Texas Permanent School Fund Corp Has $1.84 Million Holdings in La-Z-Boy Incorporated (NYSE:LZB)

Texas Permanent School Fund Corp raised its stake in La-Z-Boy Incorporated (NYSE:LZB) by 32.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,422 shares of the company’s stock after acquiring an additional 11,981 shares during the quarter. Texas Permanent School Fund Corp owned about 0.12% of La-Z-Boy worth $1,842,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LZB. First Trust Advisors LP grew its position in shares of La-Z-Boy by 31.8% during the 4th quarter. First Trust Advisors LP now owns 789,342 shares of the company’s stock worth $29,143,000 after buying an additional 190,651 shares during the period. Schroder Investment Management Group grew its position in shares of La-Z-Boy by 1.3% during the 4th quarter. Schroder Investment Management Group now owns 692,004 shares of the company’s stock worth $25,549,000 after buying an additional 8,722 shares during the period. Principal Financial Group Inc. grew its position in shares of La-Z-Boy by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 235,072 shares of the company’s stock worth $8,843,000 after buying an additional 1,739 shares during the period. Empowered Funds LLC grew its position in shares of La-Z-Boy by 8.2% during the 1st quarter. Empowered Funds LLC now owns 178,608 shares of the company’s stock worth $6,719,000 after buying an additional 13,475 shares during the period. Finally, Allianz Asset Management GmbH grew its position in shares of La-Z-Boy by 34.9% during the 4th quarter. Allianz Asset Management GmbH now owns 167,776 shares of the company’s stock worth $6,194,000 after buying an additional 43,404 shares during the period. Institutional investors and hedge funds own 99.62% of the company’s stock.

La-Z-Boy Stock Performance

Shares of NYSE LZB opened at $42.97 on Thursday. The stock has a market cap of $1.80 billion, a P/E ratio of 15.18 and a beta of 1.28. The firm has a 50 day moving average price of $41.49 and a 200 day moving average price of $37.79. La-Z-Boy Incorporated has a 52-week low of $27.92 and a 52-week high of $45.23.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings data on Tuesday, August 20th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The firm had revenue of $495.50 million during the quarter, compared to analysts’ expectations of $482.23 million. La-Z-Boy had a net margin of 5.89% and a return on equity of 12.90%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.62 earnings per share. Analysts predict that La-Z-Boy Incorporated will post 2.98 earnings per share for the current fiscal year.

La-Z-Boy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend was Thursday, September 5th. La-Z-Boy’s dividend payout ratio is currently 28.27%.

Insider Activity at La-Z-Boy

In other La-Z-Boy news, CAO Jennifer Lynn Mccurry sold 4,414 shares of La-Z-Boy stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $41.31, for a total value of $182,342.34. Following the transaction, the chief accounting officer now owns 13,236 shares of the company’s stock, valued at $546,779.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other La-Z-Boy news, Director Janet Kerr sold 3,890 shares of La-Z-Boy stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $40.89, for a total value of $159,062.10. Following the transaction, the director now owns 3,372 shares of the company’s stock, valued at $137,881.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Jennifer Lynn Mccurry sold 4,414 shares of La-Z-Boy stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $41.31, for a total transaction of $182,342.34. Following the completion of the transaction, the chief accounting officer now directly owns 13,236 shares in the company, valued at approximately $546,779.16. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Sidoti cut shares of La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Wednesday, August 21st.

About La-Z-Boy

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.