La-Z-Boy Inc. (LZB) Position Cut by Ajo LP
Ajo LP cut its stake in shares of La-Z-Boy Inc. (NYSE:LZB) by 6.2% during the second quarter, Holdings Channel reports. The fund owned 32,774 shares of the company’s stock after selling 2,158 shares during the period. Ajo LP owned 0.07% of La-Z-Boy worth $912,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in La-Z-Boy during the fourth quarter valued at $13,033,000. Glenmede Trust Co. NA raised its position in La-Z-Boy by 5.5% in the first quarter. Glenmede Trust Co. NA now owns 1,175,399 shares of the company’s stock valued at $31,429,000 after buying an additional 61,190 shares during the last quarter. Apex Capital Management raised its position in La-Z-Boy by 20.2% in the first quarter. Apex Capital Management now owns 550,696 shares of the company’s stock valued at $14,726,000 after buying an additional 92,662 shares during the last quarter. Aperio Group LLC purchased a new position in La-Z-Boy during the first quarter valued at $271,000. Finally, Pacad Investment Ltd. purchased a new position in La-Z-Boy during the first quarter valued at $495,000. Institutional investors own 86.05% of the company’s stock.
La-Z-Boy Inc. (NYSE:LZB) traded up 0.47% during midday trading on Wednesday, hitting $25.62. 36,029 shares of the stock were exchanged. The firm has a 50 day moving average of $28.12 and a 200-day moving average of $27.09. La-Z-Boy Inc. has a 12-month low of $19.56 and a 12-month high of $31.22. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 16.39 and a beta of 1.35.
La-Z-Boy (NYSE:LZB) last announced its quarterly earnings results on Tuesday, August 23rd. The company reported $0.28 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.29 by $0.01. The company earned $340.80 million during the quarter, compared to analysts’ expectations of $358.79 million. La-Z-Boy had a net margin of 5.21% and a return on equity of 15.01%. The business’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.27 EPS. On average, equities analysts expect that La-Z-Boy Inc. will post $1.72 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, September 2nd were issued a $0.10 dividend. The ex-dividend date was Wednesday, August 31st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.57%. La-Z-Boy’s dividend payout ratio is presently 25.48%.
Several equities analysts have weighed in on LZB shares. Zacks Investment Research upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a report on Friday, June 24th. Longbow Research started coverage on shares of La-Z-Boy in a report on Friday, August 5th. They issued a “neutral” rating on the stock.
In other La-Z-Boy news, insider Otis S. Sawyer sold 5,935 shares of the firm’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $27.46, for a total transaction of $162,975.10. Following the completion of the transaction, the insider now directly owns 62,216 shares in the company, valued at approximately $1,708,451.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Louis M. Riccio, Jr. sold 8,000 shares of the firm’s stock in a transaction dated Thursday, June 23rd. The shares were sold at an average price of $28.17, for a total transaction of $225,360.00. Following the transaction, the chief financial officer now owns 115,651 shares of the company’s stock, valued at $3,257,888.67. The disclosure for this sale can be found here. 3.57% of the stock is currently owned by insiders.
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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