La-Z-Boy Incorporated (NYSE:LZB) Stock Position Lessened by Texas Permanent School Fund

Texas Permanent School Fund decreased its holdings in La-Z-Boy Incorporated (NYSE:LZB – Get Rating) by 7.3% in the 4th quarter, HoldingsChannel reports. The firm owned 28,933 shares of the company’s stock after selling 2,279 shares during the quarter. Texas Permanent School Fund’s holdings in La-Z-Boy were worth $660,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Point72 Hong Kong Ltd grew its stake in shares of La-Z-Boy by 489.5% in the third quarter. Point72 Hong Kong Ltd now owns 7,787 shares of the company’s stock worth $176,000 after purchasing an additional 6,466 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of La-Z-Boy by 29.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,022 shares of the company’s stock worth $160,000 after purchasing an additional 1,588 shares in the last quarter. True Signal LP bought a new position in La-Z-Boy during the fourth quarter valued at about $418,000. LSV Asset Management boosted its stake in La-Z-Boy by 4.5% during the third quarter. LSV Asset Management now owns 1,792,293 shares of the company’s stock valued at $40,452,000 after buying an additional 76,800 shares in the last quarter. Finally, Towle & Co boosted its stake in La-Z-Boy by 1.9% during the third quarter. Towle & Co now owns 26,700 shares of the company’s stock valued at $603,000 after buying an additional 490 shares in the last quarter. Institutional investors own 96.55% of the company’s stock.

Analysts Set New Price Targets

LZB has been the subject of several research reports. StockNews.com initiated coverage on La-Z-Boy in a research note on Thursday, March 16th. They set a “buy” rating for the company. TheStreet raised La-Z-Boy from a “c+” rating to a “b-” rating in a research note on Thursday, January 26th.

La-Z-Boy Stock Down 2.9 %

Shares of LZB stock opened at $27.39 on Wednesday. The stock has a 50-day simple moving average of $28.45 and a 200 day simple moving average of $27.16. La-Z-Boy Incorporated has a fifty-two week low of $21.92 and a fifty-two week high of $33.06. The stock has a market capitalization of $1.18 billion, a P/E ratio of 6.80 and a beta of 1.11.

La-Z-Boy (NYSE:LZB – Get Rating) last announced its earnings results on Wednesday, February 22nd. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.66 by $0.25. La-Z-Boy had a return on equity of 19.77% and a net margin of 7.03%. The business had revenue of $572.72 million during the quarter, compared to the consensus estimate of $529.57 million. During the same period in the prior year, the business posted $0.65 earnings per share. La-Z-Boy’s revenue was up .2% compared to the same quarter last year. On average, sell-side analysts anticipate that La-Z-Boy Incorporated will post 3.6 earnings per share for the current year.

La-Z-Boy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Friday, June 2nd will be issued a dividend of $0.1815 per share. This represents a $0.73 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Thursday, June 1st. La-Z-Boy’s dividend payout ratio is 17.87%.

La-Z-Boy Profile

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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.