Brandywine Global Investment Management LLC, a prominent investment firm, has recently increased its ownership stake in La-Z-Boy Incorporated (NYSE:LZB) by 13.2%, according to the Securities and Exchange Commission (SEC) filing. The fund now holds approximately 114,850 shares of the company’s stock, having acquired an additional 13,368 shares during the first quarter of this year. Based on the most recent SEC filing, Brandywine Global Investment Management LLC’s stake in La-Z-Boy is valued at around $3,340,000.
La-Z-Boy (NYSE:LZB), a leading furniture manufacturer famous for its comfortable recliner chairs, announced its quarterly earnings data on August 23rd. During this period, the company reported an earnings per share (EPS) of $0.62 for the quarter. This surpassed analysts’ consensus estimates by $0.07 per share. It is worth noting that for this quarter, La-Z-Boy achieved a net margin of 6.27% and recorded a return on equity of 16.64%. Despite these positive figures, the company experienced a decline in revenue compared to the same quarter in the previous year – specifically, a 20.3% decrease.
The firm generated $481.65 million in revenue during this latest quarter, slightly exceeding analysts’ expectations that predicted $474.58 million in revenue for La-Z-Boy. In contrast to this year’s performance, La-Z-Boy earned $0.91 per share during the same period last year.
Equities analysts foresee that La-Z-Boy Incorporated will post an EPS of 2.86 for the current year based on their projections and analysis.
This recent stock analysis highlights Brandywine Global Investment Management LLC’s interest in increasing their investment position within La-Z-Boy Incorporated as they recognized its potential value and growth prospects within the market.
As always when considering investment opportunities, it is important for investors to conduct their own analysis and research and seek professional advice if necessary. The stock market can be unpredictable, and past performance may not always be indicative of future results.
Updated on: 03/03/2024
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Buy
Price to book ratio: Buy
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La-Z-Boy Attracts Hedge Funds with Promising Investments
La-Z-Boy Takes a Step Forward with Recent Hedge Fund Investments
As uncertainty continues to surround the global market, hedge funds are keeping a close eye on potential investment opportunities. One company that has recently captured their attention is La-Z-Boy Incorporated.
A number of prominent hedge funds have made significant changes to their positions in the La-Z-Boy stock. Advisor Group Holdings Inc., for example, increased its stake in the company by 8.9% during the first quarter of this year. This move translated into the acquisition of an additional 723 shares, bringing their total ownership to 8,820 shares worth $233,000.
Another hedge fund, Raymond James & Associates, also demonstrated their confidence in La-Z-Boy by raising their stake in the company by 16.1% during the same period. They purchased an additional 10,642 shares valued at $2,023,000 and now own a substantial portion of La-Z-Boy’s stock.
HighTower Advisors LLC entered the scene as well, acquiring a new stake in La-Z-Boy worth $369,000 during the first quarter. Citigroup Inc. followed suit by lifting its stake in the furniture manufacturer by 1.2%, adding another 500 shares to their portfolio with a value of $1,129,000.
MetLife Investment Management LLC made perhaps one of the most noteworthy moves among these hedge funds as they increased their stake in La-Z-Boy by an astonishing 53.6%. By purchasing an extra 8,710 shares worth $658,000 during the first quarter of this year alone, MetLife Investment Management LLC displayed immense confidence in La-Z-Boy’s long-term prospects.
It is important to note that these institutional investors currently own approximately 96.31% of La-Z-Boy’s stock—a remarkable majority that further solidifies the faith placed in this company.
In terms of stock performance, La-Z-Boy opened at $31.92 on September 15th. The company’s 50-day moving average price is reported at $31.01, while its two-hundred-day moving average stands at $29.26—a sign that the company has been performing well in recent months.
La-Z-Boy Incorporated also recently announced the payment of a quarterly dividend to its shareholders on September 15th. Shareholders of record as of September 6th received a dividend of $0.1815 per share, representing an annualized dividend of $0.73 per share and a yield of 2.27%. The ex-dividend date for this payment was September 5th.
These positive developments have attracted the attention of StockNews.com, which initiated coverage on La-Z-Boy with a “buy” rating in their research note published on August 17th.
With impressive support from several influential hedge funds, La-Z-Boy seems to be heading in a positive direction. As we navigate these uncertain times, investments like these highlight opportunities for growth and potential returns for investors willing to take notice.