Ieq Capital LLC Makes New $2.12 Million Investment in La-Z-Boy Incorporated $LZB

Ieq Capital LLC purchased a new stake in La-Z-Boy Incorporated (NYSE:LZB) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 52,781 shares of the company’s stock, valued at approximately $2,118,000.

A number of other institutional investors also recently modified their holdings of LZB. Osaic Holdings Inc. lifted its position in shares of La-Z-Boy by 3.5% during the 2nd quarter. Osaic Holdings Inc. now owns 9,258 shares of the company’s stock worth $344,000 after buying an additional 310 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in shares of La-Z-Boy by 2.3% in the third quarter. Raymond James Financial Inc. now owns 14,703 shares of the company’s stock worth $505,000 after acquiring an additional 336 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of La-Z-Boy by 0.3% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 110,619 shares of the company’s stock worth $4,126,000 after acquiring an additional 363 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of La-Z-Boy by 5.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,827 shares of the company’s stock valued at $252,000 after purchasing an additional 379 shares in the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of La-Z-Boy by 172.8% during the 2nd quarter. Versant Capital Management Inc now owns 652 shares of the company’s stock valued at $26,000 after purchasing an additional 413 shares during the last quarter. Institutional investors and hedge funds own 99.62% of the company’s stock.

Insider Activity at La-Z-Boy

In other news, CEO Melinda D. Whittington sold 26,639 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $40.24, for a total transaction of $1,071,953.36. Following the completion of the transaction, the chief executive officer directly owned 316,038 shares in the company, valued at $12,717,369.12. This trade represents a 7.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Terrence James Linz sold 2,500 shares of La-Z-Boy stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $40.23, for a total value of $100,575.00. Following the completion of the transaction, the insider directly owned 64,383 shares in the company, valued at approximately $2,590,128.09. This represents a 3.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 66,299 shares of company stock valued at $2,677,491 over the last ninety days. Insiders own 3.12% of the company’s stock.

La-Z-Boy Stock Performance

Shares of NYSE:LZB opened at $32.10 on Wednesday. La-Z-Boy Incorporated has a 52 week low of $29.03 and a 52 week high of $44.90. The firm has a market cap of $1.29 billion, a PE ratio of 16.29, a price-to-earnings-growth ratio of 1.08 and a beta of 1.27. The firm’s fifty day moving average is $39.55 and its 200-day moving average is $36.77.

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

La-Z-Boy Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on LZB. Zacks Research downgraded shares of La-Z-Boy from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 20th. KeyCorp decreased their target price on shares of La-Z-Boy from $46.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, August 20th. Weiss Ratings downgraded shares of La-Z-Boy from a “buy (b-)” rating to a “hold (c)” 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 note on Saturday, August 8th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, 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.