La-Z-Boy Incorporated $LZB Shares Sold by GW&K Investment Management LLC

GW&K Investment Management LLC decreased its position in shares of La-Z-Boy Incorporated (NYSE:LZB) by 6.1% during the 3rd quarter, Holdings Channel.com reports. The fund owned 371,012 shares of the company’s stock after selling 24,036 shares during the period. GW&K Investment Management LLC’s holdings in La-Z-Boy were worth $12,734,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. American Century Companies Inc. raised its position in La-Z-Boy by 7.2% in the 3rd quarter. American Century Companies Inc. now owns 1,434,642 shares of the company’s stock valued at $49,237,000 after purchasing an additional 95,737 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in La-Z-Boy by 7.8% in the third quarter. Thrivent Financial for Lutherans now owns 1,391,236 shares of the company’s stock worth $47,747,000 after acquiring an additional 100,416 shares during the last quarter. Geode Capital Management LLC lifted its stake in La-Z-Boy by 0.9% in the second quarter. Geode Capital Management LLC now owns 1,016,917 shares of the company’s stock worth $37,804,000 after acquiring an additional 9,224 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in La-Z-Boy by 18.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 721,029 shares of the company’s stock valued at $24,400,000 after buying an additional 113,396 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in La-Z-Boy by 18.5% during the 2nd quarter. Franklin Resources Inc. now owns 483,500 shares of the company’s stock worth $17,972,000 after buying an additional 75,580 shares during the last quarter. Institutional investors and hedge funds own 99.62% of the company’s stock.

Insider Transactions at La-Z-Boy

In other news, SVP Michael Adam Leggett sold 2,200 shares of the business’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $37.00, for a total transaction of $81,400.00. Following the completion of the transaction, the senior vice president owned 42,473 shares of the company’s stock, valued at approximately $1,571,501. The trade was a 4.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.66% of the stock is owned by corporate insiders.

La-Z-Boy Stock Down 2.0%

LZB opened at $34.59 on Friday. The firm has a market cap of $1.42 billion, a P/E ratio of 17.12 and a beta of 1.26. The business’s fifty day simple moving average is $37.48 and its 200 day simple moving average is $35.93. La-Z-Boy Incorporated has a 52 week low of $29.03 and a 52 week high of $44.49.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings results on Tuesday, February 17th. The company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.02. The firm had revenue of $541.59 million for the quarter, compared to analyst estimates of $535.47 million. La-Z-Boy had a return on equity of 10.79% and a net margin of 3.93%.The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the company earned $0.68 EPS. As a group, equities analysts expect that La-Z-Boy Incorporated will post 2.99 EPS for the current fiscal year.

La-Z-Boy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be paid a dividend of $0.242 per share. The ex-dividend date is Tuesday, March 3rd. This represents a $0.97 annualized dividend and a yield of 2.8%. La-Z-Boy’s dividend payout ratio is 48.02%.

Analyst Ratings Changes

Several analysts have recently weighed in on LZB shares. Weiss Ratings restated a “hold (c)” rating on shares of La-Z-Boy in a research report on Monday, December 22nd. Needham & Company LLC restated a “buy” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th. Sidoti raised La-Z-Boy from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $36.00 to $39.00 in a research report on Wednesday, November 19th. Zacks Research cut La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 19th. Finally, KeyCorp reissued an “overweight” rating on shares of La-Z-Boy in a report on Wednesday, December 17th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, La-Z-Boy presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.50.

About La-Z-Boy

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.