Thrivent Financial for Lutherans Grows Position in La-Z-Boy Incorporated $LZB

Thrivent Financial for Lutherans grew its holdings in shares of La-Z-Boy Incorporated (NYSE:LZB) by 7.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,391,236 shares of the company’s stock after buying an additional 100,416 shares during the period. Thrivent Financial for Lutherans’ holdings in La-Z-Boy were worth $47,747,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of LZB. American Century Companies Inc. boosted its stake in La-Z-Boy by 7.1% during the second quarter. American Century Companies Inc. now owns 1,338,905 shares of the company’s stock worth $49,767,000 after acquiring an additional 88,852 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of La-Z-Boy by 0.9% during the second quarter. Geode Capital Management LLC now owns 1,016,917 shares of the company’s stock valued at $37,804,000 after purchasing an additional 9,224 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of La-Z-Boy by 18.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 721,029 shares of the company’s stock worth $24,400,000 after purchasing an additional 113,396 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of La-Z-Boy by 18.5% in the 2nd quarter. Franklin Resources Inc. now owns 483,500 shares of the company’s stock worth $17,972,000 after buying an additional 75,580 shares during the last quarter. Finally, Bank of America Corp DE increased its position in La-Z-Boy by 19.6% during the 2nd quarter. Bank of America Corp DE now owns 467,507 shares of the company’s stock valued at $17,377,000 after buying an additional 76,629 shares in the last quarter. 99.62% of the stock is currently owned by institutional investors.

La-Z-Boy Stock Up 2.2%

Shares of LZB stock opened at $37.21 on Tuesday. The company has a 50 day moving average price of $38.54 and a 200-day moving average price of $36.01. La-Z-Boy Incorporated has a 52 week low of $29.03 and a 52 week high of $48.13. The firm has a market capitalization of $1.53 billion, a PE ratio of 17.07 and a beta of 1.27.

La-Z-Boy (NYSE:LZB) last issued its earnings results on Tuesday, November 18th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.17. The company had revenue of $522.48 million for the quarter, compared to analysts’ expectations of $517.63 million. La-Z-Boy had a net margin of 4.29% and a return on equity of 11.19%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the company posted $0.71 earnings per share. Analysts anticipate that La-Z-Boy Incorporated will post 2.99 earnings per share for the current year.

La-Z-Boy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Thursday, December 4th were given a dividend of $0.242 per share. This represents a $0.97 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Thursday, December 4th. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.22. La-Z-Boy’s payout ratio is currently 44.50%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. KeyCorp reissued an “overweight” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th. Needham & Company LLC reissued a “buy” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Sidoti upgraded shares of La-Z-Boy from a “neutral” rating to a “buy” rating and raised their price objective for the company from $36.00 to $39.00 in a research note on Wednesday, November 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of La-Z-Boy in a research note on Monday, December 22nd. Finally, Zacks Research downgraded shares of La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 19th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.50.

La-Z-Boy Profile

La-Z-Boy Incorporated (NYSE: LZB) is a leading U.S. manufacturer and marketer of residential furniture, best known for its upholstered recliners, sofas, stationary chairs and sleeper sofas. The company offers a broad range of products in both fabric and leather, complemented by occasional tables, desks, lamps and other home furnishings through its branded retail network.

Founded in 1927 by cousins Edward Knabusch and Edwin Shoemaker in Monroe, Michigan, La-Z-Boy pioneered the modern reclining chair.