has approved a stock repurchase program on Tuesday, June 20th that authorizes the company to buyback 6,000,000 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 8th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date was Thursday, September 7th. La-Z-Boy’s dividend payout ratio is presently 25.88%.
La-Z-Boy Company Profile
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.
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