La-Z-Boy Incorporated (NYSE:LZB) Shares Purchased by Empowered Funds LLC

Empowered Funds LLC boosted its holdings in shares of La-Z-Boy Incorporated (NYSE:LZB) by 5.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 202,786 shares of the company’s stock after buying an additional 10,318 shares during the quarter. Empowered Funds LLC’s holdings in La-Z-Boy were worth $8,706,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Victory Capital Management Inc. raised its stake in La-Z-Boy by 85.8% in the 3rd quarter. Victory Capital Management Inc. now owns 45,267 shares of the company’s stock worth $1,943,000 after acquiring an additional 20,900 shares during the last quarter. Versor Investments LP purchased a new position in shares of La-Z-Boy in the third quarter worth about $446,000. Assetmark Inc. acquired a new stake in shares of La-Z-Boy during the third quarter worth about $30,000. abrdn plc purchased a new stake in La-Z-Boy in the third quarter valued at approximately $10,809,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in La-Z-Boy in the 3rd quarter worth approximately $3,684,000. 99.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at La-Z-Boy

In other La-Z-Boy news, Director Janet Kerr sold 3,890 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $40.89, for a total transaction of $159,062.10. Following the transaction, the director now directly owns 3,372 shares of the company’s stock, valued at $137,881.08. This trade represents a 53.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jennifer Lynn Mccurry sold 4,414 shares of the firm’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 transaction, the chief accounting officer now directly owns 13,236 shares in the company, valued at $546,779.16. This represents a 25.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.

La-Z-Boy Stock Down 0.7 %

Shares of LZB stock opened at $42.79 on Friday. La-Z-Boy Incorporated has a 52-week low of $30.68 and a 52-week high of $45.23. The stock has a market cap of $1.79 billion, a PE ratio of 15.23 and a beta of 1.29. The business has a 50-day simple moving average of $40.97 and a 200-day simple moving average of $39.35.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings results on Tuesday, August 20th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The company had revenue of $495.50 million during the quarter, compared to the consensus estimate of $482.23 million. La-Z-Boy had a return on equity of 12.90% and a net margin of 5.89%. La-Z-Boy’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 posted $0.62 earnings per share. Sell-side analysts anticipate that La-Z-Boy Incorporated will post 2.98 earnings per share for the current fiscal year.

La-Z-Boy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were issued a $0.20 dividend. The ex-dividend date was Thursday, September 5th. This represents a $0.80 dividend on an annualized basis and a yield of 1.87%. La-Z-Boy’s payout ratio is 28.47%.

Wall Street Analysts Forecast Growth

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

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.