Principal Financial Group Inc. Sells 47,941 Shares of La-Z-Boy Incorporated $LZB

Principal Financial Group Inc. lowered its position in shares of La-Z-Boy Incorporated (NYSE:LZB) by 19.3% in the first quarter, Holdings Channel reports. The institutional investor owned 200,505 shares of the company’s stock after selling 47,941 shares during the period. Principal Financial Group Inc.’s holdings in La-Z-Boy were worth $6,444,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Royal Bank of Canada increased its position in 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 acquiring an additional 1,598 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in La-Z-Boy by 3.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,836 shares of the company’s stock valued at $971,000 after purchasing an additional 769 shares during the period. Norges Bank bought a new stake in La-Z-Boy in the 2nd quarter valued at about $404,000. Arrowstreet Capital Limited Partnership bought a new stake in La-Z-Boy in the 2nd quarter valued at about $736,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of La-Z-Boy by 290.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after purchasing an additional 670 shares in the last quarter. Institutional investors own 99.62% of the company’s stock.

Insider Transactions at La-Z-Boy

In other news, insider Terrence James Linz sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $40.23, for a total transaction of $100,575.00. Following the completion of the sale, the insider owned 64,383 shares of the company’s stock, valued at approximately $2,590,128.09. This represents a 3.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Raphaell Z. Richmond sold 13,671 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $39.83, for a total transaction of $544,515.93. Following the sale, the vice president owned 51,695 shares in the company, valued at $2,059,011.85. This represents a 20.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 66,299 shares of company stock worth $2,677,491. Corporate insiders own 3.12% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Wall Street Zen raised shares of La-Z-Boy from a “hold” rating to a “buy” rating in a report on Sunday, July 5th. Weiss Ratings upgraded La-Z-Boy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, July 1st. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $39.00.

La-Z-Boy Stock Performance

Shares of NYSE LZB opened at $40.39 on Tuesday. La-Z-Boy Incorporated has a 52 week low of $29.03 and a 52 week high of $44.90. The stock has a market capitalization of $1.62 billion, a P/E ratio of 16.35, a PEG ratio of 1.21 and a beta of 1.25. The stock’s fifty day moving average is $38.57 and its 200 day moving average is $36.62.

La-Z-Boy (NYSE:LZB) last posted its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.44. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.The business had revenue of $570.34 million during the quarter, compared to the consensus estimate of $569.23 million. During the same quarter in the previous year, the firm earned $0.36 earnings per share. La-Z-Boy’s revenue for the quarter was down .1% compared to the same quarter last year. Equities research analysts forecast that La-Z-Boy Incorporated will post 2.98 earnings per share for the current year.

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.