Blue Trust Inc. Sells 8,901 Shares of La-Z-Boy Incorporated (NYSE:LZB)

Blue Trust Inc. decreased its holdings in La-Z-Boy Incorporated (NYSE:LZB) by 42.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,087 shares of the company’s stock after selling 8,901 shares during the quarter. Blue Trust Inc.’s holdings in La-Z-Boy were worth $519,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LZB. Quarry LP lifted its position in La-Z-Boy by 2,550.0% during the second quarter. Quarry LP now owns 1,378 shares of the company’s stock worth $51,000 after purchasing an additional 1,326 shares during the period. Canada Pension Plan Investment Board acquired a new stake in La-Z-Boy in the second quarter valued at approximately $63,000. Innealta Capital LLC acquired a new position in La-Z-Boy in the 2nd quarter worth about $69,000. Allspring Global Investments Holdings LLC bought a new position in La-Z-Boy in the 1st quarter valued at approximately $70,000. Finally, Quest Partners LLC acquired a new position in shares of La-Z-Boy during the second quarter worth $91,000. 99.62% of the stock is currently owned by institutional investors and hedge funds.

La-Z-Boy Trading Down 0.7 %

LZB opened at $39.47 on Wednesday. The company has a fifty day moving average price of $41.14 and a two-hundred day moving average price of $38.59. La-Z-Boy Incorporated has a 1-year low of $27.92 and a 1-year high of $45.23. The company has a market cap of $1.66 billion, a P/E ratio of 13.95 and a beta of 1.28.

La-Z-Boy (NYSE:LZB) last issued its earnings results on Tuesday, August 20th. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. The company had revenue of $495.50 million for the quarter, compared to analyst estimates of $482.23 million. La-Z-Boy had a return on equity of 12.90% and a net margin of 5.89%. La-Z-Boy’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.62 earnings per share. On average, research analysts forecast that La-Z-Boy Incorporated will post 2.98 EPS for the current fiscal year.

La-Z-Boy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Thursday, September 5th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.03%. The ex-dividend date was Thursday, September 5th. La-Z-Boy’s dividend payout ratio (DPR) is presently 28.27%.

Insider Activity

In related news, CAO Jennifer Lynn Mccurry sold 4,414 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $41.31, for a total transaction of $182,342.34. Following the completion of the sale, the chief accounting officer now owns 13,236 shares in the company, valued at approximately $546,779.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CAO Jennifer Lynn Mccurry sold 4,414 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were 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 in the company, valued at approximately $546,779.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Janet Kerr sold 3,890 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $40.89, for a total transaction 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Sidoti lowered La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a research note on Wednesday, August 21st.

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.