Victory Capital Management Inc. Sells 268,550 Shares of La-Z-Boy Incorporated (NYSE:LZB)

Victory Capital Management Inc. cut its holdings in La-Z-Boy Incorporated (NYSE:LZB – Get Rating) by 41.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 382,559 shares of the company’s stock after selling 268,550 shares during the quarter. Victory Capital Management Inc. owned about 0.89% of La-Z-Boy worth $10,844,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in shares of La-Z-Boy by 6.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,869,809 shares of the company’s stock worth $65,489,000 after acquiring an additional 178,638 shares during the period. Citigroup Inc. raised its stake in La-Z-Boy by 21.0% in the 4th quarter. Citigroup Inc. now owns 30,760 shares of the company’s stock worth $702,000 after purchasing an additional 5,343 shares in the last quarter. UBS Group AG raised its stake in La-Z-Boy by 5.3% in the 4th quarter. UBS Group AG now owns 49,554 shares of the company’s stock worth $1,131,000 after purchasing an additional 2,502 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of La-Z-Boy by 75.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 78,858 shares of the company’s stock valued at $1,800,000 after buying an additional 33,920 shares in the last quarter. Finally, Swiss National Bank increased its position in La-Z-Boy by 1.4% during the 4th quarter. Swiss National Bank now owns 103,900 shares of the company’s stock worth $2,371,000 after purchasing an additional 1,400 shares in the last quarter. 96.55% of the stock is currently owned by institutional investors and hedge funds.

La-Z-Boy Price Performance

LZB opened at $26.93 on Thursday. The firm has a market cap of $1.16 billion, a PE ratio of 6.68 and a beta of 1.11. The stock has a 50-day moving average price of $28.20 and a 200-day moving average price of $27.27. La-Z-Boy Incorporated has a 1 year low of $21.92 and a 1 year high of $33.06.

La-Z-Boy (NYSE:LZB – Get Rating) last issued its quarterly earnings data on Wednesday, February 22nd. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.25. The firm had revenue of $572.72 million for the quarter, compared to analysts’ expectations of $529.57 million. La-Z-Boy had a net margin of 7.03% and a return on equity of 19.77%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.65 EPS. As a group, sell-side analysts anticipate that La-Z-Boy Incorporated will post 3.6 EPS for the current year.

La-Z-Boy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Friday, June 2nd will be issued a $0.1815 dividend. This represents a $0.73 annualized dividend and a yield of 2.70%. The ex-dividend date is Thursday, June 1st. La-Z-Boy’s dividend payout ratio is 18.11%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on LZB. TheStreet raised shares of La-Z-Boy from a “c+” rating to a “b-” rating in a research note on Thursday, January 26th. StockNews.com initiated coverage on shares of La-Z-Boy in a research report on Thursday, May 18th. They issued a “buy” rating for the company.

About La-Z-Boy

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La-Z-Boy, Inc engages in the production of reclining chairs and manufacture and distribution of residential furniture. It operates through the following segments: Wholesale, Retail, and Corporate and Other. The Wholesale segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas and imports casegoods (wood) furniture, such as occasional pieces, bedroom sets, dining room sets and entertainment centers.