Envestnet Asset Management Inc. Raises Stock Position in La-Z-Boy Incorporated (NYSE:LZB)

Envestnet Asset Management Inc. grew its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 4.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,887 shares of the company’s stock after acquiring an additional 556 shares during the period. Envestnet Asset Management Inc.’s holdings in La-Z-Boy were worth $605,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. ExodusPoint Capital Management LP purchased a new position in La-Z-Boy during the 4th quarter valued at about $2,381,000. Alliancebernstein L.P. increased its stake in shares of La-Z-Boy by 0.6% during the 4th quarter. Alliancebernstein L.P. now owns 48,545 shares of the company’s stock worth $2,115,000 after purchasing an additional 301 shares in the last quarter. Meeder Asset Management Inc. increased its stake in shares of La-Z-Boy by 16.9% during the 4th quarter. Meeder Asset Management Inc. now owns 39,539 shares of the company’s stock worth $1,723,000 after purchasing an additional 5,728 shares in the last quarter. Wellington Management Group LLP raised its position in shares of La-Z-Boy by 321.1% during the 4th quarter. Wellington Management Group LLP now owns 311,578 shares of the company’s stock worth $13,575,000 after purchasing an additional 237,578 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its stake in La-Z-Boy by 7.8% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 6,282 shares of the company’s stock valued at $274,000 after buying an additional 457 shares in the last quarter. Hedge funds and other institutional investors own 99.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, KeyCorp upgraded La-Z-Boy from a “sector weight” rating to an “overweight” rating and set a $46.00 price objective for the company in a research report on Friday, April 25th.

La-Z-Boy Stock Performance

Shares of NYSE:LZB opened at $41.31 on Friday. The stock has a 50-day simple moving average of $39.51 and a 200-day simple moving average of $42.26. The stock has a market capitalization of $1.71 billion, a P/E ratio of 14.20 and a beta of 1.31. La-Z-Boy Incorporated has a 1 year low of $33.34 and a 1 year high of $48.31.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.01. The company had revenue of $521.78 million for the quarter, compared to analysts’ expectations of $516.47 million. La-Z-Boy had a return on equity of 12.38% and a net margin of 5.92%. Analysts predict that La-Z-Boy Incorporated will post 2.99 earnings per share for the current year.

La-Z-Boy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Tuesday, June 3rd will be paid a $0.22 dividend. The ex-dividend date is Tuesday, June 3rd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.13%. La-Z-Boy’s dividend payout ratio (DPR) is presently 30.24%.

La-Z-Boy 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 Wholesale, Retail, Corporate and Other segments. 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, distributes, and retails casegoods (wood) furniture, including occasional pieces, bedroom sets, dining room sets, entertainment centers, and occasional pieces.