La-Z-Boy Incorporated $LZB Shares Sold by First Trust Advisors LP

First Trust Advisors LP cut its holdings in shares of La-Z-Boy Incorporated (NYSE:LZB) by 22.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,330,156 shares of the company’s stock after selling 382,568 shares during the quarter. First Trust Advisors LP owned approximately 3.23% of La-Z-Boy worth $45,651,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada grew its position in shares of La-Z-Boy by 11.1% during the first quarter. Royal Bank of Canada now owns 16,056 shares of the company’s stock worth $628,000 after buying an additional 1,598 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in La-Z-Boy by 3.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,836 shares of the company’s stock valued at $971,000 after acquiring an additional 769 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in La-Z-Boy by 4.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 15,564 shares of the company’s stock valued at $579,000 after acquiring an additional 620 shares during the last quarter. Bank of Montreal Can boosted its stake in La-Z-Boy by 4.8% during the 2nd quarter. Bank of Montreal Can now owns 6,564 shares of the company’s stock valued at $244,000 after acquiring an additional 300 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in La-Z-Boy during the 2nd quarter worth $850,000. 99.62% of the stock is owned by institutional investors and hedge funds.

Insider Activity at La-Z-Boy

In other news, SVP Michael Adam Leggett sold 2,200 shares of the stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $37.00, for a total transaction of $81,400.00. Following the sale, the senior vice president directly owned 42,473 shares in the company, valued at approximately $1,571,501. This represents a 4.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.66% of the company’s stock.

Wall Street Analysts Forecast Growth

LZB has been the topic of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th. Zacks Research downgraded La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 19th. KeyCorp reissued an “overweight” rating on shares of La-Z-Boy in a report on Wednesday, December 17th. Sidoti upgraded La-Z-Boy from a “neutral” rating to a “buy” rating and upped their price objective for the company from $36.00 to $39.00 in a research note on Wednesday, November 19th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of La-Z-Boy in a report on Monday, December 22nd. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $42.50.

La-Z-Boy Stock Performance

Shares of NYSE:LZB opened at $33.22 on Thursday. The company’s fifty day moving average is $37.23 and its two-hundred day moving average is $35.87. La-Z-Boy Incorporated has a 1-year low of $29.03 and a 1-year high of $44.49. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of 16.44 and a beta of 1.26.

La-Z-Boy (NYSE:LZB) last posted its quarterly earnings results on Tuesday, February 17th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.59 by $0.02. The business had revenue of $541.59 million during the quarter, compared to analyst estimates of $535.47 million. La-Z-Boy had a net margin of 3.93% and a return on equity of 10.79%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.68 EPS. Sell-side analysts expect that La-Z-Boy Incorporated will post 2.99 EPS for the current fiscal year.

La-Z-Boy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be issued a dividend of $0.242 per share. The ex-dividend date of this dividend is Tuesday, March 3rd. This represents a $0.97 annualized dividend and a dividend yield of 2.9%. La-Z-Boy’s dividend payout ratio is 48.02%.

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.