La-Z-Boy Incorporated (NYSE:LZB) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 0.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 145,071 shares of the company’s stock after selling 300 shares during the period. New York State Teachers Retirement System owned approximately 0.30% of La-Z-Boy worth $3,917,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Louisiana State Employees Retirement System raised its stake in La-Z-Boy by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 19,900 shares of the company’s stock valued at $537,000 after buying an additional 200 shares in the last quarter. Arizona State Retirement System raised its stake in La-Z-Boy by 0.8% in the first quarter. Arizona State Retirement System now owns 25,385 shares of the company’s stock valued at $685,000 after buying an additional 200 shares in the last quarter. Legal & General Group Plc raised its stake in La-Z-Boy by 0.5% in the first quarter. Legal & General Group Plc now owns 88,818 shares of the company’s stock valued at $2,399,000 after buying an additional 398 shares in the last quarter. Mason Street Advisors LLC raised its stake in shares of La-Z-Boy by 6.8% in the first quarter. Mason Street Advisors LLC now owns 11,415 shares of the company’s stock worth $308,000 after buying an additional 724 shares during the period. Finally, Thrivent Financial For Lutherans raised its stake in shares of La-Z-Boy by 0.8% in the first quarter. Thrivent Financial For Lutherans now owns 141,645 shares of the company’s stock worth $3,825,000 after buying an additional 1,130 shares during the period. Institutional investors and hedge funds own 85.10% of the company’s stock.

Shares of La-Z-Boy Incorporated (LZB) traded down 0.61% during mid-day trading on Friday, reaching $32.35. 296,900 shares of the company were exchanged. The firm has a market capitalization of $1.56 billion, a PE ratio of 18.70 and a beta of 0.85. The company’s 50 day moving average price is $30.08 and its 200 day moving average price is $28.57. La-Z-Boy Incorporated has a 12 month low of $22.09 and a 12 month high of $32.90.

La-Z-Boy (NYSE:LZB) last released its earnings results on Tuesday, June 20th. The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.11. The business had revenue of $412.70 million for the quarter, compared to the consensus estimate of $400.25 million. La-Z-Boy had a net margin of 5.65% and a return on equity of 14.82%. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the firm posted $0.45 earnings per share. Equities analysts anticipate that La-Z-Boy Incorporated will post $1.86 earnings per share for the current year.

La-Z-Boy declared that its Board of Directors has approved a share buyback plan on Tuesday, June 20th that authorizes the company to buyback 6,000,000 outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

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A number of brokerages recently issued reports on LZB. Zacks Investment Research upgraded shares of La-Z-Boy from a “sell” rating to a “hold” rating in a research report on Wednesday, April 19th. BidaskClub lowered shares of La-Z-Boy from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $31.33.

In related news, Chairman Kurt L. Darrow sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $31.52, for a total transaction of $3,152,000.00. Following the transaction, the chairman now directly owns 531,773 shares of the company’s stock, valued at $16,761,484.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Louis M. Riccio, Jr. sold 37,504 shares of the business’s stock in a transaction that occurred on 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 transaction, the vice president now directly owns 123,354 shares in the company, valued at $3,990,501.90. The disclosure for this sale can be found here. Company insiders own 3.57% 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.

Institutional Ownership by Quarter for La-Z-Boy (NYSE:LZB)

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