Morningstar Investment Management LLC Has $614,000 Stake in La-Z-Boy Incorporated $LZB

Morningstar Investment Management LLC reduced its holdings in shares of La-Z-Boy Incorporated (NYSE:LZB) by 39.9% in the 1st quarter, HoldingsChannel.com reports. The fund owned 19,104 shares of the company’s stock after selling 12,688 shares during the quarter. Morningstar Investment Management LLC’s holdings in La-Z-Boy were worth $614,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Quarry LP raised its stake in La-Z-Boy by 4,785.7% in the 4th quarter. Quarry LP now owns 684 shares of the company’s stock valued at $25,000 after acquiring an additional 670 shares during the period. EverSource Wealth Advisors LLC boosted 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 purchasing an additional 670 shares during the period. Geneos Wealth Management Inc. boosted 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 purchasing an additional 567 shares during the period. Rockefeller Capital Management L.P. increased its holdings in shares of 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 purchasing an additional 713 shares during the last quarter. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of La-Z-Boy by 3,130.8% in the third quarter. CIBC Private Wealth Group LLC now owns 1,260 shares of the company’s stock valued at $43,000 after purchasing an additional 1,221 shares during the last quarter. 99.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on LZB shares. Weiss Ratings raised 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 raised shares of La-Z-Boy from a “hold” rating to a “buy” rating in a report on Sunday, July 5th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Insider Transactions at La-Z-Boy

In other news, VP Raphaell Z. Richmond sold 13,671 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $39.83, for a total value of $544,515.93. Following the completion of the transaction, the vice president directly owned 51,695 shares in the company, valued at approximately $2,059,011.85. The trade was a 20.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Terrence James Linz sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $40.23, for a total transaction of $100,575.00. Following the sale, the insider directly owned 64,383 shares of the company’s stock, valued at approximately $2,590,128.09. This trade represents a 3.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 66,299 shares of company stock worth $2,677,491. Corporate insiders own 3.12% of the company’s stock.

La-Z-Boy Stock Performance

LZB opened at $39.66 on Monday. The firm has a market cap of $1.59 billion, a P/E ratio of 16.06, a price-to-earnings-growth ratio of 1.21 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. The business’s fifty day moving average is $38.45 and its 200-day moving average is $36.60.

La-Z-Boy (NYSE:LZB) last posted its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $570.34 million during the quarter, compared to the consensus estimate of $569.23 million. During the same quarter in the previous year, the firm earned $0.36 earnings per share. La-Z-Boy’s revenue for the quarter was down .1% compared to the same quarter last year. On average, research analysts predict that La-Z-Boy Incorporated will post 2.98 earnings per share for the current fiscal year.

La-Z-Boy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were issued a $0.242 dividend. This represents a $0.97 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Tuesday, June 2nd. La-Z-Boy’s dividend payout ratio (DPR) is currently 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.