Quest Partners LLC Invests $91,000 in La-Z-Boy Incorporated (NYSE:LZB)

Quest Partners LLC acquired a new position in La-Z-Boy Incorporated (NYSE:LZB) in the 2nd quarter, HoldingsChannel reports. The fund acquired 2,454 shares of the company’s stock, valued at approximately $91,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in La-Z-Boy during the second quarter worth about $69,000. Allspring Global Investments Holdings LLC bought a new position in La-Z-Boy in the 1st quarter worth approximately $70,000. Gallacher Capital Management LLC purchased a new position in La-Z-Boy in the 2nd quarter valued at approximately $232,000. SG Americas Securities LLC raised its holdings in La-Z-Boy by 122.7% during the 2nd quarter. SG Americas Securities LLC now owns 6,778 shares of the company’s stock valued at $253,000 after acquiring an additional 3,734 shares during the period. Finally, PFG Advisors lifted its position in shares of La-Z-Boy by 23.5% during the first quarter. PFG Advisors now owns 8,445 shares of the company’s stock worth $318,000 after acquiring an additional 1,607 shares in the last quarter. 99.62% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Janet Kerr sold 3,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $40.89, for a total value of $159,062.10. Following the sale, the director now directly owns 3,372 shares of the company’s stock, valued at $137,881.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Jennifer Lynn Mccurry sold 4,414 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $41.31, for a total transaction of $182,342.34. Following the transaction, the chief accounting officer now directly owns 13,236 shares of the company’s stock, valued at approximately $546,779.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Janet Kerr sold 3,890 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $40.89, for a total value of $159,062.10. Following the completion of the sale, the director now owns 3,372 shares of the company’s stock, valued at approximately $137,881.08. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Sidoti cut La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Wednesday, August 21st.

La-Z-Boy Trading Up 0.3 %

Shares of La-Z-Boy stock opened at $43.05 on Wednesday. The company’s 50-day moving average price is $41.39 and its 200-day moving average price is $37.75. The company has a market cap of $1.81 billion, a price-to-earnings ratio of 15.21 and a beta of 1.28. La-Z-Boy Incorporated has a 12-month low of $27.92 and a 12-month high of $45.23.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings results on Tuesday, August 20th. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.60 by $0.02. La-Z-Boy had a net margin of 5.89% and a return on equity of 12.90%. The firm had revenue of $495.50 million during the quarter, compared to the consensus estimate of $482.23 million. During the same period last year, the firm earned $0.62 EPS. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, sell-side analysts predict that La-Z-Boy Incorporated will post 2.98 earnings per share for the current year.

La-Z-Boy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were issued a $0.20 dividend. The ex-dividend date was Thursday, September 5th. This represents a $0.80 annualized dividend and a dividend yield of 1.86%. La-Z-Boy’s payout ratio is currently 28.27%.

La-Z-Boy Company Profile

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Wholesale, Retail, Corporate and Other segments. The Wholesale segment manufactures, and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas; and imports, distributes, and retails casegoods (wood) furniture, including occasional pieces, bedroom sets, dining room sets, entertainment centers, and occasional pieces.