La-Z-Boy Incorporated $LZB Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. raised its position in shares of La-Z-Boy Incorporated (NYSE:LZB) by 0.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 4,814,114 shares of the company’s stock after acquiring an additional 38,513 shares during the quarter. Vanguard Group Inc. owned approximately 0.12% of La-Z-Boy worth $179,422,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Franklin Resources Inc. raised its holdings in shares of La-Z-Boy by 208.8% during the third quarter. Franklin Resources Inc. now owns 1,492,928 shares of the company’s stock valued at $51,237,000 after acquiring an additional 1,009,428 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of La-Z-Boy by 7.2% during the third quarter. American Century Companies Inc. now owns 1,434,642 shares of the company’s stock valued at $49,237,000 after acquiring an additional 95,737 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of La-Z-Boy by 7.8% during the third quarter. Thrivent Financial for Lutherans now owns 1,391,236 shares of the company’s stock valued at $47,747,000 after acquiring an additional 100,416 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of La-Z-Boy by 2.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 736,270 shares of the company’s stock valued at $27,463,000 after acquiring an additional 15,241 shares during the last quarter. Finally, M&T Bank Corp acquired a new position in shares of La-Z-Boy during the fourth quarter valued at approximately $18,433,000. Institutional investors and hedge funds own 99.62% of the company’s stock.

La-Z-Boy Price Performance

LZB stock opened at $35.69 on Monday. The business has a 50 day simple moving average of $34.00 and a 200-day simple moving average of $35.70. The firm has a market capitalization of $1.46 billion, a PE ratio of 17.67 and a beta of 1.25. 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) last posted its quarterly earnings results on Tuesday, February 17th. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.02. The business had revenue of $541.59 million during the quarter, compared to analyst estimates of $535.47 million. La-Z-Boy had a return on equity of 10.79% and a net margin of 3.93%.The business’s revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.68 earnings per share. On average, equities research analysts expect that La-Z-Boy Incorporated will post 2.61 EPS for the current year.

La-Z-Boy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd will be given a $0.242 dividend. The ex-dividend date is Tuesday, June 2nd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.7%. La-Z-Boy’s dividend payout ratio is 48.02%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Zacks Research cut La-Z-Boy from a “strong-buy” rating to a “hold” rating in a report on Monday, January 19th. Wall Street Zen lowered La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.00.

Insider Activity

In other news, SVP Michael Adam Leggett sold 2,200 shares of the company’s 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 completion of the sale, the senior vice president directly owned 42,473 shares in the company, valued at $1,571,501. This represents a 4.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.66% of the stock is owned by company insiders.

About La-Z-Boy

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.