LSV Asset Management Lowers Position in La-Z-Boy Incorporated $LZB

LSV Asset Management decreased its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 5.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,464,899 shares of the company’s stock after selling 81,700 shares during the quarter. LSV Asset Management owned about 3.55% of La-Z-Boy worth $50,275,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of LZB. Smartleaf Asset Management LLC lifted its stake in La-Z-Boy by 75.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 755 shares of the company’s stock worth $26,000 after purchasing an additional 324 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in La-Z-Boy by 290.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after acquiring an additional 670 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of 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 acquiring an additional 567 shares in the last quarter. MTM Investment Management LLC bought a new position in shares of La-Z-Boy during the 2nd quarter valued at approximately $133,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of La-Z-Boy by 314.2% in the second quarter. Tower Research Capital LLC TRC now owns 4,461 shares of the company’s stock valued at $166,000 after purchasing an additional 3,384 shares in the last quarter. 99.62% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

LZB has been the topic of several recent research reports. Zacks Research cut shares of La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 19th. Sidoti upgraded La-Z-Boy from a “neutral” rating to a “buy” rating and upped their price objective for the company from $36.00 to $39.00 in a research report on Wednesday, November 19th. KeyCorp reiterated an “overweight” rating on shares of La-Z-Boy in a report on Wednesday, December 17th. Needham & Company LLC reissued a “buy” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of La-Z-Boy in a report on Monday, December 22nd. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, La-Z-Boy presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.50.

La-Z-Boy Stock Up 2.5%

LZB opened at $38.41 on Friday. The stock’s fifty day moving average is $38.30 and its two-hundred day moving average is $36.04. The company has a market capitalization of $1.58 billion, a P/E ratio of 17.62 and a beta of 1.27. La-Z-Boy Incorporated has a 52 week low of $29.03 and a 52 week high of $48.13.

La-Z-Boy (NYSE:LZB) last posted its quarterly earnings results on Tuesday, November 18th. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.54 by $0.17. La-Z-Boy had a net margin of 4.29% and a return on equity of 11.19%. The business had revenue of $522.48 million during the quarter, compared to analyst estimates of $517.63 million. During the same quarter in the previous year, the business posted $0.71 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. Equities analysts anticipate that La-Z-Boy Incorporated will post 2.99 earnings per share for the current year.

La-Z-Boy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Thursday, December 4th were issued a dividend of $0.242 per share. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.22. This represents a $0.97 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Thursday, December 4th. La-Z-Boy’s dividend payout ratio (DPR) is currently 44.04%.

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.