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La-Z-Boy Incorporated (NYSE:LZB) Shares Bought by Legato Capital Management LLC
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A number of other large investors have also modified their holdings of the stock. BlackRock Inc. increased its stake in shares of La-Z-Boy by 56,782.6% in the first quarter. BlackRock Inc. now owns 6,240,594 shares of the company’s stock worth $168,497,000 after buying an additional 6,229,623 shares during the last quarter. Norges Bank acquired a new stake in shares of La-Z-Boy during the fourth quarter worth $28,181,000. Vanguard Group Inc. increased its stake in shares of La-Z-Boy by 6.6% in the first quarter. Vanguard Group Inc. now owns 4,473,226 shares of the company’s stock worth $120,778,000 after buying an additional 275,811 shares during the last quarter. Opus Capital Group LLC increased its stake in shares of La-Z-Boy by 2,233.5% in the first quarter. Opus Capital Group LLC now owns 257,291 shares of the company’s stock worth $6,947,000 after buying an additional 246,265 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its stake in shares of La-Z-Boy by 53.4% in the first quarter. Nuveen Asset Management LLC now owns 651,218 shares of the company’s stock worth $17,583,000 after buying an additional 226,623 shares during the last quarter. 85.10% of the stock is owned by institutional investors.
Shares of La-Z-Boy Incorporated (NYSE LZB) traded down 0.61% during midday trading on Friday, reaching $32.35. 296,900 shares of the company’s stock were exchanged. La-Z-Boy Incorporated has a 1-year low of $22.09 and a 1-year high of $32.90. The company has a market capitalization of $1.56 billion, a PE ratio of 18.70 and a beta of 0.85. The firm has a 50-day moving average of $30.08 and a 200-day moving average of $28.57.
La-Z-Boy (NYSE:LZB) last announced its quarterly earnings data on Tuesday, June 20th. The company reported $0.57 EPS for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.11. The firm had revenue of $412.70 million during the quarter, compared to analyst estimates of $400.25 million. La-Z-Boy had a return on equity of 14.82% and a net margin of 5.65%. The company’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the company earned $0.45 earnings per share. Equities analysts expect that La-Z-Boy Incorporated will post $1.86 earnings per share for the current fiscal year.
La-Z-Boy announced that its Board of Directors has approved a share buyback program on Tuesday, June 20th that permits the company to repurchase 6,000,000 shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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LZB has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of La-Z-Boy from a “hold” rating to a “sell” rating in a report on Wednesday, April 12th. BidaskClub downgraded shares of La-Z-Boy from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. La-Z-Boy currently has a consensus rating of “Hold” and a consensus price target of $31.33.
In related news, Chairman Kurt L. Darrow sold 100,000 shares of La-Z-Boy stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $31.52, for a total value of $3,152,000.00. Following the completion of the sale, the chairman now directly owns 531,773 shares in the company, valued at $16,761,484.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Louis M. Riccio, Jr. sold 37,504 shares of La-Z-Boy stock in a transaction dated 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 completion of the sale, the vice president now owns 123,354 shares of the company’s stock, valued at $3,990,501.90. The disclosure for this sale can be found here. 3.57% of the stock is owned by company insiders.
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.