La-Z-Boy (NYSE:LZB) Reaches New 52-Week High – Time to Buy?

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

Analyst Upgrades and Downgrades

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

La-Z-Boy Trading Down 2.8 %

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

La-Z-Boy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were paid a $0.22 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 2.03%. La-Z-Boy’s dividend payout ratio (DPR) is currently 30.45%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. abrdn plc purchased a new stake in La-Z-Boy in the 3rd quarter valued at about $10,809,000. Weiss Asset Management LP bought a new position in La-Z-Boy in the 3rd quarter worth approximately $5,988,000. American Century Companies Inc. grew its position in shares of La-Z-Boy by 14.5% in the second quarter. American Century Companies Inc. now owns 982,668 shares of the company’s stock valued at $36,634,000 after purchasing an additional 124,409 shares in the last quarter. Squarepoint Ops LLC raised its stake 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 period. Finally, Pacer Advisors Inc. increased its position in shares of La-Z-Boy by 7.5% during the second quarter. Pacer Advisors Inc. now owns 1,394,677 shares of the company’s stock valued at $51,994,000 after buying an additional 97,680 shares during the period. 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.