Maverick Capital Ltd. Sells 44,841 Shares of La-Z-Boy Incorporated (NYSE:LZB)

Maverick Capital Ltd. reduced its position in La-Z-Boy Incorporated (NYSE:LZB) by 53.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,508 shares of the company’s stock after selling 44,841 shares during the quarter. Maverick Capital Ltd. owned approximately 0.09% of La-Z-Boy worth $1,696,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. boosted its holdings in La-Z-Boy by 7.5% in the 2nd quarter. Pacer Advisors Inc. now owns 1,394,677 shares of the company’s stock worth $51,994,000 after buying an additional 97,680 shares during the period. American Century Companies Inc. lifted its position in shares of La-Z-Boy by 14.5% in the second quarter. American Century Companies Inc. now owns 982,668 shares of the company’s stock valued at $36,634,000 after acquiring an additional 124,409 shares in the last quarter. abrdn plc bought a new position in shares of La-Z-Boy in the third quarter worth about $10,809,000. Empowered Funds LLC grew its position in shares of La-Z-Boy by 5.4% during the third quarter. Empowered Funds LLC now owns 202,786 shares of the company’s stock worth $8,706,000 after purchasing an additional 10,318 shares in the last quarter. Finally, Millennium Management LLC raised its stake in La-Z-Boy by 125.6% during the 2nd quarter. Millennium Management LLC now owns 174,249 shares of the company’s stock valued at $6,496,000 after purchasing an additional 97,023 shares during the period. 99.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Sidoti downgraded La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 price target for the company. in a research note on Wednesday, August 21st.

La-Z-Boy Stock Performance

Shares of NYSE LZB opened at $45.27 on Friday. The company has a market cap of $1.88 billion, a P/E ratio of 15.66 and a beta of 1.29. La-Z-Boy Incorporated has a 52-week low of $32.00 and a 52-week high of $46.35. The firm’s fifty day moving average is $41.48 and its two-hundred day moving average is $40.08.

La-Z-Boy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.94%. This is a boost from La-Z-Boy’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, December 5th. La-Z-Boy’s payout ratio is 27.68%.

Insider Buying and Selling

In other La-Z-Boy news, Director Janet Kerr sold 3,890 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 3,372 shares of the company’s stock, valued at $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 is available through this link. 1.70% of the stock is owned by company insiders.

La-Z-Boy Profile

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.