PNC Financial Services Group Inc. reduced its position in La-Z-Boy Inc. (NYSE:LZB) by 2.4% during the second quarter, Holdings Channel reports. The firm owned 6,608 shares of the company’s stock after selling 163 shares during the period. PNC Financial Services Group Inc.’s holdings in La-Z-Boy were worth $185,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the company. Bank of Montreal Can purchased a new stake in La-Z-Boy during the second quarter worth about $4,659,000. Panagora Asset Management Inc. increased its stake in La-Z-Boy by 152,735.6% in the first quarter. Panagora Asset Management Inc. now owns 154,364 shares of the company’s stock worth $4,128,000 after buying an additional 154,263 shares in the last quarter. Ngam Advisors L.P. purchased a new stake in La-Z-Boy during the first quarter worth about $2,617,000. Glenmede Trust Co. NA increased its stake in La-Z-Boy by 5.3% in the second quarter. Glenmede Trust Co. NA now owns 1,237,886 shares of the company’s stock worth $34,435,000 after buying an additional 62,487 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in La-Z-Boy by 2.4% in the first quarter. Wellington Management Group LLP now owns 2,175,316 shares of the company’s stock worth $58,167,000 after buying an additional 50,884 shares in the last quarter. 86.05% of the stock is owned by institutional investors and hedge funds.
Shares of La-Z-Boy Inc. (NYSE:LZB) traded up 1.17% on Thursday, hitting $25.07. The company had a trading volume of 74,900 shares. The stock’s 50-day moving average is $26.57 and its 200 day moving average is $27.05. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of 16.04 and a beta of 1.27. La-Z-Boy Inc. has a 52 week low of $19.56 and a 52 week high of $31.22.
La-Z-Boy (NYSE:LZB) last issued its quarterly earnings data on Tuesday, August 23rd. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by $0.01. La-Z-Boy had a net margin of 5.21% and a return on equity of 15.01%. The company had revenue of $340.80 million for the quarter, compared to the consensus estimate of $358.79 million. During the same period in the previous year, the business earned $0.27 EPS. La-Z-Boy’s revenue for the quarter was down .2% compared to the same quarter last year. Equities analysts expect that La-Z-Boy Inc. will post $1.71 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, September 2nd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Wednesday, August 31st. La-Z-Boy’s dividend payout ratio (DPR) is presently 25.48%.
A number of equities research analysts have issued reports on LZB shares. Zacks Investment Research upgraded La-Z-Boy from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Friday, June 24th. Longbow Research assumed coverage on La-Z-Boy in a research note on Friday, August 5th. They set a “neutral” rating for the company.
In other La-Z-Boy news, insider John Douglas Collier sold 26,874 shares of the stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $26.17, for a total value of $703,292.58. Following the completion of the sale, the insider now directly owns 98,849 shares in the company, valued at $2,586,878.33. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Otis S. Sawyer sold 5,935 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $27.46, for a total value of $162,975.10. Following the completion of the sale, the insider now 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 company insiders.
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.
Want to see what other hedge funds are holding LZB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for La-Z-Boy Inc. (NYSE:LZB).
Receive News & Ratings for La-Z-Boy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for La-Z-Boy Inc. and related companies with MarketBeat.com's FREE daily email newsletter.