BNP Paribas Arbitrage SA increased its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 55.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,236 shares of the company’s stock after buying an additional 6,882 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in La-Z-Boy were worth $625,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. Miles Capital Inc. lifted its position in shares of La-Z-Boy by 0.3% during the 1st quarter. Miles Capital Inc. now owns 7,835 shares of the company’s stock worth $212,000 after buying an additional 21 shares during the period. Arizona State Retirement System lifted its position in shares of La-Z-Boy by 0.4% during the 2nd quarter. Arizona State Retirement System now owns 25,485 shares of the company’s stock worth $828,000 after buying an additional 100 shares during the period. Louisiana State Employees Retirement System lifted its position in shares of La-Z-Boy by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 19,900 shares of the company’s stock worth $537,000 after buying an additional 200 shares during the period. Texas Permanent School Fund lifted its position in shares of La-Z-Boy by 0.8% during the 2nd quarter. Texas Permanent School Fund now owns 35,642 shares of the company’s stock worth $1,158,000 after buying an additional 297 shares during the period. Finally, Legal & General Group Plc lifted its position in shares of La-Z-Boy by 0.5% during the 1st quarter. Legal & General Group Plc now owns 88,818 shares of the company’s stock worth $2,399,000 after buying an additional 398 shares during the period. Institutional investors and hedge funds own 86.79% of the company’s stock.
Several equities analysts recently commented on LZB shares. Zacks Investment Research upgraded La-Z-Boy from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research report on Thursday, June 22nd. Stifel Nicolaus dropped their price target on La-Z-Boy from $30.00 to $27.00 and set a “hold” rating for the company in a report on Thursday, August 24th. Sidoti cut La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 price target for the company. in a report on Tuesday, August 1st. Finally, BidaskClub cut La-Z-Boy from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. La-Z-Boy has a consensus rating of “Hold” and a consensus price target of $31.75.
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In other La-Z-Boy news, VP Louis M. Riccio, Jr. sold 37,504 shares of the company’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $32.35, for a total transaction of $1,213,254.40. Following the completion of the sale, the vice president now directly owns 123,354 shares in the company, valued at $3,990,501.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Kurt L. Darrow sold 100,000 shares of the company’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $31.52, for a total value of $3,152,000.00. Following the sale, the chairman now owns 531,773 shares of the company’s stock, valued at $16,761,484.96. The disclosure for this sale can be found here. 3.17% of the stock is owned by corporate insiders.
Shares of La-Z-Boy Incorporated (NYSE:LZB) opened at 25.05 on Wednesday. The firm has a market capitalization of $1.21 billion, a PE ratio of 14.80 and a beta of 0.88. La-Z-Boy Incorporated has a 12-month low of $22.09 and a 12-month high of $34.10. The company’s 50-day moving average price is $29.37 and its 200-day moving average price is $28.63.
La-Z-Boy (NYSE:LZB) last released its earnings results on Tuesday, August 22nd. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.05). La-Z-Boy had a return on equity of 14.18% and a net margin of 5.45%. The business had revenue of $357.10 million for the quarter, compared to the consensus estimate of $359.34 million. During the same quarter in the previous year, the company earned $0.28 earnings per share. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. Analysts anticipate that La-Z-Boy Incorporated will post $1.73 EPS for the current year.
La-Z-Boy declared that its Board of Directors has approved a share buyback plan on Tuesday, June 20th that permits the company to repurchase 6,000,000 shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 8th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.76%. The ex-dividend date is Thursday, September 7th. La-Z-Boy’s payout ratio is presently 25.88%.
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.
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