Victory Capital Management Inc. lowered its stake in shares of La-Z-Boy Incorporated (NYSE:LZB – Free Report) by 79.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,367 shares of the company’s stock after selling 94,240 shares during the period. Victory Capital Management Inc. owned 0.06% of La-Z-Boy worth $908,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LZB. Innealta Capital LLC acquired a new position in La-Z-Boy during the second quarter worth $69,000. Allspring Global Investments Holdings LLC purchased a new stake in La-Z-Boy in the first quarter valued at $70,000. SG Americas Securities LLC raised its position in La-Z-Boy by 122.7% in the second quarter. SG Americas Securities LLC now owns 6,778 shares of the company’s stock valued at $253,000 after purchasing an additional 3,734 shares during the period. PFG Advisors raised its position in La-Z-Boy by 23.5% in the first quarter. PFG Advisors now owns 8,445 shares of the company’s stock valued at $318,000 after purchasing an additional 1,607 shares during the period. Finally, ProShare Advisors LLC raised its position in La-Z-Boy by 7.4% in the first quarter. ProShare Advisors LLC now owns 8,742 shares of the company’s stock valued at $329,000 after purchasing an additional 599 shares during the period. Institutional investors and hedge funds own 99.62% of the company’s stock.
Analysts Set New Price Targets
Separately, Sidoti downgraded La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research report on Wednesday, August 21st.
Insider Activity at La-Z-Boy
In related news, CAO Jennifer Lynn Mccurry sold 4,414 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $41.31, for a total value of $182,342.34. Following the sale, the chief accounting officer now owns 13,236 shares in the company, valued at approximately $546,779.16. 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 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 sale, the chief accounting officer now owns 13,236 shares in the company, valued at approximately $546,779.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Janet Kerr sold 3,890 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $40.89, for a total value of $159,062.10. Following the sale, the director now owns 3,372 shares in the company, valued at approximately $137,881.08. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
La-Z-Boy Stock Down 1.1 %
NYSE:LZB opened at $43.45 on Friday. La-Z-Boy Incorporated has a 52 week low of $27.92 and a 52 week high of $45.23. The company has a market capitalization of $1.82 billion, a P/E ratio of 15.35 and a beta of 1.28. The stock’s fifty day moving average is $41.63 and its two-hundred day moving average is $37.87.
La-Z-Boy (NYSE:LZB – Get Free Report) last posted its quarterly earnings data on Tuesday, August 20th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.02. The firm had revenue of $495.50 million for the quarter, compared to the consensus estimate of $482.23 million. La-Z-Boy had a return on equity of 12.90% and a net margin of 5.89%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.62 EPS. Sell-side analysts anticipate that La-Z-Boy Incorporated will post 2.98 earnings per share for the current fiscal year.
La-Z-Boy Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors 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 1.84%. La-Z-Boy’s dividend payout ratio is presently 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.
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