Legato Capital Management LLC increased its stake in La-Z-Boy Incorporated (NYSE:LZB) by 890.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,840 shares of the company’s stock after buying an additional 17,836 shares during the period. Legato Capital Management LLC’s holdings in La-Z-Boy were worth $645,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the company. 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 valued at $168,497,000 after buying an additional 6,229,623 shares during the last quarter. 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 valued at $120,778,000 after buying an additional 275,811 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of La-Z-Boy by 4.4% in the first quarter. Wellington Management Group LLP now owns 3,208,236 shares of the company’s stock valued at $86,622,000 after buying an additional 134,284 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of La-Z-Boy by 1.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,998,385 shares of the company’s stock valued at $80,957,000 after buying an additional 55,097 shares during the last quarter. Finally, State Street Corp increased its stake in shares of La-Z-Boy by 4.1% in the first quarter. State Street Corp now owns 1,214,015 shares of the company’s stock valued at $32,782,000 after buying an additional 47,777 shares during the last quarter. 83.77% of the stock is owned by institutional investors and hedge funds.
La-Z-Boy Incorporated (LZB) opened at 32.60 on Thursday. La-Z-Boy Incorporated has a 12 month low of $22.09 and a 12 month high of $34.10. The firm has a market capitalization of $1.57 billion, a PE ratio of 18.84 and a beta of 0.85. The stock has a 50 day moving average of $32.37 and a 200 day moving average of $28.90.
La-Z-Boy (NYSE:LZB) last posted its quarterly earnings results on Tuesday, June 20th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.11. La-Z-Boy had a return on equity of 14.82% and a net margin of 5.65%. The business had revenue of $412.70 million for the quarter, compared to the consensus estimate of $400.25 million. During the same quarter in the prior year, the company earned $0.45 EPS. The business’s revenue was down 1.0% compared to the same quarter last year. On average, equities analysts predict 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 authorized a stock repurchase program on Tuesday, June 20th that allows the company to repurchase 6,000,000 shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
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Several analysts recently commented on LZB shares. Zacks Investment Research raised shares of La-Z-Boy from a “sell” rating to a “hold” rating in a report on Wednesday, April 19th. Sidoti cut shares of La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 price objective for the company. in a research note on Tuesday, August 1st. Finally, BidaskClub cut shares of La-Z-Boy from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. La-Z-Boy currently has a consensus rating of “Hold” and a consensus price target of $32.50.
In related news, VP Louis M. Riccio, Jr. sold 37,504 shares of the firm’s stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $32.35, for a total transaction of $1,213,254.40. Following the sale, the vice president now owns 123,354 shares of the company’s stock, valued at $3,990,501.90. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Kurt L. Darrow sold 100,000 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $31.52, for a total value of $3,152,000.00. Following the sale, the chairman now directly owns 531,773 shares in the company, valued at approximately $16,761,484.96. The disclosure for this sale can be found here. 3.17% of the stock is owned by company insiders.
About La-Z-Boy
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.
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