Todays Report: The New York State Teachers Retirement System Reduces Position in La-Z-Boy Inc. (LZB)

The New York State Teachers Retirement System Reduces Position in La-Z-Boy Inc. (LZB)

New York State Teachers Retirement System lowered its stake in La-Z-Boy Inc. (NYSE:LZB) by 0.1% during the second quarter, Holdings Channel reports. The fund owned 139,071 shares of the company’s stock after selling 100 shares during the period. New York State Teachers Retirement System’s holdings in La-Z-Boy were worth $3,869,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. BlackRock Inc. boosted its position in La-Z-Boy by 135.1% in the first quarter. BlackRock Inc. now owns 4,021 shares of the company’s stock worth $108,000 after buying an additional 2,311 shares during the last quarter. Gray Financial Group GA ADV ADV purchased a new position in La-Z-Boy during the second quarter worth $155,000. Fox Run Management L.L.C. purchased a new position in La-Z-Boy during the second quarter worth $200,000. First Quadrant L P CA purchased a new position in La-Z-Boy during the second quarter worth $206,000. Finally, Aperio Group LLC purchased a new position in La-Z-Boy during the first quarter worth $271,000. Institutional investors and hedge funds own 86.05% of the company’s stock.

La-Z-Boy Inc. (NYSE:LZB) traded down 1.39% during mid-day trading on Friday, hitting $24.79. 204,861 shares of the stock were exchanged. La-Z-Boy Inc. has a one year low of $19.56 and a one year high of $31.22. The company has a 50-day moving average price of $26.28 and a 200-day moving average price of $27.02. The company has a market cap of $1.22 billion, a P/E ratio of 15.86 and a beta of 1.27.

La-Z-Boy (NYSE:LZB) last issued its earnings results on Tuesday, August 23rd. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by $0.01. La-Z-Boy had a net margin of 5.21% and a return on equity of 15.01%. The company earned $340.80 million during the quarter, compared to analyst estimates of $358.79 million. During the same quarter in the previous year, the company posted $0.27 EPS. The company’s quarterly revenue was down .2% on a year-over-year basis. Analysts forecast that La-Z-Boy Inc. will post $1.71 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, September 2nd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.61%. The ex-dividend date was Wednesday, August 31st. La-Z-Boy’s payout ratio is 25.48%.

A number of research analysts have weighed in on LZB shares. Zacks Investment Research raised shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a report on Friday, June 24th. Longbow Research started coverage on shares of La-Z-Boy in a report on Friday, August 5th. They issued a “neutral” rating for the company.

In related news, insider John Douglas Collier sold 26,874 shares of the stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $26.17, for a total transaction of $703,292.58. Following the completion of the sale, the insider now owns 98,849 shares in the company, valued at approximately $2,586,878.33. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Otis S. Sawyer sold 5,935 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $27.46, for a total transaction of $162,975.10. Following the sale, the insider now owns 62,216 shares of the company’s stock, valued at approximately $1,708,451.36. The disclosure for this sale can be found here. 3.57% of the stock is currently owned by 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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