SummerHaven Investment Management LLC bought a new stake in shares of La-Z-Boy Incorporated (NYSE:LZB – Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 21,285 shares of the company’s stock, valued at approximately $731,000. SummerHaven Investment Management LLC owned about 0.05% of La-Z-Boy at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Allianz Asset Management GmbH boosted its position in La-Z-Boy by 0.6% during the 2nd quarter. Allianz Asset Management GmbH now owns 45,430 shares of the company’s stock valued at $1,689,000 after purchasing an additional 266 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of La-Z-Boy by 3.3% during the second quarter. Advisors Asset Management Inc. now owns 8,675 shares of the company’s stock valued at $322,000 after acquiring an additional 274 shares during the period. Bank of Montreal Can grew its position in shares of La-Z-Boy by 4.8% during the second quarter. Bank of Montreal Can now owns 6,564 shares of the company’s stock worth $244,000 after acquiring an additional 300 shares during the last quarter. Osaic Holdings Inc. increased its holdings in shares of La-Z-Boy by 3.5% in the 2nd quarter. Osaic Holdings Inc. now owns 9,258 shares of the company’s stock worth $344,000 after acquiring an additional 310 shares during the period. Finally, GAMMA Investing LLC lifted its position in La-Z-Boy by 116.9% in the 2nd quarter. GAMMA Investing LLC now owns 746 shares of the company’s stock valued at $28,000 after purchasing an additional 402 shares during the last quarter. 99.62% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts have commented on LZB shares. Sidoti upgraded shares of La-Z-Boy from a “neutral” rating to a “buy” rating and raised their price target for the company from $36.00 to $39.00 in a research note on Wednesday, November 19th. Zacks Research cut La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 19th. Needham & Company LLC reaffirmed a “buy” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th. Weiss Ratings reissued a “hold (c)” rating on shares of La-Z-Boy in a research note on Monday, December 22nd. Finally, KeyCorp reissued an “overweight” rating on shares of La-Z-Boy in a report on Wednesday, December 17th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, La-Z-Boy currently has an average rating of “Moderate Buy” and a consensus price target of $42.50.
La-Z-Boy Stock Performance
Shares of NYSE LZB opened at $37.08 on Thursday. La-Z-Boy Incorporated has a 1 year low of $29.03 and a 1 year high of $48.31. The firm has a market cap of $1.53 billion, a P/E ratio of 17.01 and a beta of 1.27. The stock has a fifty day moving average price of $38.55 and a two-hundred day moving average price of $36.05.
La-Z-Boy (NYSE:LZB – Get Free Report) last posted its quarterly earnings data on Tuesday, November 18th. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.17. La-Z-Boy had a return on equity of 11.19% and a net margin of 4.29%.The company had revenue of $522.48 million for the quarter, compared to the consensus estimate of $517.63 million. During the same quarter in the previous year, the business earned $0.71 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. On average, research analysts predict that La-Z-Boy Incorporated will post 2.99 earnings per share for the current fiscal year.
La-Z-Boy Increases Dividend
The firm also recently disclosed 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 is a positive change from La-Z-Boy’s previous quarterly dividend of $0.22. The ex-dividend date was Thursday, December 4th. This represents a $0.97 annualized dividend and a dividend yield of 2.6%. La-Z-Boy’s payout ratio is 44.50%.
About La-Z-Boy
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.
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