La-Z-Boy Incorporated (NYSE:LZB) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in La-Z-Boy Incorporated (NYSE:LZB) by 3.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 216,775 shares of the company’s stock after selling 8,306 shares during the period. Principal Financial Group Inc. owned about 0.52% of La-Z-Boy worth $9,306,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP raised its holdings in La-Z-Boy by 2,550.0% in the second quarter. Quarry LP now owns 1,378 shares of the company’s stock valued at $51,000 after acquiring an additional 1,326 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of La-Z-Boy in the 2nd quarter worth about $63,000. Innealta Capital LLC acquired a new stake in shares of La-Z-Boy in the 2nd quarter valued at about $69,000. Allspring Global Investments Holdings LLC bought a new position in shares of La-Z-Boy during the first quarter worth about $70,000. Finally, Quest Partners LLC acquired a new position in La-Z-Boy in the second quarter worth about $91,000. 99.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other La-Z-Boy news, Director Janet Kerr sold 3,890 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $40.89, for a total value of $159,062.10. Following the completion of the transaction, the director now owns 3,372 shares in the company, valued at approximately $137,881.08. This represents a 53.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jennifer Lynn Mccurry sold 4,414 shares of the firm’s 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 sale, the chief accounting officer now owns 13,236 shares in the company, valued at $546,779.16. The trade was a 25.01 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

Separately, Sidoti cut La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a research note on Wednesday, August 21st.

La-Z-Boy Price Performance

LZB stock opened at $42.78 on Tuesday. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 15.22 and a beta of 1.29. La-Z-Boy Incorporated has a 1-year low of $30.76 and a 1-year high of $45.23. The firm has a fifty day moving average price of $40.97 and a two-hundred day moving average price of $39.44.

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