Connor Clark & Lunn Investment Management Ltd. Acquires New Position in La-Z-Boy Incorporated (NYSE:LZB)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of La-Z-Boy Incorporated (NYSE:LZB) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 24,682 shares of the company’s stock, valued at approximately $1,060,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Texas Permanent School Fund Corp raised its position in La-Z-Boy by 32.0% during the second quarter. Texas Permanent School Fund Corp now owns 49,422 shares of the company’s stock worth $1,842,000 after acquiring an additional 11,981 shares during the last quarter. Squarepoint Ops LLC raised its position in La-Z-Boy by 263.6% during the second quarter. Squarepoint Ops LLC now owns 150,617 shares of the company’s stock worth $5,615,000 after acquiring an additional 109,188 shares during the last quarter. XTX Topco Ltd acquired a new position in La-Z-Boy during the second quarter worth about $740,000. Price T Rowe Associates Inc. MD raised its position in La-Z-Boy by 4.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 64,436 shares of the company’s stock worth $2,425,000 after acquiring an additional 2,717 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in La-Z-Boy by 85.8% during the third quarter. Victory Capital Management Inc. now owns 45,267 shares of the company’s stock worth $1,943,000 after acquiring an additional 20,900 shares during the last quarter. Institutional investors and hedge funds own 99.62% of the company’s stock.

Insider Transactions at La-Z-Boy

In related news, Director Janet Kerr sold 3,890 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $40.89, for a total value of $159,062.10. Following the completion of the sale, the director now directly owns 3,372 shares in the company, valued at approximately $137,881.08. The trade was a 53.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

Separately, Sidoti cut shares of La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 target price for the company. in a research report on Wednesday, August 21st.

La-Z-Boy Price Performance

Shares of NYSE LZB opened at $45.19 on Thursday. The company has a market cap of $1.87 billion, a PE ratio of 15.64 and a beta of 1.29. La-Z-Boy Incorporated has a 12 month low of $30.76 and a 12 month high of $46.35. The company has a 50-day simple moving average of $41.37 and a 200-day simple moving average of $39.91.

La-Z-Boy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, December 5th. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.95%. La-Z-Boy’s payout ratio is 27.68%.

About La-Z-Boy

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.