American Century Companies Inc. increased its position in shares of La-Z-Boy Incorporated (NYSE:LZB – Free Report) by 7.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,434,642 shares of the company’s stock after acquiring an additional 95,737 shares during the period. American Century Companies Inc. owned about 3.48% of La-Z-Boy worth $49,237,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in LZB. Smartleaf Asset Management LLC raised its position in shares of La-Z-Boy by 75.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 755 shares of the company’s stock worth $26,000 after acquiring an additional 324 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of La-Z-Boy by 290.0% in the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock valued at $33,000 after acquiring an additional 670 shares in the last quarter. Geneos Wealth Management Inc. increased its position in La-Z-Boy by 99.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock worth $42,000 after purchasing an additional 567 shares during the period. MAI Capital Management raised its position in La-Z-Boy by 2,520.9% in the third quarter. MAI Capital Management now owns 2,385 shares of the company’s stock worth $82,000 after acquiring an additional 2,294 shares in the last quarter. Finally, MTM Investment Management LLC acquired a new stake in La-Z-Boy in the second quarter valued at $133,000. Institutional investors and hedge funds own 99.62% of the company’s stock.
Analysts Set New Price Targets
LZB has been the subject of a number of recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of La-Z-Boy in a research report on Monday, December 22nd. KeyCorp reissued an “overweight” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Needham & Company LLC restated a “buy” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th. Sidoti upgraded shares of La-Z-Boy from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $36.00 to $39.00 in a research note on Wednesday, November 19th. Finally, Zacks Research cut La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 19th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $42.50.
La-Z-Boy Trading Down 1.3%
LZB opened at $35.30 on Friday. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 17.48 and a beta of 1.26. The business has a 50 day moving average of $37.54 and a 200-day moving average of $35.95. La-Z-Boy Incorporated has a 1-year low of $29.03 and a 1-year high of $44.49.
La-Z-Boy (NYSE:LZB – Get Free Report) last announced its quarterly earnings results on Tuesday, February 17th. The company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.02. La-Z-Boy had a net margin of 3.93% and a return on equity of 10.79%. The firm had revenue of $541.59 million during the quarter, compared to analysts’ expectations of $535.47 million. During the same quarter last year, the company earned $0.68 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities analysts predict that La-Z-Boy Incorporated will post 2.99 EPS for the current year.
La-Z-Boy Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be issued a dividend of $0.242 per share. This represents a $0.97 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, March 3rd. La-Z-Boy’s dividend payout ratio (DPR) is 48.02%.
Insiders Place Their Bets
In related news, SVP Michael Adam Leggett sold 2,200 shares of La-Z-Boy stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $37.00, for a total value of $81,400.00. Following the sale, the senior vice president owned 42,473 shares of the company’s stock, valued at approximately $1,571,501. This trade represents a 4.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.66% of the company’s stock.
La-Z-Boy Profile
La-Z-Boy Incorporated (NYSE: LZB) is a leading U.S. manufacturer and marketer of residential furniture, best known for its upholstered recliners, sofas, stationary chairs and sleeper sofas. The company offers a broad range of products in both fabric and leather, complemented by occasional tables, desks, lamps and other home furnishings through its branded retail network.
Founded in 1927 by cousins Edward Knabusch and Edwin Shoemaker in Monroe, Michigan, La-Z-Boy pioneered the modern reclining chair.
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