La-Z-Boy Incorporated $LZB Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its holdings in shares of La-Z-Boy Incorporated (NYSE:LZB) by 2.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 755,267 shares of the company’s stock after buying an additional 18,997 shares during the period. Allspring Global Investments Holdings LLC owned about 1.85% of La-Z-Boy worth $24,085,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Quarry LP grew its holdings in shares of La-Z-Boy by 4,785.7% in the 4th quarter. Quarry LP now owns 684 shares of the company’s stock worth $25,000 after acquiring an additional 670 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of La-Z-Boy by 290.0% during the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock valued at $33,000 after purchasing an additional 670 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of La-Z-Boy by 99.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock valued at $42,000 after purchasing an additional 567 shares during the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of La-Z-Boy by 159.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,160 shares of the company’s stock valued at $43,000 after purchasing an additional 713 shares during the period. Finally, TD Private Client Wealth LLC acquired a new position in shares of La-Z-Boy in the 4th quarter valued at $45,000. Institutional investors and hedge funds own 99.62% of the company’s stock.

La-Z-Boy Stock Up 0.1%

Shares of La-Z-Boy stock opened at $39.93 on Tuesday. The stock has a market cap of $1.60 billion, a PE ratio of 16.16, a price-to-earnings-growth ratio of 1.22 and a beta of 1.25. The business has a fifty day simple moving average of $38.10 and a 200-day simple moving average of $36.55. La-Z-Boy Incorporated has a 12 month low of $29.03 and a 12 month high of $44.90.

La-Z-Boy (NYSE:LZB) last posted its quarterly earnings results on Tuesday, June 16th. The company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.44. The firm had revenue of $570.34 million for the quarter, compared to analyst estimates of $569.23 million. La-Z-Boy had a return on equity of 11.97% and a net margin of 4.80%.La-Z-Boy’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.36 earnings per share. Analysts expect that La-Z-Boy Incorporated will post 2.98 EPS for the current fiscal year.

La-Z-Boy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were given a dividend of $0.242 per share. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 2.4%. La-Z-Boy’s payout ratio is presently 39.27%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on LZB shares. Wall Street Zen upgraded La-Z-Boy from a “hold” rating to a “buy” rating in a report on Sunday, July 5th. Weiss Ratings upgraded shares of La-Z-Boy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, July 1st. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $39.00.

Insider Activity

In related news, CEO Melinda D. Whittington sold 26,639 shares of La-Z-Boy stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $40.24, for a total transaction of $1,071,953.36. Following the completion of the sale, the chief executive officer owned 316,038 shares of the company’s stock, valued at approximately $12,717,369.12. This trade represents a 7.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Adam Leggett sold 9,000 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $41.66, for a total value of $374,940.00. Following the completion of the transaction, the senior vice president owned 47,551 shares in the company, valued at $1,980,974.66. This trade represents a 15.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 66,299 shares of company stock valued at $2,677,491 in the last three months. 3.12% of the stock is currently owned by insiders.

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.