Meeder Asset Management Inc. Decreases Stake in La-Z-Boy Incorporated (NYSE:LZB)

Meeder Asset Management Inc. lessened its holdings in shares of La-Z-Boy Incorporated (NYSE:LZB) by 42.9% during the second quarter, HoldingsChannel reports. The fund owned 10,301 shares of the company’s stock after selling 7,738 shares during the period. Meeder Asset Management Inc.’s holdings in La-Z-Boy were worth $384,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. First Trust Advisors LP grew its stake in shares of La-Z-Boy by 31.8% during the 4th quarter. First Trust Advisors LP now owns 789,342 shares of the company’s stock worth $29,143,000 after purchasing an additional 190,651 shares during the period. American Century Companies Inc. boosted its stake in shares of La-Z-Boy by 14.5% during the 2nd quarter. American Century Companies Inc. now owns 982,668 shares of the company’s stock worth $36,634,000 after acquiring an additional 124,409 shares in the last quarter. Allianz Asset Management GmbH increased its stake in La-Z-Boy by 34.9% in the 4th quarter. Allianz Asset Management GmbH now owns 167,776 shares of the company’s stock valued at $6,194,000 after purchasing an additional 43,404 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in La-Z-Boy by 1.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,184,810 shares of the company’s stock worth $117,584,000 after purchasing an additional 35,961 shares during the last quarter. Finally, Jackson Creek Investment Advisors LLC purchased a new stake in La-Z-Boy during the second quarter worth $1,136,000. Hedge funds and other institutional investors own 99.62% of the company’s stock.

Insider Buying and Selling

In other La-Z-Boy news, CAO Jennifer Lynn Mccurry sold 4,414 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $41.31, for a total transaction of $182,342.34. Following the transaction, the chief accounting officer now owns 13,236 shares of the company’s stock, valued at approximately $546,779.16. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Jennifer Lynn Mccurry sold 4,414 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $41.31, for a total value of $182,342.34. Following the completion of the sale, the chief accounting officer now directly owns 13,236 shares in the company, valued at $546,779.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Janet Kerr sold 3,890 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $40.89, for a total transaction of $159,062.10. Following the transaction, the director now directly owns 3,372 shares in the company, valued at approximately $137,881.08. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

La-Z-Boy Price Performance

Shares of NYSE LZB opened at $42.55 on Friday. The firm’s 50-day moving average is $41.04 and its two-hundred day moving average is $37.64. The company has a market capitalization of $1.78 billion, a PE ratio of 14.81 and a beta of 1.28. La-Z-Boy Incorporated has a 12-month low of $27.92 and a 12-month high of $45.23.

La-Z-Boy (NYSE:LZB) last posted its earnings results on Tuesday, August 20th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The firm had revenue of $495.50 million for the quarter, compared to analyst estimates of $482.23 million. La-Z-Boy had a return on equity of 12.90% and a net margin of 5.89%. La-Z-Boy’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.62 EPS. On average, analysts forecast that La-Z-Boy Incorporated will post 2.98 EPS for the current fiscal year.

La-Z-Boy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, September 5th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Thursday, September 5th. La-Z-Boy’s dividend payout ratio is presently 28.27%.

Wall Street Analysts Forecast Growth

Separately, Sidoti cut La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Wednesday, August 21st.

About La-Z-Boy

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 Wholesale, Retail, Corporate and Other segments. The Wholesale segment manufactures, and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas; and imports, distributes, and retails casegoods (wood) furniture, including occasional pieces, bedroom sets, dining room sets, entertainment centers, and occasional pieces.