La-Z-Boy (NYSE:LZB) Hits New 12-Month High – Here’s Why

La-Z-Boy Incorporated (NYSE:LZB)’s stock price reached a new 52-week high on Monday . The company traded as high as $45.49 and last traded at $45.49, with a volume of 93589 shares traded. The stock had previously closed at $43.69.

Wall Street Analysts Forecast Growth

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

La-Z-Boy Trading Up 5.1 %

The stock has a market capitalization of $1.90 billion, a PE ratio of 15.99 and a beta of 1.29. The stock has a 50 day moving average price of $41.27 and a 200-day moving average price of $39.77.

La-Z-Boy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be issued a $0.22 dividend. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, December 5th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.92%. La-Z-Boy’s dividend payout ratio (DPR) is presently 30.45%.

Insiders Place Their Bets

In other news, Director Janet Kerr sold 3,890 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $40.89, for a total transaction of $159,062.10. Following the sale, the director now directly owns 3,372 shares in the company, valued at $137,881.08. This trade represents a 53.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On La-Z-Boy

Hedge funds have recently modified their holdings of the stock. Assetmark Inc. bought a new stake in shares of La-Z-Boy in the third quarter worth about $30,000. TD Private Client Wealth LLC purchased a new position in La-Z-Boy in the third quarter valued at about $43,000. Quarry LP boosted its position in shares of La-Z-Boy by 2,550.0% in the 2nd quarter. Quarry LP now owns 1,378 shares of the company’s stock worth $51,000 after purchasing an additional 1,326 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in La-Z-Boy during the 2nd quarter valued at about $63,000. Finally, Innealta Capital LLC acquired a new position in shares of La-Z-Boy during the 2nd quarter worth approximately $69,000. Hedge funds and other institutional investors own 99.62% of the company’s stock.

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.