762,262 Shares in La-Z-Boy Incorporated (LZB) Acquired by Boston Partners
Boston Partners acquired a new stake in shares of La-Z-Boy Incorporated (NYSE:LZB) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 762,262 shares of the company’s stock, valued at approximately $24,774,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. bought a new position in La-Z-Boy during the first quarter valued at $107,000. Point72 Asia Hong Kong Ltd bought a new position in La-Z-Boy during the first quarter valued at $110,000. Victory Capital Management Inc. raised its position in La-Z-Boy by 39.6% in the first quarter. Victory Capital Management Inc. now owns 4,252 shares of the company’s stock valued at $115,000 after buying an additional 1,206 shares in the last quarter. First Quadrant L P CA bought a new position in La-Z-Boy during the second quarter valued at $167,000. Finally, Cigna Investments Inc. New bought a new position in La-Z-Boy during the second quarter valued at $218,000. Hedge funds and other institutional investors own 84.99% of the company’s stock.
Shares of La-Z-Boy Incorporated (LZB) opened at 32.65 on Tuesday. The company has a market capitalization of $1.58 billion, a P/E ratio of 18.87 and a beta of 0.85. The firm has a 50-day moving average of $32.41 and a 200 day moving average of $28.95. La-Z-Boy Incorporated has a 52-week low of $22.09 and a 52-week high of $34.10.
La-Z-Boy (NYSE:LZB) last posted its quarterly earnings data on Tuesday, June 20th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.11. La-Z-Boy had a net margin of 5.65% and a return on equity of 14.82%. The company had revenue of $412.70 million for the quarter, compared to the consensus estimate of $400.25 million. During the same period last year, the company earned $0.45 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. On average, analysts anticipate that La-Z-Boy Incorporated will post $1.86 EPS for the current year.
La-Z-Boy announced that its board has initiated a share buyback plan on Tuesday, June 20th that allows the company to repurchase 6,000,000 outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
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Several analysts have commented on the stock. Sidoti downgraded shares of La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 target price for the company. in a research report on Tuesday, August 1st. Zacks Investment Research downgraded shares of La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Finally, BidaskClub downgraded shares of La-Z-Boy from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $32.50.
In other news, Chairman Kurt L. Darrow sold 100,000 shares of La-Z-Boy stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $31.52, for a total value of $3,152,000.00. Following the sale, the chairman now directly owns 531,773 shares in the company, valued at $16,761,484.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Louis M. Riccio, Jr. sold 37,504 shares of La-Z-Boy stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $32.35, for a total transaction of $1,213,254.40. Following the completion of the sale, the vice president now owns 123,354 shares in the company, valued at $3,990,501.90. The disclosure for this sale can be found here. 3.17% of the stock is owned by company insiders.
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.
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