La-Z-Boy Incorporated (LZB) Position Lowered by Capstone Asset Management Co.
Capstone Asset Management Co. lowered its position in shares of La-Z-Boy Incorporated (NYSE:LZB) by 10.0% during the second quarter, Holdings Channel reports. The firm owned 8,923 shares of the company’s stock after selling 990 shares during the period. Capstone Asset Management Co.’s holdings in La-Z-Boy were worth $290,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in LZB. Ameritas Investment Partners Inc. acquired a new stake in La-Z-Boy during the first quarter worth $107,000. Point72 Asia Hong Kong Ltd bought a new position in La-Z-Boy during the first quarter worth approximately $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 worth $115,000 after buying an additional 1,206 shares in the last quarter. Miles Capital Inc. raised its position in La-Z-Boy by 0.3% in the first quarter. Miles Capital Inc. now owns 7,835 shares of the company’s stock worth $212,000 after buying an additional 21 shares in the last quarter. Finally, Two Sigma Securities LLC bought a new position in La-Z-Boy during the first quarter worth approximately $225,000. 84.99% of the stock is currently owned by institutional investors.
Shares of La-Z-Boy Incorporated (NYSE LZB) traded down 2.45% during midday trading on Tuesday, hitting $31.85. 80,105 shares of the company’s stock were exchanged. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 18.41 and a beta of 0.85. The company 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 issued its quarterly earnings data on Tuesday, June 20th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $400.25 million. During the same quarter in the prior year, the firm earned $0.45 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. Equities research analysts expect that La-Z-Boy Incorporated will post $1.86 EPS for the current fiscal year.
La-Z-Boy announced that its board has initiated a share repurchase program on Tuesday, June 20th that authorizes the company to buyback 6,000,000 shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
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Several research analysts have issued reports on the stock. BidaskClub lowered shares of La-Z-Boy from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. 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 report on Thursday, June 22nd. Finally, Sidoti lowered 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 report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. La-Z-Boy has an average rating of “Hold” and an average target price of $32.50.
In other La-Z-Boy news, Chairman Kurt L. Darrow sold 100,000 shares of the stock in a transaction 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 completion of the sale, the chairman now owns 531,773 shares in the company, valued at $16,761,484.96. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Louis M. Riccio, Jr. sold 37,504 shares of the 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 completion of the sale, the vice president now owns 123,354 shares of the company’s stock, valued at approximately $3,990,501.90. The disclosure for this sale can be found here. Corporate insiders own 3.17% of the company’s stock.
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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