Acadian Asset Management LLC grew its stake in La-Z-Boy Incorporated (NYSE:LZB) by 27.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 159,289 shares of the company’s stock after purchasing an additional 33,926 shares during the quarter. Acadian Asset Management LLC owned approximately 0.35% of La-Z-Boy worth $5,037,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Macquarie Group Ltd. bought a new position in shares of La-Z-Boy in the second quarter valued at approximately $28,000. Advisor Group Holdings Inc. bought a new stake in La-Z-Boy during the first quarter worth $136,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in La-Z-Boy by 30.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,434 shares of the company’s stock worth $147,000 after acquiring an additional 1,269 shares during the period. Pacer Advisors Inc. lifted its holdings in La-Z-Boy by 15.6% during the second quarter. Pacer Advisors Inc. now owns 7,771 shares of the company’s stock worth $210,000 after acquiring an additional 1,047 shares during the period. Finally, Pitcairn Co. bought a new stake in La-Z-Boy during the second quarter worth $237,000. Institutional investors own 90.60% of the company’s stock.
Shares of NYSE LZB opened at $39.32 on Friday. The stock has a market cap of $1.81 billion, a PE ratio of 28.70 and a beta of 1.20. La-Z-Boy Incorporated has a fifty-two week low of $15.61 and a fifty-two week high of $42.69. The stock has a fifty day moving average of $35.30 and a 200-day moving average of $30.24.
La-Z-Boy (NYSE:LZB) last announced its quarterly earnings results on Monday, November 16th. The company reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.32. La-Z-Boy had a return on equity of 12.42% and a net margin of 4.07%. Analysts predict that La-Z-Boy Incorporated will post 2.13 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Wednesday, December 2nd will be paid a dividend of $0.14 per share. This is a positive change from La-Z-Boy’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.56 annualized dividend and a yield of 1.42%. La-Z-Boy’s dividend payout ratio (DPR) is currently 16.20%.
In related news, CEO Kurt L. Darrow sold 42,613 shares of La-Z-Boy stock in a transaction on Friday, October 16th. The stock was sold at an average price of $35.11, for a total transaction of $1,496,142.43. Following the completion of the sale, the chief executive officer now owns 618,430 shares of the company’s stock, valued at $21,713,077.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Darrell Dewain Edwards sold 96,119 shares of La-Z-Boy stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $37.04, for a total value of $3,560,247.76. 4.20% of the stock is currently owned by company insiders.
A number of analysts recently commented on the company. Sidoti upgraded La-Z-Boy from a “neutral” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Monday, October 19th. Raymond James raised their target price on La-Z-Boy from $37.00 to $46.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Zacks Investment Research raised La-Z-Boy from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research report on Saturday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $43.00.
La-Z-Boy Company Profile
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas.
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