The Manufacturers Life Insurance Company Purchases Shares of 16,896 La-Z-Boy Incorporated $LZB

by · The Cerbat Gem

The Manufacturers Life Insurance Company acquired a new position in shares of La-Z-Boy Incorporated (NYSE:LZB – Free Report) during the second quarter, HoldingsChannel reports. The institutional investor acquired 16,896 shares of the company’s stock, valued at approximately $678,000.

Several other institutional investors have also modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of La-Z-Boy in the 2nd quarter valued at $265,535,000. Vanguard Group Inc. lifted its position in La-Z-Boy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 4,814,114 shares of the company’s stock valued at $179,422,000 after acquiring an additional 38,513 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in La-Z-Boy by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 2,694,255 shares of the company’s stock valued at $86,594,000 after acquiring an additional 38,870 shares during the last quarter. Franklin Resources Inc. boosted its stake in La-Z-Boy by 24.0% in the fourth quarter. Franklin Resources Inc. now owns 1,851,873 shares of the company’s stock valued at $69,019,000 after acquiring an additional 358,945 shares in the last quarter. Finally, LSV Asset Management boosted its stake in La-Z-Boy by 0.8% in the fourth quarter. LSV Asset Management now owns 1,476,882 shares of the company’s stock valued at $55,043,000 after acquiring an additional 11,983 shares in the last quarter. Hedge funds and other institutional investors own 99.62% of the company’s stock.

Insider Activity

In other news, CAO Jennifer Lynn Mccurry sold 3,715 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $41.05, for a total transaction of $152,500.75. Following the completion of the sale, the chief accounting officer owned 16,763 shares in the company, valued at $688,121.15. This represents a 18.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Leggett sold 9,000 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $41.66, for a total value of $374,940.00. Following the sale, the senior vice president directly owned 47,551 shares of the company’s stock, valued at approximately $1,980,974.66. This represents a 15.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 66,299 shares of company stock worth $2,677,491 over the last quarter. 3.12% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on LZB. Weiss Ratings cut La-Z-Boy from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, August 20th. Zacks Research downgraded La-Z-Boy from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 20th. Wall Street Zen lowered La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, KeyCorp reduced their price objective on La-Z-Boy from $46.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, August 20th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $39.50.

Get Our Latest Research Report on La-Z-Boy

La-Z-Boy Stock Performance

Shares of La-Z-Boy stock opened at $32.72 on Monday. The company has a market capitalization of $1.31 billion, a P/E ratio of 16.61, a PEG ratio of 1.10 and a beta of 1.23. La-Z-Boy Incorporated has a 1 year low of $29.03 and a 1 year high of $44.90. The company’s fifty day moving average is $38.22 and its two-hundred day moving average is $36.42.

La-Z-Boy (NYSE:LZB – Get Free Report) last announced its earnings results on Tuesday, August 18th. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.06). La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. The business had revenue of $475.69 million during the quarter, compared to analysts’ expectations of $501.44 million. During the same period in the previous year, the company posted $0.47 earnings per share. La-Z-Boy’s quarterly revenue was down 3.4% on a year-over-year basis. As a group, equities analysts expect that La-Z-Boy Incorporated will post 2.7 earnings per share for the current year.

La-Z-Boy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Thursday, September 3rd will be paid a dividend of $0.242 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $0.97 annualized dividend and a yield of 3.0%. La-Z-Boy’s dividend payout ratio is currently 49.24%.

La-Z-Boy Profile

(Free Report)

La-Z-Boy Incorporated (NYSE: LZB) is a leading U.S. manufacturer and marketer of residential furniture, best known for its upholstered recliners, sofas, stationary chairs and sleeper sofas. The company offers a broad range of products in both fabric and leather, complemented by occasional tables, desks, lamps and other home furnishings through its branded retail network.

Founded in 1927 by cousins Edward Knabusch and Edwin Shoemaker in Monroe, Michigan, La-Z-Boy pioneered the modern reclining chair.

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