Algert Global LLC Sells 23,450 Shares of La-Z-Boy Incorporated (NYSE:LZB)

Algert Global LLC trimmed its stake in La-Z-Boy Incorporated (NYSE:LZB) by 24.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 70,910 shares of the company’s stock after selling 23,450 shares during the period. Algert Global LLC’s holdings in La-Z-Boy were worth $3,044,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in LZB. Sei Investments Co. grew its position in shares of La-Z-Boy by 26.6% during the 1st quarter. Sei Investments Co. now owns 15,309 shares of the company’s stock worth $576,000 after buying an additional 3,219 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in La-Z-Boy by 0.8% in the first quarter. CANADA LIFE ASSURANCE Co now owns 36,639 shares of the company’s stock worth $1,379,000 after acquiring an additional 307 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in La-Z-Boy by 4.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 64,436 shares of the company’s stock worth $2,425,000 after acquiring an additional 2,717 shares in the last quarter. Cardinal Capital Management increased its position in La-Z-Boy by 4.4% during the 2nd quarter. Cardinal Capital Management now owns 36,998 shares of the company’s stock valued at $1,379,000 after purchasing an additional 1,556 shares during the period. Finally, SG Americas Securities LLC raised its holdings in shares of La-Z-Boy by 122.7% in the 2nd quarter. SG Americas Securities LLC now owns 6,778 shares of the company’s stock valued at $253,000 after purchasing an additional 3,734 shares in the last quarter. 99.62% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Janet Kerr sold 3,890 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $40.89, for a total transaction of $159,062.10. Following the transaction, the director now directly owns 3,372 shares of the company’s stock, valued at approximately $137,881.08. This represents a 53.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.70% of the company’s stock.

La-Z-Boy Trading Down 1.1 %

LZB opened at $45.26 on Wednesday. La-Z-Boy Incorporated has a 12 month low of $30.76 and a 12 month high of $46.35. The stock has a fifty day moving average price of $41.33 and a 200-day moving average price of $39.84. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 15.66 and a beta of 1.29.

La-Z-Boy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.94%. This is a positive change from La-Z-Boy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Thursday, December 5th. La-Z-Boy’s dividend payout ratio is presently 30.45%.

Wall Street Analysts Forecast Growth

Separately, Sidoti downgraded shares of 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 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.