Prudential Financial Inc. boosted its position in La-Z-Boy Inc. (NYSE:LZB) by 20.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 553,990 shares of the company’s stock after buying an additional 94,800 shares during the period. Prudential Financial Inc. owned 1.13% of La-Z-Boy worth $15,412,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in La-Z-Boy during the fourth quarter worth about $13,033,000. Aperio Group LLC purchased a new position in La-Z-Boy during the first quarter worth about $271,000. Pacad Investment Ltd. purchased a new position in La-Z-Boy during the first quarter worth about $495,000. Ngam Advisors L.P. purchased a new position in La-Z-Boy during the first quarter worth about $2,617,000. Finally, Algert Global LLC purchased a new position in La-Z-Boy during the first quarter worth about $1,709,000. Hedge funds and other institutional investors own 86.05% of the company’s stock.
Shares of La-Z-Boy Inc. (NYSE:LZB) traded up 0.33% on Friday, hitting $24.51. The company’s stock had a trading volume of 64,557 shares. The company has a 50 day moving average of $27.22 and a 200 day moving average of $27.08. La-Z-Boy Inc. has a 1-year low of $19.56 and a 1-year high of $31.22. The firm has a market cap of $1.21 billion, a PE ratio of 15.68 and a beta of 1.35.
La-Z-Boy (NYSE:LZB) last issued its quarterly earnings data on Tuesday, August 23rd. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by $0.01. La-Z-Boy had a return on equity of 15.01% and a net margin of 5.21%. The business earned $340.80 million during the quarter, compared to the consensus estimate of $358.79 million. During the same period last year, the company earned $0.27 earnings per share. The business’s quarterly revenue was down .2% compared to the same quarter last year. Equities analysts forecast that La-Z-Boy Inc. will post $1.71 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Friday, September 2nd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date was Wednesday, August 31st. La-Z-Boy’s dividend payout ratio (DPR) is 25.48%.
LZB has been the topic of a number of research reports. Zacks Investment Research upgraded La-Z-Boy from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research note on Friday, June 24th. Longbow Research initiated coverage on La-Z-Boy in a research note on Friday, August 5th. They set a “neutral” rating on the stock.
In other La-Z-Boy news, insider John Douglas Collier sold 26,874 shares of the stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $26.17, for a total transaction of $703,292.58. Following the completion of the transaction, the insider now directly owns 98,849 shares of the company’s stock, valued at approximately $2,586,878.33. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Otis S. Sawyer sold 5,935 shares of the stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $27.46, for a total value of $162,975.10. Following the transaction, the insider now directly owns 62,216 shares of the company’s stock, valued at $1,708,451.36. The disclosure for this sale can be found here. 3.57% of the stock is owned by corporate insiders.
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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