abrdn plc Purchases Shares of 251,777 La-Z-Boy Incorporated (NYSE:LZB)

abrdn plc bought a new position in La-Z-Boy Incorporated (NYSE:LZB - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 251,777 shares of the company's stock, valued at approximately $10,809,000. abrdn plc owned approximately 0.60% of La-Z-Boy at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LZB. Allspring Global Investments Holdings LLC purchased a new stake in La-Z-Boy during the first quarter valued at approximately $70,000. BNP Paribas Financial Markets increased its stake in shares of La-Z-Boy by 67.3% in the first quarter. BNP Paribas Financial Markets now owns 28,035 shares of the company's stock worth $1,055,000 after acquiring an additional 11,274 shares during the period. Quantbot Technologies LP acquired a new stake in La-Z-Boy during the first quarter valued at $1,077,000. Empowered Funds LLC grew its position in La-Z-Boy by 8.2% during the first quarter. Empowered Funds LLC now owns 178,608 shares of the company's stock valued at $6,719,000 after buying an additional 13,475 shares during the period. Finally, PFG Advisors grew its position in La-Z-Boy by 23.5% during the first quarter. PFG Advisors now owns 8,445 shares of the company's stock valued at $318,000 after buying an additional 1,607 shares during the period. 99.62% of the stock is currently owned by institutional investors.

La-Z-Boy Price Performance

Shares of LZB stock traded up $0.33 during trading on Friday, reaching $38.38. The company's stock had a trading volume of 348,224 shares, compared to its average volume of 317,420. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of 13.66 and a beta of 1.29. The stock's 50-day moving average price is $40.78 and its 200 day moving average price is $38.78. La-Z-Boy Incorporated has a 1-year low of $29.30 and a 1-year high of $45.23.

La-Z-Boy (NYSE:LZB - Get Free Report) last posted its quarterly earnings results on Tuesday, August 20th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02. The company had revenue of $495.50 million during the quarter, compared to analysts' expectations 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 was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.62 EPS. On average, sell-side analysts anticipate that La-Z-Boy Incorporated will post 2.98 EPS for the current fiscal year.

La-Z-Boy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Thursday, September 5th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $0.80 annualized dividend and a dividend yield of 2.08%. La-Z-Boy's dividend payout ratio is presently 28.47%.

Insider Transactions at La-Z-Boy

In related news, Director Janet Kerr sold 3,890 shares of the company's stock in a transaction on 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 in the company, valued at $137,881.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other La-Z-Boy news, CAO Jennifer Lynn Mccurry sold 4,414 shares of the company's stock in a transaction on 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 transaction, the chief accounting officer now owns 13,236 shares in the company, valued at approximately $546,779.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Janet Kerr sold 3,890 shares of the company's stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $40.89, for a total transaction of $159,062.10. Following the transaction, the director now owns 3,372 shares of the company's stock, valued at approximately $137,881.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Sidoti lowered shares of La-Z-Boy from a "buy" rating to a "neutral" rating and set a $43.00 target price on the stock. in a research report on Wednesday, August 21st.

About La-Z-Boy

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.