Great West Life Assurance Co. Can Has $2.32 Million Stake in La-Z-Boy Incorporated (LZB)
Great West Life Assurance Co. Can raised its stake in La-Z-Boy Incorporated (NYSE:LZB) by 2.5% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 71,586 shares of the company’s stock after buying an additional 1,780 shares during the period. Great West Life Assurance Co. Can owned 0.15% of La-Z-Boy worth $2,319,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of LZB. Strs Ohio boosted its position in shares of La-Z-Boy by 5.4% in the first quarter. Strs Ohio now owns 35,000 shares of the company’s stock valued at $945,000 after buying an additional 1,800 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of La-Z-Boy by 13.6% in the first quarter. State of Alaska Department of Revenue now owns 27,490 shares of the company’s stock valued at $741,000 after buying an additional 3,290 shares in the last quarter. MARSHALL WACE ASIA Ltd acquired a new position in shares of La-Z-Boy during the first quarter valued at $584,000. James Investment Research Inc. acquired a new position in shares of La-Z-Boy during the first quarter valued at $1,777,000. Finally, Highbridge Capital Management LLC acquired a new position in shares of La-Z-Boy during the first quarter valued at $287,000. Institutional investors and hedge funds own 84.99% of the company’s stock.
La-Z-Boy Incorporated (NYSE:LZB) opened at 24.95 on Thursday. The stock has a market cap of $1.21 billion, a PE ratio of 14.42 and a beta of 0.85. La-Z-Boy Incorporated has a 1-year low of $22.09 and a 1-year high of $34.10. The company’s 50 day moving average is $32.06 and its 200-day moving average is $29.05.
La-Z-Boy (NYSE:LZB) last issued its earnings results on Tuesday, August 22nd. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.29 by $0.05. The company had revenue of $357.10 million for the quarter, compared to analysts’ expectations of $359.34 million. La-Z-Boy had a return on equity of 14.82% and a net margin of 5.65%. La-Z-Boy’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.28 earnings per share. Equities research analysts forecast that La-Z-Boy Incorporated will post $1.86 earnings per share for the current fiscal year.
La-Z-Boy announced that its Board of Directors has approved a stock repurchase program on Tuesday, June 20th that authorizes the company to buyback 6,000,000 outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
LZB has been the topic of several analyst reports. Sidoti cut shares of La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 price target on the stock. in a research note on Tuesday, August 1st. BidaskClub cut shares of La-Z-Boy from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. Finally, Zacks Investment Research upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a research note on Thursday, June 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. La-Z-Boy has a consensus rating of “Hold” and an average price target of $32.50.
In other La-Z-Boy news, VP Louis M. Riccio, Jr. sold 37,504 shares of the business’s stock in a transaction 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 sale, the vice president now directly owns 123,354 shares in the company, valued at approximately $3,990,501.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Kurt L. Darrow sold 100,000 shares of the business’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $31.52, for a total transaction of $3,152,000.00. Following the sale, the chairman now owns 531,773 shares in the company, valued at $16,761,484.96. The disclosure for this sale can be found here. 3.17% of the stock is currently owned by insiders.
La-Z-Boy Company Profile
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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