Louisiana State Employees Retirement System Invests $588,000 in La-Z-Boy Incorporated $LZB

Louisiana State Employees Retirement System acquired a new stake in shares of La-Z-Boy Incorporated (NYSE:LZB) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,300 shares of the company’s stock, valued at approximately $588,000.

A number of other hedge funds also recently bought and sold shares of LZB. Rockefeller Capital Management L.P. boosted its position 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 worth $43,000 after purchasing an additional 713 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of La-Z-Boy by 112.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,510 shares of the company’s stock valued at $56,000 after purchasing an additional 798 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in shares of La-Z-Boy during the 4th quarter valued at about $4,554,000. Vident Advisory LLC bought a new position in shares of La-Z-Boy in the 4th quarter worth approximately $565,000. Finally, State of Tennessee Department of Treasury lifted its stake in shares of La-Z-Boy by 11.2% in the 4th quarter. State of Tennessee Department of Treasury now owns 26,240 shares of the company’s stock worth $955,000 after purchasing an additional 2,653 shares during the period. Hedge funds and other institutional investors own 99.62% of the company’s stock.

Insider Buying and Selling at La-Z-Boy

In other La-Z-Boy news, VP Raphaell Z. Richmond sold 13,671 shares of La-Z-Boy stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $39.83, for a total transaction of $544,515.93. Following the transaction, the vice president owned 51,695 shares of the company’s stock, valued at $2,059,011.85. The trade was a 20.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Melinda D. Whittington sold 26,639 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $40.24, for a total transaction of $1,071,953.36. Following the completion of the transaction, the chief executive officer owned 316,038 shares of the company’s stock, valued at approximately $12,717,369.12. The trade was a 7.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 66,299 shares of company stock valued at $2,677,491. 2.66% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

LZB has been the subject of several recent research reports. Weiss Ratings upgraded shares of La-Z-Boy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Wall Street Zen upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating in a research report on Sunday. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, La-Z-Boy currently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

La-Z-Boy Stock Performance

NYSE:LZB opened at $39.06 on Wednesday. The stock has a 50-day simple moving average of $37.38 and a two-hundred day simple moving average of $36.47. The firm has a market capitalization of $1.56 billion, a PE ratio of 15.81, a P/E/G ratio of 1.20 and a beta of 1.25. La-Z-Boy Incorporated has a 52-week low of $29.03 and a 52-week high of $44.90.

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

La-Z-Boy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were paid a dividend of $0.242 per share. The ex-dividend date was Tuesday, June 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 2.5%. La-Z-Boy’s dividend payout ratio (DPR) is presently 39.27%.

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.