Heritage Wealth Management LLC Increases Stake in La-Z-Boy Incorporated (NYSE:LZB)

Heritage Wealth Management LLC increased its holdings in shares of La-Z-Boy Incorporated (NYSE:LZB) by 25.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,985 shares of the company’s stock after purchasing an additional 610 shares during the period. Heritage Wealth Management LLC’s holdings in La-Z-Boy were worth $96,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nicholas Company Inc. increased its stake in La-Z-Boy by 18.2% during the 2nd quarter. Nicholas Company Inc. now owns 233,590 shares of the company’s stock worth $8,652,000 after buying an additional 35,965 shares during the period. Renaissance Technologies LLC purchased a new stake in La-Z-Boy during the 2nd quarter worth approximately $974,000. Bridge City Capital LLC increased its stake in La-Z-Boy by 19.7% during the 2nd quarter. Bridge City Capital LLC now owns 83,047 shares of the company’s stock worth $3,076,000 after buying an additional 13,681 shares during the period. Geode Capital Management LLC increased its stake in La-Z-Boy by 4.2% during the 2nd quarter. Geode Capital Management LLC now owns 782,470 shares of the company’s stock worth $28,982,000 after buying an additional 31,823 shares during the period. Finally, Royal Bank of Canada increased its stake in La-Z-Boy by 9.0% during the 2nd quarter. Royal Bank of Canada now owns 11,459 shares of the company’s stock worth $425,000 after buying an additional 944 shares during the period. 92.85% of the stock is currently owned by hedge funds and other institutional investors.

Separately, Zacks Investment Research raised shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research report on Friday, November 19th.

Shares of La-Z-Boy stock opened at $35.62 on Friday. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 12.45 and a beta of 1.04. The company has a fifty day simple moving average of $35.83 and a 200-day simple moving average of $34.86. La-Z-Boy Incorporated has a 12-month low of $31.92 and a 12-month high of $46.74.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings results on Tuesday, November 16th. The company reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.12. The firm had revenue of $576.00 million during the quarter, compared to analysts’ expectations of $540.04 million. La-Z-Boy had a net margin of 6.26% and a return on equity of 17.67%. La-Z-Boy’s quarterly revenue was up 25.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 EPS. Analysts expect that La-Z-Boy Incorporated will post 3.76 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 15th. Stockholders of record on Thursday, December 2nd were issued a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date was Wednesday, December 1st. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.15. La-Z-Boy’s dividend payout ratio (DPR) is currently 23.08%.

In related news, Director Kurt L. Darrow sold 53,124 shares of the firm’s stock in a transaction that occurred on Friday, November 5th. The shares were sold at an average price of $35.57, for a total value of $1,889,620.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kurt L. Darrow sold 8,200 shares of the firm’s stock in a transaction that occurred on Wednesday, November 17th. The stock was sold at an average price of $39.02, for a total transaction of $319,964.00. The disclosure for this sale can be found here. Insiders have sold a total of 202,444 shares of company stock valued at $7,230,892 over the last 90 days. 4.01% of the stock is currently owned by insiders.

La-Z-Boy Company Profile

La-Z-Boy, Inc engages in the production of reclining chairs and manufacture and distribution of residential furniture. It operates through the following segments: Wholesale, Retail, and Corporate and Other. 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 casegoods (wood) furniture, such as occasional pieces, bedroom sets, dining room sets and entertainment centers.

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

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