La-Z-Boy Incorporated (LZB) Stake Held by Columbia Asset Management

Columbia Asset Management held its position in La-Z-Boy Incorporated (NYSE:LZB) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,533 shares of the company’s stock at the close of the second quarter. Columbia Asset Management’s holdings in La-Z-Boy were worth $244,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LZB. BlackRock Inc. raised its holdings in La-Z-Boy by 56,782.6% in the 1st quarter. BlackRock Inc. now owns 6,240,594 shares of the company’s stock worth $168,497,000 after purchasing an additional 6,229,623 shares during the period. Boston Partners acquired a new position in La-Z-Boy in the 2nd quarter worth about $24,774,000. JPMorgan Chase & Co. raised its holdings in La-Z-Boy by 154.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 472,830 shares of the company’s stock worth $15,367,000 after purchasing an additional 286,854 shares during the period. Vanguard Group Inc. raised its holdings in La-Z-Boy by 6.6% in the 1st quarter. Vanguard Group Inc. now owns 4,473,226 shares of the company’s stock worth $120,778,000 after purchasing an additional 275,811 shares during the period. Finally, Marshall Wace North America L.P. raised its holdings in La-Z-Boy by 639.8% in the 2nd quarter. Marshall Wace North America L.P. now owns 310,138 shares of the company’s stock worth $10,235,000 after purchasing an additional 268,214 shares during the period. 86.79% of the stock is owned by institutional investors.

Shares of La-Z-Boy Incorporated (LZB) traded up 0.45% during trading on Monday, hitting $24.66. The company’s stock had a trading volume of 56,905 shares. The company has a 50-day moving average price of $29.51 and a 200-day moving average price of $28.65. La-Z-Boy Incorporated has a one year low of $22.09 and a one year high of $34.10. The stock has a market cap of $1.19 billion, a PE ratio of 14.57 and a beta of 0.88.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings results on Tuesday, August 22nd. The company reported $0.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.05. The firm had revenue of $357.10 million for the quarter, compared to analysts’ expectations of $359.34 million. La-Z-Boy had a return on equity of 14.18% and a net margin of 5.45%. La-Z-Boy’s revenue was up 4.8% compared to the same quarter last year. During the same period last year, the firm earned $0.28 EPS. Equities analysts predict that La-Z-Boy Incorporated will post $1.73 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 8th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Thursday, September 7th. La-Z-Boy’s dividend payout ratio (DPR) is 25.88%.

La-Z-Boy announced that its Board of Directors has approved a stock buyback program on Tuesday, June 20th that permits the company to buyback 6,000,000 outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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In other news, Chairman Kurt L. Darrow sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $31.52, for a total transaction of $3,152,000.00. Following the sale, the chairman now owns 531,773 shares of the company’s stock, valued at approximately $16,761,484.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Louis M. Riccio, Jr. sold 37,504 shares of the business’s stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $32.35, for a total value of $1,213,254.40. Following the sale, the vice president now directly owns 123,354 shares in the company, valued at approximately $3,990,501.90. The disclosure for this sale can be found here. 3.17% of the stock is owned by insiders.

A number of equities analysts recently weighed in on the company. BidaskClub cut La-Z-Boy from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. Zacks Investment Research cut La-Z-Boy from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. Stifel Nicolaus reduced their price target on La-Z-Boy from $30.00 to $27.00 and set a “hold” rating for the company in a report on Thursday, August 24th. Finally, Sidoti cut La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 price target for the company. in a report on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $31.75.

La-Z-Boy Company Profile

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.

Institutional Ownership by Quarter for La-Z-Boy (NYSE:LZB)

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