Glenmede Trust Co. NA Cuts Position in La-Z-Boy Incorporated $LZB

Glenmede Trust Co. NA decreased its stake in La-Z-Boy Incorporated (NYSE:LZB) by 8.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 246,956 shares of the company’s stock after selling 23,654 shares during the period. Glenmede Trust Co. NA owned approximately 0.60% of La-Z-Boy worth $7,937,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in LZB. Vanguard Group Inc. lifted its position in shares of La-Z-Boy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 4,814,114 shares of the company’s stock valued at $179,422,000 after acquiring an additional 38,513 shares during the period. M&T Bank Corp purchased a new stake in shares of La-Z-Boy during the 4th quarter worth approximately $18,433,000. Systematic Financial Management LP grew its holdings in shares of La-Z-Boy by 4.6% in the 1st quarter. Systematic Financial Management LP now owns 591,840 shares of the company’s stock worth $19,022,000 after acquiring an additional 26,009 shares during the period. Access Investment Management LLC grew its holdings in shares of La-Z-Boy by 103.2% in the 1st quarter. Access Investment Management LLC now owns 184,375 shares of the company’s stock worth $5,926,000 after acquiring an additional 93,630 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in La-Z-Boy by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,694,255 shares of the company’s stock valued at $86,594,000 after purchasing an additional 38,870 shares in the last quarter. Hedge funds and other institutional investors own 99.62% of the company’s stock.

La-Z-Boy Price Performance

Shares of La-Z-Boy stock opened at $41.01 on Tuesday. La-Z-Boy Incorporated has a 1 year low of $29.03 and a 1 year high of $44.90. The business has a 50 day moving average price of $39.03 and a 200 day moving average price of $36.68. The company has a market capitalization of $1.64 billion, a P/E ratio of 16.60, a P/E/G ratio of 1.20 and a beta of 1.25.

La-Z-Boy (NYSE:LZB) last announced its earnings results on Tuesday, June 16th. The company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.44. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.The firm had revenue of $570.34 million for the quarter, compared to analysts’ expectations of $569.23 million. During the same quarter in the prior year, the firm earned $0.36 EPS. La-Z-Boy’s quarterly revenue was down .1% on a year-over-year basis. As a group, research analysts expect that La-Z-Boy Incorporated will post 2.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on LZB shares. Wall Street Zen raised La-Z-Boy from a “hold” rating to a “buy” rating in a report on Sunday, July 5th. Weiss Ratings raised La-Z-Boy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, July 1st. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

Insider Buying and Selling at La-Z-Boy

In related news, VP Raphaell Z. Richmond sold 13,671 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $39.83, for a total value of $544,515.93. Following the completion of the transaction, the vice president owned 51,695 shares of the company’s stock, valued at approximately $2,059,011.85. The trade was a 20.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Michael Adam Leggett sold 9,000 shares of the company’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $41.66, for a total transaction of $374,940.00. Following the completion of the transaction, the senior vice president owned 47,551 shares in the company, valued at approximately $1,980,974.66. This trade represents a 15.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 66,299 shares of company stock valued at $2,677,491. 3.12% of the stock is owned by company insiders.

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.