Raymond James & Associates Trims Stake in La-Z-Boy Incorporated (NYSE:LZB)

Raymond James & Associates lessened its holdings in shares of La-Z-Boy Incorporated (NYSE:LZB – Get Rating) by 1.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 85,075 shares of the company’s stock after selling 1,087 shares during the quarter. Raymond James & Associates’ holdings in La-Z-Boy were worth $1,920,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of LZB. Captrust Financial Advisors boosted its holdings in La-Z-Boy by 13.4% during the 2nd quarter. Captrust Financial Advisors now owns 3,730 shares of the company’s stock valued at $88,000 after acquiring an additional 440 shares during the period. Citigroup Inc. boosted its stake in shares of La-Z-Boy by 1.2% during the first quarter. Citigroup Inc. now owns 42,834 shares of the company’s stock valued at $1,129,000 after purchasing an additional 500 shares during the period. Rhumbline Advisers increased its stake in La-Z-Boy by 0.3% in the 2nd quarter. Rhumbline Advisers now owns 159,568 shares of the company’s stock worth $3,783,000 after buying an additional 510 shares during the period. Strs Ohio lifted its holdings in La-Z-Boy by 5.9% during the 2nd quarter. Strs Ohio now owns 10,700 shares of the company’s stock valued at $253,000 after buying an additional 600 shares in the last quarter. Finally, Pinnacle Holdings LLC lifted its holdings in La-Z-Boy by 1.9% during the 1st quarter. Pinnacle Holdings LLC now owns 32,770 shares of the company’s stock valued at $864,000 after buying an additional 610 shares in the last quarter. Institutional investors own 96.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com started coverage on shares of La-Z-Boy in a research report on Wednesday, October 12th. They set a “buy” rating on the stock.

La-Z-Boy Stock Up 1.9 %

Shares of NYSE LZB opened at $26.99 on Tuesday. La-Z-Boy Incorporated has a twelve month low of $21.92 and a twelve month high of $37.76. The firm has a market cap of $1.16 billion, a PE ratio of 6.85 and a beta of 1.07. The business has a fifty day simple moving average of $24.90 and a two-hundred day simple moving average of $25.44.

La-Z-Boy (NYSE:LZB – Get Rating) last released its quarterly earnings data on Wednesday, November 30th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.19. La-Z-Boy had a return on equity of 19.30% and a net margin of 6.90%. The firm had revenue of $611.33 million during the quarter, compared to the consensus estimate of $598.50 million. On average, research analysts expect that La-Z-Boy Incorporated will post 3.28 earnings per share for the current year.

La-Z-Boy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 20th. Stockholders of record on Monday, December 12th were given a $0.1815 dividend. This represents a $0.73 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend was Friday, December 9th. This is a boost from La-Z-Boy’s previous quarterly dividend of $0.17. La-Z-Boy’s dividend payout ratio is presently 18.53%.

About La-Z-Boy

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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, and entertainment centers.