Bank of New York Mellon Corp Decreases Position in La-Z-Boy Incorporated (NYSE:LZB)

Bank of New York Mellon Corp reduced its stake in La-Z-Boy Incorporated (NYSE:LZB) by 5.6% during the 1st quarter, Holdings Channel reports. The fund owned 445,288 shares of the company’s stock after selling 26,354 shares during the period. Bank of New York Mellon Corp’s holdings in La-Z-Boy were worth $17,406,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its stake in La-Z-Boy by 273.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 537,314 shares of the company’s stock valued at $21,262,000 after purchasing an additional 393,365 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of La-Z-Boy by 321.1% in the fourth quarter. Wellington Management Group LLP now owns 311,578 shares of the company’s stock valued at $13,575,000 after buying an additional 237,578 shares in the last quarter. Norges Bank acquired a new stake in shares of La-Z-Boy in the fourth quarter valued at about $5,786,000. Teacher Retirement System of Texas grew its stake in shares of La-Z-Boy by 338.4% in the fourth quarter. Teacher Retirement System of Texas now owns 163,713 shares of the company’s stock valued at $7,133,000 after buying an additional 126,371 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in La-Z-Boy in the fourth quarter valued at about $4,500,000. 99.62% of the stock is currently owned by hedge funds and other institutional investors.

La-Z-Boy Price Performance

NYSE LZB opened at $37.85 on Friday. La-Z-Boy Incorporated has a fifty-two week low of $35.18 and a fifty-two week high of $48.31. The stock’s 50-day moving average is $40.19 and its two-hundred day moving average is $41.35. The firm has a market cap of $1.56 billion, a P/E ratio of 16.04 and a beta of 1.26.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings results on Tuesday, June 17th. The company reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.01). La-Z-Boy had a net margin of 4.72% and a return on equity of 12.08%. The firm had revenue of $570.87 million for the quarter, compared to the consensus estimate of $557.44 million. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The company’s revenue was up 3.1% on a year-over-year basis. On average, equities analysts expect that La-Z-Boy Incorporated will post 2.99 EPS for the current year.

La-Z-Boy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Tuesday, June 3rd were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend was Tuesday, June 3rd. La-Z-Boy’s payout ratio is currently 37.29%.

Wall Street Analyst Weigh In

A number of research firms have commented on LZB. KeyCorp raised La-Z-Boy from a “sector weight” rating to an “overweight” rating and set a $46.00 target price on the stock in a report on Friday, April 25th. Wall Street Zen cut La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Sunday, June 22nd.

La-Z-Boy Company Profile

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, entertainment centers, and occasional pieces.