Principal Financial Group Inc. Sells 47,941 Shares of La-Z-Boy Incorporated $LZB

Principal Financial Group Inc. decreased its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 19.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 200,505 shares of the company’s stock after selling 47,941 shares during the quarter. Principal Financial Group Inc. owned about 0.49% of La-Z-Boy worth $6,444,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP grew its stake in shares of La-Z-Boy by 4,785.7% in the fourth quarter. Quarry LP now owns 684 shares of the company’s stock valued at $25,000 after buying an additional 670 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in La-Z-Boy by 290.0% during the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after acquiring an additional 670 shares in the last quarter. Geneos Wealth Management Inc. raised its position in La-Z-Boy by 99.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock worth $42,000 after acquiring an additional 567 shares in the last quarter. Rockefeller Capital Management L.P. lifted its stake in La-Z-Boy by 159.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock valued at $43,000 after acquiring an additional 713 shares during the last quarter. Finally, TD Private Client Wealth LLC acquired a new stake in La-Z-Boy in the fourth quarter valued at $45,000. Institutional investors own 99.62% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on LZB. Weiss Ratings upgraded shares of La-Z-Boy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, July 1st. Wall Street Zen upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating in a research note on Sunday, July 5th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $39.00.

La-Z-Boy Price Performance

Shares of La-Z-Boy stock opened at $40.39 on Tuesday. The business has a fifty day simple moving average of $38.57 and a two-hundred day simple moving average of $36.62. La-Z-Boy Incorporated has a 1 year low of $29.03 and a 1 year high of $44.90. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of 16.35, a P/E/G ratio of 1.21 and a beta of 1.25.

La-Z-Boy (NYSE:LZB) last released its quarterly earnings data on Tuesday, June 16th. The company reported $1.26 EPS for the quarter, beating the consensus estimate of $0.82 by $0.44. The firm had revenue of $570.34 million for the quarter, compared to the consensus estimate of $569.23 million. La-Z-Boy had a net margin of 4.80% and a return on equity of 11.97%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the previous year, the company earned $0.36 earnings per share. As a group, equities analysts anticipate that La-Z-Boy Incorporated will post 2.98 earnings per share for the current fiscal year.

Insider Buying and Selling at La-Z-Boy

In related news, VP Raphaell Z. Richmond sold 13,671 shares of the company’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $39.83, for a total value of $544,515.93. Following the transaction, the vice president owned 51,695 shares in the company, valued at approximately $2,059,011.85. This represents a 20.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Adam Leggett sold 9,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $41.66, for a total transaction of $374,940.00. Following the completion of the transaction, the senior vice president directly owned 47,551 shares in the company, valued at approximately $1,980,974.66. This represents a 15.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 66,299 shares of company stock worth $2,677,491 in the last ninety days. Insiders own 3.12% of the company’s stock.

La-Z-Boy Profile

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.