Rhumbline Advisers Has $5.67 Million Position in La-Z-Boy Incorporated (NYSE:LZB)

Rhumbline Advisers decreased its position in shares of La-Z-Boy Incorporated (NYSE:LZB) by 1.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 153,157 shares of the company’s stock after selling 2,485 shares during the quarter. Rhumbline Advisers owned approximately 0.34% of La-Z-Boy worth $5,673,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of La-Z-Boy by 1.5% in the 1st quarter. BlackRock Inc. now owns 7,335,705 shares of the company’s stock valued at $311,621,000 after purchasing an additional 110,318 shares during the last quarter. Brown Advisory Inc. lifted its holdings in La-Z-Boy by 4.3% in the first quarter. Brown Advisory Inc. now owns 956,074 shares of the company’s stock valued at $40,614,000 after buying an additional 39,725 shares during the period. Nuveen Asset Management LLC boosted its stake in La-Z-Boy by 1.1% in the first quarter. Nuveen Asset Management LLC now owns 820,904 shares of the company’s stock valued at $34,873,000 after acquiring an additional 9,162 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in La-Z-Boy by 3.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 761,046 shares of the company’s stock worth $32,329,000 after acquiring an additional 22,900 shares during the period. Finally, Geode Capital Management LLC grew its holdings in La-Z-Boy by 10.9% during the 1st quarter. Geode Capital Management LLC now owns 750,647 shares of the company’s stock worth $31,887,000 after acquiring an additional 73,516 shares during the period. Hedge funds and other institutional investors own 93.65% of the company’s stock.

La-Z-Boy stock opened at $33.17 on Wednesday. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 12.19 and a beta of 1.08. The company’s 50 day simple moving average is $34.59 and its 200 day simple moving average is $39.46. La-Z-Boy Incorporated has a fifty-two week low of $29.87 and a fifty-two week high of $46.74.

La-Z-Boy (NYSE:LZB) last posted its earnings results on Monday, August 16th. The company reported $0.55 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.01). La-Z-Boy had a return on equity of 17.87% and a net margin of 6.40%. The firm had revenue of $524.78 million during the quarter, compared to analyst estimates of $485.94 million. During the same quarter last year, the business posted $0.18 earnings per share. The company’s revenue for the quarter was up 83.8% on a year-over-year basis. As a group, research analysts anticipate that La-Z-Boy Incorporated will post 3.36 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 15th. Shareholders of record on Thursday, September 2nd will be paid a $0.15 dividend. The ex-dividend date is Wednesday, September 1st. This represents a $0.60 dividend on an annualized basis and a yield of 1.81%. La-Z-Boy’s payout ratio is 22.90%.

In related news, Director Kurt L. Darrow sold 2,753 shares of the firm’s stock in a transaction on Thursday, June 17th. The shares were sold at an average price of $36.02, for a total transaction of $99,163.06. Following the sale, the director now directly owns 423,341 shares in the company, valued at $15,248,742.82. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Otis S. Sawyer sold 18,000 shares of the stock in a transaction dated Wednesday, September 1st. The stock was sold at an average price of $35.15, for a total value of $632,700.00. The disclosure for this sale can be found here. 4.01% of the stock is owned by corporate insiders.

Separately, Zacks Investment Research upgraded La-Z-Boy from a “hold” rating to a “buy” rating and set a $39.00 price target on the stock in a research report on Friday, August 20th.

La-Z-Boy Company Profile

La-Z-Boy, Inc engages in the production of reclining chairs and manufacture and distribution of residential furniture. It operates through the following segments: Wholesale, Retail, and Corporate and Other. The Wholesale segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas and imports casegoods (wood) furniture, such as occasional pieces, bedroom sets, dining room sets and entertainment centers.

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

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