Wells Fargo & Company MN raised its holdings in shares of La-Z-Boy Incorporated (NYSE:LZB) by 109.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 178,280 shares of the company’s stock after buying an additional 93,208 shares during the quarter. Wells Fargo & Company MN owned about 0.37% of La-Z-Boy worth $4,795,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also bought and sold shares of the company. Nordea Investment Management AB lifted its stake in La-Z-Boy by 45.1% during the third quarter. Nordea Investment Management AB now owns 87,490 shares of the company’s stock worth $2,353,000 after purchasing an additional 27,192 shares during the last quarter. American International Group Inc. lifted its stake in La-Z-Boy by 5.5% during the third quarter. American International Group Inc. now owns 38,244 shares of the company’s stock worth $1,029,000 after purchasing an additional 2,006 shares during the last quarter. Monroe Bank & Trust MI lifted its stake in La-Z-Boy by 30.2% during the third quarter. Monroe Bank & Trust MI now owns 91,820 shares of the company’s stock worth $2,851,000 after purchasing an additional 21,282 shares during the last quarter. SG Americas Securities LLC lifted its stake in La-Z-Boy by 31.1% during the third quarter. SG Americas Securities LLC now owns 16,117 shares of the company’s stock worth $434,000 after purchasing an additional 3,827 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in La-Z-Boy during the third quarter worth about $791,000. Institutional investors and hedge funds own 86.37% of the company’s stock.
In related news, insider John Douglas Collier sold 4,000 shares of the firm’s stock in a transaction on Friday, December 29th. The stock was sold at an average price of $31.71, for a total value of $126,840.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Otis S. Sawyer sold 12,000 shares of the firm’s stock in a transaction on Saturday, December 29th. The stock was sold at an average price of $31.51, for a total value of $378,120.00. Following the completion of the transaction, the senior vice president now directly owns 60,238 shares in the company, valued at $1,898,099.38. The disclosure for this sale can be found here. Company insiders own 3.17% of the company’s stock.
La-Z-Boy (NYSE:LZB) last posted its quarterly earnings results on Wednesday, November 29th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.02. The company had revenue of $393.20 million for the quarter, compared to the consensus estimate of $390.03 million. La-Z-Boy had a return on equity of 14.33% and a net margin of 5.53%. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.42 EPS. analysts expect that La-Z-Boy Incorporated will post 1.74 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, December 20th. Investors of record on Monday, December 11th were paid a $0.12 dividend. The ex-dividend date was Friday, December 8th. This represents a $0.48 annualized dividend and a dividend yield of 1.50%. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.11. La-Z-Boy’s dividend payout ratio is presently 27.43%.
A number of equities research analysts have recently weighed in on LZB shares. ValuEngine raised La-Z-Boy from a “hold” rating to a “buy” rating in a research note on Wednesday, October 25th. KeyCorp reaffirmed a “buy” rating and set a $36.00 price target on shares of La-Z-Boy in a research report on Friday, November 10th. Stifel Nicolaus reaffirmed a “hold” rating on shares of La-Z-Boy in a research report on Friday, December 1st. Finally, Zacks Investment Research raised La-Z-Boy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $33.00.
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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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