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

Envestnet Asset Management Inc. lifted its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 7.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,944 shares of the company’s stock after buying an additional 1,057 shares during the period. Envestnet Asset Management Inc.’s holdings in La-Z-Boy were worth $584,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of LZB. Allspring Global Investments Holdings LLC boosted its position in La-Z-Boy by 273.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 537,314 shares of the company’s stock worth $21,262,000 after purchasing an additional 393,365 shares during the last quarter. Wellington Management Group LLP boosted its position in La-Z-Boy by 321.1% in the fourth 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. Norges Bank purchased a new position in La-Z-Boy in the fourth quarter worth $5,786,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in La-Z-Boy in the fourth quarter worth $4,500,000. Finally, JPMorgan Chase & Co. boosted its position in La-Z-Boy by 40.5% in the fourth quarter. JPMorgan Chase & Co. now owns 291,912 shares of the company’s stock worth $12,719,000 after purchasing an additional 84,180 shares during the last quarter. Hedge funds and other institutional investors own 99.62% of the company’s stock.

La-Z-Boy Price Performance

Shares of LZB opened at $35.93 on Tuesday. The firm has a market cap of $1.48 billion, a PE ratio of 15.22 and a beta of 1.26. The stock’s fifty day moving average price is $38.93 and its two-hundred day moving average price is $40.82. La-Z-Boy Incorporated has a 1 year low of $34.89 and a 1 year high of $48.31.

La-Z-Boy (NYSE:LZB) last issued its earnings results on Tuesday, June 17th. The company reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.01). The firm had revenue of $570.87 million during the quarter, compared to the consensus estimate of $557.44 million. La-Z-Boy had a net margin of 4.72% and a return on equity of 12.08%. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. Sell-side analysts anticipate that La-Z-Boy Incorporated will post 2.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on LZB. KeyCorp raised La-Z-Boy from a “sector weight” rating to an “overweight” rating and set a $46.00 price objective on the stock in a research report on Friday, April 25th. Wall Street Zen cut La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Sunday, June 22nd.

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.