Northern Trust Corp increased its holdings in La-Z-Boy Incorporated (NYSE:LZB) by 1.7% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,255,701 shares of the company’s stock after buying an additional 20,775 shares during the quarter. Northern Trust Corp owned about 2.58% of La-Z-Boy worth $40,810,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in LZB. Ameritas Investment Partners Inc. bought a new stake in shares of La-Z-Boy during the 1st quarter valued at about $107,000. Point72 Asia Hong Kong Ltd bought a new stake in shares of La-Z-Boy during the 1st quarter valued at about $110,000. Victory Capital Management Inc. grew its stake in shares of La-Z-Boy by 39.6% during the 1st quarter. Victory Capital Management Inc. now owns 4,252 shares of the company’s stock valued at $115,000 after purchasing an additional 1,206 shares during the period. First Quadrant L P CA bought a new stake in shares of La-Z-Boy during the 2nd quarter valued at about $167,000. Finally, Miles Capital Inc. grew its stake in shares of La-Z-Boy by 0.3% during the 1st quarter. Miles Capital Inc. now owns 7,835 shares of the company’s stock valued at $212,000 after purchasing an additional 21 shares during the period. Institutional investors and hedge funds own 86.78% of the company’s stock.
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LZB has been the subject of a number of recent research reports. BidaskClub downgraded La-Z-Boy from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. Stifel Nicolaus cut their price target on La-Z-Boy from $30.00 to $27.00 and set a “hold” rating for the company in a research note on Thursday, August 24th. Sidoti downgraded La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 price target for the company. in a research note on Tuesday, August 1st. Finally, Zacks Investment Research downgraded La-Z-Boy from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. La-Z-Boy has an average rating of “Hold” and an average price target of $31.50.
Shares of La-Z-Boy Incorporated (NYSE:LZB) opened at 26.95 on Thursday. The company has a market capitalization of $1.30 billion, a P/E ratio of 15.92 and a beta of 0.89. La-Z-Boy Incorporated has a 1-year low of $22.09 and a 1-year high of $34.10. The firm’s 50 day moving average price is $25.50 and its 200-day moving average price is $28.48.
La-Z-Boy (NYSE:LZB) last announced its quarterly earnings data on Tuesday, August 22nd. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.05). The firm had revenue of $357.10 million during the quarter, compared to analyst estimates of $359.34 million. La-Z-Boy had a net margin of 5.45% and a return on equity of 14.18%. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.28 earnings per share. Analysts expect that La-Z-Boy Incorporated will post $1.73 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 8th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.63%. The ex-dividend date was Thursday, September 7th. La-Z-Boy’s dividend payout ratio (DPR) is 25.88%.
La-Z-Boy announced that its board has approved a stock repurchase program on Tuesday, June 20th that authorizes the company to buyback 6,000,000 outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
La-Z-Boy Company Profile
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.
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