Bessemer Group Inc. purchased a new position in shares of La-Z-Boy Incorporated (NYSE:LZB) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,602 shares of the company’s stock, valued at approximately $172,000.
Several other hedge funds have also modified their holdings of the company. New York State Teachers Retirement System increased its holdings in shares of La-Z-Boy by 2.0% in the 2nd quarter. New York State Teachers Retirement System now owns 134,968 shares of the company’s stock worth $4,138,000 after acquiring an additional 2,600 shares during the period. Amundi Pioneer Asset Management Inc. increased its holdings in shares of La-Z-Boy by 1.7% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 67,799 shares of the company’s stock worth $2,236,000 after acquiring an additional 1,124 shares during the period. O Shares Investment Advisers LLC acquired a new stake in shares of La-Z-Boy in the 1st quarter worth about $211,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of La-Z-Boy in the first quarter worth about $460,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of La-Z-Boy in the first quarter worth about $406,000. 88.13% of the stock is currently owned by institutional investors and hedge funds.
LZB has been the subject of a number of research analyst reports. TheStreet lowered shares of La-Z-Boy from a “b+” rating to a “c” rating in a research report on Wednesday, June 26th. Zacks Investment Research raised shares of La-Z-Boy from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Sidoti lowered shares of La-Z-Boy from a “buy” rating to a “neutral” rating and dropped their price target for the company from $38.00 to $35.00 in a research report on Thursday, June 6th. Four research analysts have rated the stock with a hold rating, La-Z-Boy has an average rating of “Hold” and an average target price of $36.67.
La-Z-Boy (NYSE:LZB) last released its quarterly earnings results on Tuesday, June 18th. The company reported $0.64 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.01). The business had revenue of $453.79 million during the quarter, compared to the consensus estimate of $457.13 million. La-Z-Boy had a net margin of 3.93% and a return on equity of 15.33%. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.72 earnings per share. On average, analysts forecast that La-Z-Boy Incorporated will post 2.23 earnings per share for the current fiscal year.
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 Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas.
Further Reading: Diversification
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