La-Z-Boy (NYSE:LZB) Hits New 52-Week High – Still a Buy?

La-Z-Boy Incorporated (NYSE:LZB) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $45.49 and last traded at $45.49, with a volume of 93589 shares changing hands. The stock had previously closed at $43.69.

Analysts Set New Price Targets

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

La-Z-Boy Trading Up 5.1 %

The business has a 50-day simple moving average of $41.27 and a 200 day simple moving average of $39.77. The stock has a market cap of $1.90 billion, a P/E ratio of 15.99 and a beta of 1.29.

La-Z-Boy Increases Dividend

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

Insider Activity at La-Z-Boy

In other news, Director Janet Kerr sold 3,890 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $40.89, for a total value of $159,062.10. Following the completion of the transaction, the director now directly owns 3,372 shares of the company’s stock, valued at $137,881.08. This represents a 53.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Institutional Trading of La-Z-Boy

A number of hedge funds and other institutional investors have recently made changes to their positions in LZB. Assetmark Inc. bought a new stake in shares of La-Z-Boy in the 3rd quarter worth approximately $30,000. TD Private Client Wealth LLC purchased a new stake in La-Z-Boy during the third quarter valued at about $43,000. Quarry LP boosted its holdings in La-Z-Boy by 2,550.0% during the 2nd quarter. Quarry LP now owns 1,378 shares of the company’s stock valued at $51,000 after acquiring an additional 1,326 shares during the period. Canada Pension Plan Investment Board purchased a new position in La-Z-Boy during the 2nd quarter valued at about $63,000. Finally, Innealta Capital LLC purchased a new position in La-Z-Boy during the 2nd quarter valued at $69,000. 99.62% of the stock is currently owned by institutional investors.

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.