Alps Advisors Inc. reduced its stake in La-Z-Boy Inc. (NYSE:LZB) by 6.9% during the second quarter, Holdings Channel reports. The fund owned 15,525 shares of the company’s stock after selling 1,144 shares during the period. Alps Advisors Inc.’s holdings in La-Z-Boy were worth $432,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Strs Ohio boosted its position in La-Z-Boy by 3.3% in the second quarter. Strs Ohio now owns 37,600 shares of the company’s stock valued at $1,046,000 after buying an additional 1,200 shares during the last quarter. Bank of Montreal Can purchased a new position in La-Z-Boy during the second quarter valued at $4,659,000. First Quadrant L P CA purchased a new position in La-Z-Boy during the second quarter valued at $206,000. Nordea Investment Management AB boosted its position in La-Z-Boy by 333.6% in the second quarter. Nordea Investment Management AB now owns 23,472 shares of the company’s stock valued at $653,000 after buying an additional 18,059 shares during the last quarter. Finally, Gray Financial Group GA ADV ADV purchased a new position in La-Z-Boy during the second quarter valued at $155,000. 86.05% of the stock is currently owned by hedge funds and other institutional investors.
La-Z-Boy Inc. (NYSE:LZB) traded down 1.39% on Friday, reaching $24.79. The company had a trading volume of 204,861 shares. The stock has a market capitalization of $1.22 billion, a PE ratio of 15.86 and a beta of 1.27. La-Z-Boy Inc. has a 12-month low of $19.56 and a 12-month high of $31.22. The stock’s 50 day moving average price is $26.28 and its 200-day moving average price is $27.02.
La-Z-Boy (NYSE:LZB) last posted its earnings results on Tuesday, August 23rd. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by $0.01. La-Z-Boy had a return on equity of 15.01% and a net margin of 5.21%. The company earned $340.80 million during the quarter, compared to the consensus estimate of $358.79 million. During the same period last year, the firm posted $0.27 EPS. The company’s revenue for the quarter was down .2% on a year-over-year basis. Equities analysts expect that La-Z-Boy Inc. will post $1.71 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, September 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Wednesday, August 31st. La-Z-Boy’s dividend payout ratio is presently 25.48%.
Several research analysts have recently weighed in on the stock. Zacks Investment Research raised shares of La-Z-Boy from a “sell” rating to a “hold” rating in a report on Tuesday, September 13th. Longbow Research began coverage on La-Z-Boy in a research note on Friday, August 5th. They issued a “neutral” rating on the stock.
In other news, insider John Douglas Collier sold 26,874 shares of La-Z-Boy stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $26.17, for a total transaction of $703,292.58. Following the transaction, the insider now owns 98,849 shares in the company, valued at approximately $2,586,878.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Otis S. Sawyer sold 5,935 shares of La-Z-Boy stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $27.46, for a total transaction of $162,975.10. Following the transaction, the insider now owns 62,216 shares in the company, valued at approximately $1,708,451.36. The disclosure for this sale can be found here. Insiders own 3.57% of the company’s stock.
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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