WBI Investments Inc. Buys New Holdings in La-Z-Boy Incorporated (LZB)
WBI Investments Inc. bought a new stake in La-Z-Boy Incorporated (NYSE:LZB) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 63,463 shares of the company’s stock, valued at approximately $2,063,000. WBI Investments Inc. owned about 0.13% of La-Z-Boy as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also made changes to their positions in the company. Strs Ohio raised its holdings in shares of La-Z-Boy by 5.4% in the first quarter. Strs Ohio now owns 35,000 shares of the company’s stock valued at $945,000 after buying an additional 1,800 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of La-Z-Boy by 17.7% in the second quarter. State of Alaska Department of Revenue now owns 32,349 shares of the company’s stock valued at $1,051,000 after buying an additional 4,859 shares during the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in shares of La-Z-Boy in the first quarter valued at about $584,000. Canada Pension Plan Investment Board purchased a new stake in shares of La-Z-Boy in the second quarter valued at about $2,015,000. Finally, Highbridge Capital Management LLC purchased a new stake in shares of La-Z-Boy in the first quarter valued at about $287,000. 86.79% of the stock is owned by institutional investors and hedge funds.
In other La-Z-Boy news, Chairman Kurt L. Darrow sold 100,000 shares of La-Z-Boy stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $31.52, for a total value of $3,152,000.00. Following the completion of the sale, the chairman now directly owns 531,773 shares in the company, valued at $16,761,484.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Louis M. Riccio, Jr. sold 37,504 shares of La-Z-Boy 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 sale, the vice president now owns 123,354 shares of the company’s stock, valued at $3,990,501.90. The disclosure for this sale can be found here. 3.17% of the stock is owned by insiders.
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Shares of La-Z-Boy Incorporated (NYSE:LZB) opened at 25.05 on Thursday. La-Z-Boy Incorporated has a 52-week low of $22.09 and a 52-week high of $34.10. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 14.80 and a beta of 0.88. The stock has a 50 day moving average of $29.16 and a 200 day moving average of $28.62.
La-Z-Boy (NYSE:LZB) last posted its quarterly earnings results on Tuesday, August 22nd. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.05). The company had revenue of $357.10 million for the quarter, compared to analyst estimates of $359.34 million. La-Z-Boy had a return on equity of 14.18% and a net margin of 5.45%. The business’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.28 earnings per share. Equities analysts predict that La-Z-Boy Incorporated will post $1.73 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 8th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Thursday, September 7th. La-Z-Boy’s dividend payout ratio (DPR) is presently 25.88%.
La-Z-Boy announced that its board has initiated a share buyback plan on Tuesday, June 20th that allows the company to repurchase 6,000,000 shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
A number of equities research analysts have recently commented on LZB shares. Zacks Investment Research raised shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a report on Thursday, June 22nd. Stifel Nicolaus reduced their target price on shares of La-Z-Boy from $30.00 to $27.00 and set a “hold” rating for the company in a report on Thursday, August 24th. Sidoti cut shares of La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 target price for the company. in a report on Tuesday, August 1st. Finally, BidaskClub cut shares of La-Z-Boy from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $31.75.
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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