Federated Investors Inc. PA Increases Holdings in La-Z-Boy Incorporated (LZB)
Federated Investors Inc. PA raised its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 40.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 94,963 shares of the company’s stock after buying an additional 27,449 shares during the period. Federated Investors Inc. PA owned about 0.20% of La-Z-Boy worth $2,906,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in LZB. Legal & General Group Plc raised its position in shares of La-Z-Boy by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 101,326 shares of the company’s stock valued at $3,109,000 after buying an additional 1,769 shares in the last quarter. Chicago Equity Partners LLC raised its position in shares of La-Z-Boy by 129.0% during the 2nd quarter. Chicago Equity Partners LLC now owns 38,720 shares of the company’s stock valued at $1,185,000 after buying an additional 21,810 shares in the last quarter. BlackRock Inc. raised its position in shares of La-Z-Boy by 9.6% during the 2nd quarter. BlackRock Inc. now owns 6,602,851 shares of the company’s stock valued at $202,048,000 after buying an additional 579,379 shares in the last quarter. GAM Holding AG purchased a new stake in shares of La-Z-Boy during the 2nd quarter valued at about $303,000. Finally, Royce & Associates LP raised its position in shares of La-Z-Boy by 12.2% during the 2nd quarter. Royce & Associates LP now owns 1,042,460 shares of the company’s stock valued at $31,899,000 after buying an additional 113,502 shares in the last quarter. Institutional investors and hedge funds own 91.46% of the company’s stock.
Shares of NYSE LZB opened at $32.75 on Friday. The stock has a market cap of $1.53 billion, a PE ratio of 18.09 and a beta of 1.01. La-Z-Boy Incorporated has a 12-month low of $24.90 and a 12-month high of $39.15.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Investors of record on Friday, September 7th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend was Thursday, September 6th. La-Z-Boy’s dividend payout ratio (DPR) is currently 26.52%.
In related news, Chairman Kurt L. Darrow sold 78,109 shares of the stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $33.29, for a total value of $2,600,248.61. Following the sale, the chairman now directly owns 550,210 shares of the company’s stock, valued at approximately $18,316,490.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Otis S. Sawyer sold 88,806 shares of the stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $34.62, for a total transaction of $3,074,463.72. Following the completion of the sale, the insider now directly owns 71,324 shares in the company, valued at $2,469,236.88. The disclosure for this sale can be found here. Insiders sold a total of 212,635 shares of company stock worth $7,259,368 over the last three months. 4.55% of the stock is currently owned by corporate insiders.
Several analysts have recently issued reports on LZB shares. ValuEngine upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating in a research report on Thursday, August 23rd. Stifel Nicolaus upped their target price on shares of La-Z-Boy from $33.00 to $35.00 and gave the company a “hold” rating in a research report on Thursday, August 23rd. Finally, Zacks Investment Research upgraded shares of La-Z-Boy from a “sell” rating to a “hold” rating in a research report on Wednesday, August 22nd.
La-Z-Boy Company Profile
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas.
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