Horizon Investment Services LLC cut its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 26.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,240 shares of the company’s stock after selling 2,650 shares during the period. Horizon Investment Services LLC’s holdings in La-Z-Boy were worth $235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the business. Miles Capital Inc. raised its position in La-Z-Boy by 0.3% during the first quarter. Miles Capital Inc. now owns 7,835 shares of the company’s stock valued at $212,000 after purchasing an additional 21 shares during the period. Arizona State Retirement System raised its position in La-Z-Boy by 0.4% during the second quarter. Arizona State Retirement System now owns 25,485 shares of the company’s stock valued at $828,000 after purchasing an additional 100 shares during the period. Suntrust Banks Inc. raised its position in La-Z-Boy by 2.2% during the second quarter. Suntrust Banks Inc. now owns 8,419 shares of the company’s stock valued at $273,000 after purchasing an additional 185 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its position in La-Z-Boy by 0.5% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 37,123 shares of the company’s stock valued at $1,206,000 after purchasing an additional 200 shares during the period. Finally, Texas Permanent School Fund raised its position in La-Z-Boy by 0.8% during the second quarter. Texas Permanent School Fund now owns 35,642 shares of the company’s stock valued at $1,158,000 after purchasing an additional 297 shares during the period. Institutional investors and hedge funds own 86.79% of the company’s stock.

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LZB has been the topic of a number of recent research reports. Stifel Nicolaus decreased their price objective on La-Z-Boy from $30.00 to $27.00 and set a “hold” rating on the stock in a research report on Thursday, August 24th. Sidoti downgraded La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a research report on Tuesday, August 1st. BidaskClub downgraded La-Z-Boy from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. Finally, Zacks Investment Research downgraded La-Z-Boy from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $30.33.

Shares of La-Z-Boy Incorporated (NYSE LZB) traded up 0.91% during midday trading on Thursday, hitting $27.70. The stock had a trading volume of 73,889 shares. The firm’s 50 day moving average price is $26.09 and its 200 day moving average price is $28.49. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 16.36 and a beta of 0.89. 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 announced its earnings results on Tuesday, August 22nd. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.05). The firm had revenue of $357.10 million during the quarter, compared to analysts’ expectations of $359.34 million. La-Z-Boy had a net margin of 5.45% and a return on equity of 14.18%. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.28 EPS. On average, equities research analysts expect that La-Z-Boy Incorporated will post $1.73 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 8th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend was Thursday, September 7th. La-Z-Boy’s payout ratio is 25.88%.

La-Z-Boy announced that its Board of Directors has initiated a share repurchase plan on Tuesday, June 20th that permits the company to repurchase 6,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

La-Z-Boy 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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Institutional Ownership by Quarter for La-Z-Boy (NYSE:LZB)

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