La-Z-Boy (NYSE:LZB) Sets New 1-Year High – Still a Buy?

La-Z-Boy Incorporated (NYSE:LZB)’s share 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.

Analyst Upgrades and Downgrades

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

La-Z-Boy Trading Up 1.3 %

The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 15.66 and a beta of 1.29. The firm’s 50 day simple moving average is $41.37 and its 200-day simple moving average is $39.91.

La-Z-Boy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.92%. This is a positive change from La-Z-Boy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Thursday, December 5th. La-Z-Boy’s payout ratio is 27.68%.

Insider Activity at La-Z-Boy

In other La-Z-Boy news, Director Janet Kerr sold 3,890 shares of the stock in a transaction dated Thursday, September 5th. The shares were 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 approximately $137,881.08. This trade represents a 53.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On La-Z-Boy

Several institutional investors have recently modified their holdings of the company. Texas Permanent School Fund Corp raised its holdings in La-Z-Boy by 32.0% during the second quarter. Texas Permanent School Fund Corp now owns 49,422 shares of the company’s stock worth $1,842,000 after purchasing an additional 11,981 shares during 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 worth $5,615,000 after buying an additional 109,188 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of La-Z-Boy in the 2nd quarter worth about $740,000. Price T Rowe Associates Inc. MD grew its stake in La-Z-Boy by 4.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 64,436 shares of the company’s stock valued at $2,425,000 after acquiring an additional 2,717 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in La-Z-Boy by 85.8% during the 3rd quarter. Victory Capital Management Inc. now owns 45,267 shares of the company’s stock valued at $1,943,000 after acquiring an additional 20,900 shares in the last quarter. 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.