Deutsche Bank AG Buys New Stake in La-Z-Boy Incorporated $LZB

Deutsche Bank AG bought a new position in La-Z-Boy Incorporated (NYSE:LZB) during the 2nd quarter, Holdings Channel reports. The fund bought 42,731 shares of the company’s stock, valued at approximately $1,714,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in La-Z-Boy during the second quarter valued at about $28,000. Bank of New York Mellon Corp acquired a new stake in shares of La-Z-Boy in the second quarter valued at about $17,158,000. GAMMA Investing LLC increased its stake in shares of La-Z-Boy by 114.8% in the second quarter. GAMMA Investing LLC now owns 1,549 shares of the company’s stock worth $62,000 after purchasing an additional 828 shares during the period. Versant Capital Management Inc increased its stake in shares of La-Z-Boy by 172.8% in the second quarter. Versant Capital Management Inc now owns 652 shares of the company’s stock worth $26,000 after purchasing an additional 413 shares during the period. Finally, Pacer Advisors Inc. lifted its position in shares of La-Z-Boy by 49.5% during the 1st quarter. Pacer Advisors Inc. now owns 182,698 shares of the company’s stock worth $5,872,000 after purchasing an additional 60,518 shares during the last quarter. Institutional investors and hedge funds own 99.62% of the company’s stock.

Insider Activity

In other news, insider Terrence James Linz sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $40.23, for a total transaction of $100,575.00. Following the completion of the transaction, the insider directly owned 64,383 shares of the company’s stock, valued at approximately $2,590,128.09. This trade represents a 3.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Adam Leggett sold 9,000 shares of La-Z-Boy 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 sale, 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 three months, insiders have sold 66,299 shares of company stock valued at $2,677,491. 3.12% of the stock is owned by insiders.

La-Z-Boy Stock Down 0.5%

La-Z-Boy stock opened at $32.57 on Friday. The business has a 50 day moving average price of $39.11 and a two-hundred day moving average price of $36.65. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 1.10 and a beta of 1.27. La-Z-Boy Incorporated has a 12 month low of $29.03 and a 12 month high of $44.90.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings data on Tuesday, August 18th. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.06). The firm had revenue of $475.69 million for the quarter, compared to analyst estimates of $501.44 million. La-Z-Boy had a return on equity of 11.79% and a net margin of 3.86%.La-Z-Boy’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.47 EPS. On average, analysts expect that La-Z-Boy Incorporated will post 2.7 earnings per share for the current fiscal year.

La-Z-Boy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Thursday, September 3rd will be paid a dividend of $0.242 per share. The ex-dividend date is Thursday, September 3rd. This represents a $0.97 dividend on an annualized basis and a yield of 3.0%. La-Z-Boy’s payout ratio is currently 49.24%.

Analysts Set New Price Targets

LZB has been the subject of several recent analyst reports. Weiss Ratings downgraded La-Z-Boy from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday, August 20th. KeyCorp dropped their price target on La-Z-Boy from $46.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, August 20th. Zacks Research lowered La-Z-Boy from a “hold” rating to a “strong sell” rating in a report on Thursday, August 20th. Finally, Wall Street Zen cut La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $39.50.

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.