Meeder Asset Management Inc. Increases Stake in La-Z-Boy Incorporated (NYSE:LZB)

Meeder Asset Management Inc. grew its position in La-Z-Boy Incorporated (NYSE:LZB) by 228.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 33,811 shares of the company’s stock after purchasing an additional 23,510 shares during the quarter. Meeder Asset Management Inc.’s holdings in La-Z-Boy were worth $1,452,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. abrdn plc purchased a new position in shares of La-Z-Boy during the third quarter valued at approximately $10,809,000. American Century Companies Inc. increased its position in La-Z-Boy by 14.5% in the second quarter. American Century Companies Inc. now owns 982,668 shares of the company’s stock worth $36,634,000 after buying an additional 124,409 shares in the last quarter. Squarepoint Ops LLC boosted its holdings in shares of La-Z-Boy by 263.6% during the 2nd quarter. Squarepoint Ops LLC now owns 150,617 shares of the company’s stock valued at $5,615,000 after purchasing an additional 109,188 shares during the last quarter. Pacer Advisors Inc. increased its stake in La-Z-Boy by 7.5% in the 2nd quarter. Pacer Advisors Inc. now owns 1,394,677 shares of the company’s stock worth $51,994,000 after acquiring an additional 97,680 shares during the last quarter. Finally, Millennium Management LLC increased its position in La-Z-Boy by 125.6% in the second quarter. Millennium Management LLC now owns 174,249 shares of the company’s stock worth $6,496,000 after purchasing an additional 97,023 shares during the last quarter. Institutional investors own 99.62% of the company’s stock.

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 transaction, the director now directly owns 3,372 shares in the company, valued at $137,881.08. This represents a 53.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jennifer Lynn Mccurry sold 4,414 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $41.31, for a total transaction of $182,342.34. Following the transaction, the chief accounting officer now directly owns 13,236 shares in the company, valued at approximately $546,779.16. This trade represents a 25.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

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

La-Z-Boy Trading Down 1.2 %

Shares of LZB opened at $42.25 on Wednesday. The company’s fifty day simple moving average is $41.12 and its 200-day simple moving average is $39.57. The company has a market cap of $1.77 billion, a P/E ratio of 15.04 and a beta of 1.29. La-Z-Boy Incorporated has a twelve month low of $30.76 and a twelve month high of $45.23.

La-Z-Boy (NYSE:LZB) last posted its quarterly earnings data on Tuesday, August 20th. The company reported $0.62 earnings per share for the quarter, topping 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 company had revenue of $495.50 million for the quarter, compared to analyst estimates of $482.23 million. During the same period in the prior year, the company posted $0.62 EPS. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. Analysts predict that La-Z-Boy Incorporated will post 2.98 earnings per share for the current fiscal year.

La-Z-Boy 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.