Hsbc Holdings PLC Takes Position in La-Z-Boy Incorporated $LZB

Hsbc Holdings PLC bought a new stake in shares of La-Z-Boy Incorporated (NYSE:LZB) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 38,535 shares of the company’s stock, valued at approximately $1,546,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LZB. BlackRock Inc. purchased a new position in La-Z-Boy in the 2nd quarter worth approximately $265,535,000. Vanguard Group Inc. grew its position in La-Z-Boy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 4,814,114 shares of the company’s stock valued at $179,422,000 after acquiring an additional 38,513 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of La-Z-Boy by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,694,255 shares of the company’s stock valued at $86,594,000 after purchasing an additional 38,870 shares during the period. Franklin Resources Inc. raised its stake in shares of La-Z-Boy by 24.0% during the fourth quarter. Franklin Resources Inc. now owns 1,851,873 shares of the company’s stock valued at $69,019,000 after purchasing an additional 358,945 shares during the period. Finally, LSV Asset Management raised its stake in shares of La-Z-Boy by 0.8% during the fourth quarter. LSV Asset Management now owns 1,476,882 shares of the company’s stock valued at $55,043,000 after purchasing an additional 11,983 shares during the period. 99.62% of the stock is owned by institutional investors and hedge funds.

La-Z-Boy Trading Down 3.0%

La-Z-Boy stock opened at $31.58 on Tuesday. The stock has a market cap of $1.26 billion, a P/E ratio of 16.03, a price-to-earnings-growth ratio of 1.10 and a beta of 1.27. The stock has a 50 day moving average of $38.94 and a 200-day moving average of $36.59. La-Z-Boy Incorporated has a 52 week low of $29.03 and a 52 week high of $44.90.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings results on Tuesday, August 18th. The company reported $0.43 earnings per share (EPS) 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 the consensus estimate of $501.44 million. La-Z-Boy had a return on equity of 11.79% and a net margin of 3.86%.The firm’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 EPS. As a group, equities analysts predict that La-Z-Boy Incorporated will post 2.7 earnings per share for the current fiscal year.

La-Z-Boy Dividend Announcement

The business also recently announced 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. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Thursday, September 3rd. La-Z-Boy’s dividend payout ratio is 49.24%.

Insiders Place Their Bets

In other La-Z-Boy news, CAO Jennifer Lynn Mccurry sold 3,715 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $41.05, for a total transaction of $152,500.75. Following the sale, the chief accounting officer owned 16,763 shares in the company, valued at $688,121.15. This represents a 18.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Melinda D. Whittington sold 7,364 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $40.00, for a total value of $294,560.00. Following the sale, the chief executive officer owned 415,061 shares in the company, valued at $16,602,440. The trade was a 1.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 66,299 shares of company stock worth $2,677,491. Company insiders own 3.12% of the company’s stock.

Wall Street Analysts Forecast Growth

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