PNC Financial Services Group Inc. boosted its holdings in La-Z-Boy Incorporated (NYSE:LZB) by 2.9% in the third quarter, Holdings Channel reports. The firm owned 21,182 shares of the company’s stock after purchasing an additional 589 shares during the quarter. PNC Financial Services Group Inc.’s holdings in La-Z-Boy were worth $684,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP bought a new position in La-Z-Boy in the third quarter valued at $40,000. O Shaughnessy Asset Management LLC grew its position in La-Z-Boy by 36.1% in the second quarter. O Shaughnessy Asset Management LLC now owns 1,447 shares of the company’s stock valued at $54,000 after purchasing an additional 384 shares in the last quarter. Heritage Wealth Management LLC grew its position in La-Z-Boy by 60.4% in the second quarter. Heritage Wealth Management LLC now owns 2,375 shares of the company’s stock valued at $88,000 after purchasing an additional 894 shares in the last quarter. Pinz Capital Management LP bought a new position in La-Z-Boy in the second quarter valued at $119,000. Finally, Profund Advisors LLC grew its position in La-Z-Boy by 5.4% in the second quarter. Profund Advisors LLC now owns 5,658 shares of the company’s stock valued at $208,000 after purchasing an additional 288 shares in the last quarter. 92.85% of the stock is owned by institutional investors and hedge funds.
In other news, Director Kurt L. Darrow sold 53,124 shares of the firm’s stock in a transaction dated Friday, November 5th. The shares were sold at an average price of $35.57, for a total transaction of $1,889,620.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kurt L. Darrow sold 43,105 shares of the firm’s stock in a transaction dated Thursday, December 16th. The stock was sold at an average price of $36.03, for a total transaction of $1,553,073.15. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 202,444 shares of company stock valued at $7,230,892. 4.01% of the stock is currently owned by corporate insiders.
La-Z-Boy (NYSE:LZB) last announced its quarterly earnings results on Tuesday, November 16th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.12. The firm had revenue of $576.00 million during the quarter, compared to analysts’ expectations of $540.04 million. La-Z-Boy had a net margin of 6.26% and a return on equity of 17.67%. The company’s revenue for the quarter was up 25.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.82 earnings per share. On average, research analysts expect that La-Z-Boy Incorporated will post 3.76 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, December 15th. Shareholders of record on Thursday, December 2nd were paid a $0.165 dividend. The ex-dividend date of this dividend was Wednesday, December 1st. This represents a $0.66 dividend on an annualized basis and a yield of 1.85%. This is a boost from La-Z-Boy’s previous quarterly dividend of $0.15. La-Z-Boy’s dividend payout ratio (DPR) is currently 23.08%.
Separately, Zacks Investment Research upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a research note on Friday, November 19th.
La-Z-Boy Company Profile
La-Z-Boy, Inc engages in the production of reclining chairs and manufacture and distribution of residential furniture. It operates through the following segments: Wholesale, Retail, and Corporate and Other. 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 casegoods (wood) furniture, such as occasional pieces, bedroom sets, dining room sets and entertainment centers.
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