abrdn plc Invests $10.81 Million in La-Z-Boy Incorporated (NYSE:LZB)

abrdn plc acquired a new stake in La-Z-Boy Incorporated (NYSE:LZB) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 251,777 shares of the company’s stock, valued at approximately $10,809,000.

Other large investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new position in La-Z-Boy in the third quarter valued at approximately $3,684,000. Cardinal Capital Management lifted its position in La-Z-Boy by 11.3% in the 3rd quarter. Cardinal Capital Management now owns 41,186 shares of the company’s stock valued at $1,768,000 after acquiring an additional 4,188 shares in the last quarter. SG Americas Securities LLC lifted its position in La-Z-Boy by 159.5% in the 3rd quarter. SG Americas Securities LLC now owns 17,588 shares of the company’s stock valued at $755,000 after acquiring an additional 10,810 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in La-Z-Boy in the 2nd quarter worth $400,000. Finally, Quarry LP increased its holdings in La-Z-Boy by 2,550.0% during the 2nd quarter. Quarry LP now owns 1,378 shares of the company’s stock worth $51,000 after purchasing an additional 1,326 shares in the last quarter. 99.62% of the stock is owned by institutional investors.

La-Z-Boy Stock Up 0.9 %

Shares of LZB opened at $38.38 on Friday. La-Z-Boy Incorporated has a twelve month low of $29.30 and a twelve month high of $45.23. The stock has a market capitalization of $1.61 billion, a P/E ratio of 13.66 and a beta of 1.28. The company has a 50 day moving average of $40.84 and a 200-day moving average of $38.74.

La-Z-Boy (NYSE:LZB) last released its earnings results on Tuesday, August 20th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $495.50 million during the quarter, compared to the consensus estimate of $482.23 million. During the same quarter last year, the firm earned $0.62 earnings per share. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, sell-side analysts anticipate that La-Z-Boy Incorporated will post 2.98 earnings per share for the current fiscal year.

La-Z-Boy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date was Thursday, September 5th. La-Z-Boy’s dividend payout ratio is currently 28.47%.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other La-Z-Boy news, 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 transaction of $159,062.10. Following the transaction, the director now owns 3,372 shares of the company’s stock, valued at $137,881.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other La-Z-Boy news, CAO Jennifer Lynn Mccurry sold 4,414 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $41.31, for a total transaction of $182,342.34. Following the sale, the chief accounting officer now directly owns 13,236 shares of the company’s stock, valued at approximately $546,779.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Janet Kerr sold 3,890 shares of the stock in a transaction on 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 represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

About La-Z-Boy

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.