Meeder Asset Management Inc. increased its holdings in shares of La-Z-Boy Incorporated (NYSE:LZB - Free Report) by 228.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,811 shares of the company's stock after purchasing an additional 23,510 shares during the period. Meeder Asset Management Inc. owned approximately 0.08% of La-Z-Boy worth $1,452,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Assetmark Inc. bought a new stake in shares of La-Z-Boy during the third quarter worth $30,000. Quarry LP raised its stake in shares of La-Z-Boy by 2,550.0% in the 2nd quarter. Quarry LP now owns 1,378 shares of the company's stock valued at $51,000 after purchasing an additional 1,326 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of La-Z-Boy in the 2nd quarter valued at about $63,000. Innealta Capital LLC bought a new stake in shares of La-Z-Boy in the second quarter valued at about $69,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of La-Z-Boy during the first quarter worth about $70,000. 99.62% of the stock is currently owned by institutional investors and hedge funds.
La-Z-Boy Stock Up 1.1 %
Shares of NYSE:LZB traded up $0.46 during midday trading on Wednesday, reaching $42.77. The company had a trading volume of 985,895 shares, compared to its average volume of 443,399. La-Z-Boy Incorporated has a 1-year low of $30.76 and a 1-year high of $45.23. The stock has a market cap of $1.79 billion, a PE ratio of 15.22 and a beta of 1.29. The business's 50 day moving average price is $41.18 and its 200 day moving average price is $39.60.
La-Z-Boy (NYSE:LZB - Get Free Report) last issued its earnings results on Tuesday, August 20th. The company reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.02. The business had revenue of $495.50 million for the quarter, compared to the consensus estimate of $482.23 million. La-Z-Boy had a net margin of 5.89% and a return on equity of 12.90%. The firm's revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.62 earnings per share. On average, research analysts expect that La-Z-Boy Incorporated will post 2.98 earnings per share for the current fiscal year.
La-Z-Boy Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be paid a dividend of $0.22 per share. This is an increase from La-Z-Boy's previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend is Thursday, December 5th. La-Z-Boy's payout ratio is currently 28.47%.
Analyst Ratings Changes
Separately, Sidoti cut La-Z-Boy from a "buy" rating to a "neutral" rating and set a $43.00 target price on the stock. in a research note on Wednesday, August 21st.
Read Our Latest Research Report on LZB
Insider Buying and Selling
In other news, Director Janet Kerr sold 3,890 shares of the business's stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $40.89, for a total value of $159,062.10. Following the completion of the sale, the director now owns 3,372 shares of the company's stock, valued at approximately $137,881.08. The trade was a 53.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jennifer Lynn Mccurry sold 4,414 shares of the business's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $41.31, for a total transaction of $182,342.34. Following the completion of the sale, the chief accounting officer now directly owns 13,236 shares of the company's stock, valued at $546,779.16. This represents a 25.01 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.
La-Z-Boy Profile
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Free Report)
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Wholesale, Retail, Corporate and Other segments. 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, distributes, and retails casegoods (wood) furniture, including occasional pieces, bedroom sets, dining room sets, entertainment centers, and occasional pieces.
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