La-Z-Boy (NYSE:LZB) Hits New 12-Month High – Still a Buy?

La-Z-Boy Incorporated (NYSE:LZB)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $46.47 and last traded at $45.57, with a volume of 245019 shares. The stock had previously closed at $44.65.

Analysts Set New Price Targets

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

La-Z-Boy Price Performance

The stock’s 50-day moving average price is $42.24 and its 200-day moving average price is $40.86. The company has a market cap of $1.80 billion, a P/E ratio of 15.02 and a beta of 1.34.

La-Z-Boy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were issued a $0.22 dividend. The ex-dividend date was Thursday, December 5th. This is a boost from La-Z-Boy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a yield of 2.03%. La-Z-Boy’s payout ratio is currently 30.45%.

Hedge Funds Weigh In On La-Z-Boy

Hedge funds and other institutional investors have recently made changes to their positions in the company. Assetmark Inc. bought a new position in shares of La-Z-Boy in the third quarter worth about $30,000. TD Private Client Wealth LLC bought a new stake in shares of La-Z-Boy during the third quarter worth about $43,000. Quarry LP increased its stake in shares of 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 buying an additional 1,326 shares during the period. Canada Pension Plan Investment Board bought a new position in La-Z-Boy in the 2nd quarter valued at approximately $63,000. Finally, Innealta Capital LLC acquired a new stake in La-Z-Boy during the 2nd quarter worth approximately $69,000. 99.62% of the stock is currently owned by institutional investors and hedge funds.

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.