Gabelli Funds LLC trimmed its holdings in shares of La-Z-Boy Incorporated (NYSE:LZB) by 2.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 172,000 shares of the company’s stock after selling 4,000 shares during the quarter. Gabelli Funds LLC’s holdings in La-Z-Boy were worth $5,263,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also made changes to their positions in LZB. Rhumbline Advisers grew its position in La-Z-Boy by 1.4% during the first quarter. Rhumbline Advisers now owns 135,716 shares of the company’s stock valued at $4,065,000 after buying an additional 1,838 shares during the period. SG Americas Securities LLC grew its position in La-Z-Boy by 64.1% during the first quarter. SG Americas Securities LLC now owns 16,178 shares of the company’s stock valued at $485,000 after buying an additional 6,321 shares during the period. Prudential Financial Inc. grew its position in La-Z-Boy by 37.5% during the first quarter. Prudential Financial Inc. now owns 598,540 shares of the company’s stock valued at $17,926,000 after buying an additional 163,260 shares during the period. Swiss National Bank grew its position in La-Z-Boy by 4.2% during the first quarter. Swiss National Bank now owns 83,800 shares of the company’s stock valued at $2,510,000 after buying an additional 3,400 shares during the period. Finally, LSV Asset Management grew its position in La-Z-Boy by 23.3% during the first quarter. LSV Asset Management now owns 316,900 shares of the company’s stock valued at $9,491,000 after buying an additional 59,900 shares during the period. Institutional investors own 90.82% of the company’s stock.
Several analysts recently issued reports on the stock. Stifel Nicolaus boosted their target price on shares of La-Z-Boy from $33.00 to $35.00 and gave the company a “hold” rating in a research report on Thursday, August 23rd. Zacks Investment Research upgraded shares of La-Z-Boy from a “sell” rating to a “hold” rating in a research report on Wednesday, August 22nd. Finally, ValuEngine upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating in a research report on Thursday, August 23rd.
In other La-Z-Boy news, insider Otis S. Sawyer sold 88,806 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $34.62, for a total value of $3,074,463.72. Following the completion of the transaction, the insider now directly owns 71,324 shares in the company, valued at $2,469,236.88. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Kurt L. Darrow sold 78,109 shares of the company’s stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $33.29, for a total transaction of $2,600,248.61. Following the completion of the transaction, the chairman now owns 550,210 shares of the company’s stock, valued at $18,316,490.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 212,635 shares of company stock valued at $7,259,368. Company insiders own 4.55% of the company’s stock.
LZB opened at $31.90 on Friday. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 16.85 and a beta of 1.01. La-Z-Boy Incorporated has a 1-year low of $24.10 and a 1-year high of $39.15.
La-Z-Boy (NYSE:LZB) last posted its quarterly earnings results on Tuesday, August 21st. The company reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.14. The business had revenue of $384.70 million during the quarter, compared to analyst estimates of $368.17 million. La-Z-Boy had a net margin of 5.43% and a return on equity of 15.33%. The company’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.24 earnings per share. sell-side analysts anticipate that La-Z-Boy Incorporated will post 2.02 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Friday, September 7th will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.50%. La-Z-Boy’s payout ratio is currently 26.52%.
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas.
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