Cambridge Investment Research Advisors Inc. lowered its holdings in La-Z-Boy Incorporated (NYSE:LZB) by 1.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 22,278 shares of the company’s stock after selling 260 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in La-Z-Boy were worth $724,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Miles Capital Inc. grew its holdings in La-Z-Boy by 0.3% in the 1st quarter. Miles Capital Inc. now owns 7,835 shares of the company’s stock valued at $212,000 after buying an additional 21 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of La-Z-Boy by 0.4% during the 2nd quarter. Arizona State Retirement System now owns 25,485 shares of the company’s stock worth $828,000 after purchasing an additional 100 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of La-Z-Boy by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 19,900 shares of the company’s stock worth $537,000 after purchasing an additional 200 shares in the last quarter. Texas Permanent School Fund grew its holdings in shares of La-Z-Boy by 0.8% during the 2nd quarter. Texas Permanent School Fund now owns 35,642 shares of the company’s stock worth $1,158,000 after purchasing an additional 297 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of La-Z-Boy by 0.5% during the 1st quarter. Legal & General Group Plc now owns 88,818 shares of the company’s stock worth $2,399,000 after purchasing an additional 398 shares in the last quarter. 86.79% of the stock is currently owned by hedge funds and other institutional investors.
LZB has been the topic of several recent research reports. Zacks Investment Research raised La-Z-Boy from a “hold” rating to a “buy” rating and set a $36.00 price objective on the stock in a report on Thursday, June 22nd. BidaskClub lowered La-Z-Boy from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Sidoti downgraded La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 target price for the company. in a research report on Tuesday, August 1st. Finally, Stifel Nicolaus cut their target price on La-Z-Boy from $30.00 to $27.00 and set a “hold” rating for the company in a research report on Thursday, August 24th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. La-Z-Boy presently has an average rating of “Hold” and a consensus price target of $31.75.
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La-Z-Boy Incorporated (LZB) opened at 26.10 on Friday. The firm has a 50-day moving average price of $28.04 and a 200 day moving average price of $28.55. The company has a market cap of $1.26 billion, a P/E ratio of 15.42 and a beta of 0.88. La-Z-Boy Incorporated has a 12 month low of $22.09 and a 12 month high of $34.10.
La-Z-Boy (NYSE:LZB) last posted its quarterly earnings results on Tuesday, August 22nd. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.05). La-Z-Boy had a net margin of 5.45% and a return on equity of 14.18%. The business had revenue of $357.10 million for the quarter, compared to analysts’ expectations of $359.34 million. During the same quarter in the previous year, the company earned $0.28 earnings per share. The business’s quarterly revenue was up 4.8% on a year-over-year basis. On average, equities analysts expect that La-Z-Boy Incorporated will post $1.73 earnings per share for the current year.
La-Z-Boy declared that its board has initiated a share buyback program on Tuesday, June 20th that authorizes the company to repurchase 6,000,000 shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 8th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $0.44 annualized dividend and a yield of 1.69%. La-Z-Boy’s payout ratio is 25.88%.
In other news, VP Louis M. Riccio, Jr. sold 37,504 shares of the company’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $32.35, for a total transaction of $1,213,254.40. Following the completion of the transaction, the vice president now directly owns 123,354 shares of the company’s stock, valued at $3,990,501.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.17% of the company’s stock.
La-Z-Boy Company Profile
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.
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