The Manufacturers Life Insurance Company Takes $678,000 Position in La-Z-Boy Incorporated $LZB

The Manufacturers Life Insurance Company acquired a new position in La-Z-Boy Incorporated (NYSE:LZB) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 16,896 shares of the company’s stock, valued at approximately $678,000.

A number of other hedge funds have also recently made changes to their positions in LZB. BlackRock Inc. purchased a new stake in La-Z-Boy in the second quarter valued at approximately $265,535,000. Vanguard Group Inc. boosted its position in shares of La-Z-Boy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 4,814,114 shares of the company’s stock worth $179,422,000 after buying an additional 38,513 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of La-Z-Boy by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 2,694,255 shares of the company’s stock valued at $86,594,000 after buying an additional 38,870 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of La-Z-Boy by 24.0% in the fourth quarter. Franklin Resources Inc. now owns 1,851,873 shares of the company’s stock valued at $69,019,000 after buying an additional 358,945 shares in the last quarter. Finally, LSV Asset Management raised its holdings in shares of La-Z-Boy by 0.8% in the 4th quarter. LSV Asset Management now owns 1,476,882 shares of the company’s stock valued at $55,043,000 after buying an additional 11,983 shares during the period. Hedge funds and other institutional investors own 99.62% of the company’s stock.

Insider Transactions at La-Z-Boy

In other La-Z-Boy news, CAO Jennifer Lynn Mccurry sold 3,715 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $41.05, for a total transaction of $152,500.75. Following the completion of the transaction, the chief accounting officer owned 16,763 shares in the company, valued at $688,121.15. The trade was a 18.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Michael Leggett sold 9,000 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $41.66, for a total transaction of $374,940.00. Following the completion of the sale, the senior vice president directly owned 47,551 shares in the company, valued at approximately $1,980,974.66. This represents a 15.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 66,299 shares of company stock valued at $2,677,491 over the last quarter. Insiders own 3.12% of the company’s stock.

Wall Street Analysts Forecast Growth

LZB has been the topic of several research reports. KeyCorp decreased their target price on La-Z-Boy from $46.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, August 20th. Zacks Research lowered shares of La-Z-Boy from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 20th. Wall Street Zen lowered shares of La-Z-Boy from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings lowered shares of La-Z-Boy from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday, August 20th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, La-Z-Boy presently has an average rating of “Hold” and an average price target of $39.50.

La-Z-Boy Trading Down 0.1%

NYSE:LZB opened at $32.72 on Monday. La-Z-Boy Incorporated has a 12-month low of $29.03 and a 12-month high of $44.90. The firm has a market cap of $1.31 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 1.10 and a beta of 1.23. The stock has a fifty day moving average price of $38.22 and a 200 day moving average price of $36.42.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings results on Tuesday, August 18th. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.06). The company had revenue of $475.69 million for the quarter, compared to analysts’ expectations of $501.44 million. La-Z-Boy had a return on equity of 11.79% and a net margin of 3.86%.La-Z-Boy’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.47 EPS. Equities analysts forecast that La-Z-Boy Incorporated will post 2.7 EPS for the current year.

La-Z-Boy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Thursday, September 3rd will be paid a dividend of $0.242 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Thursday, September 3rd. La-Z-Boy’s dividend payout ratio is presently 49.24%.

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.