La-Z-Boy Incorporated (NYSE:LZB – Get Free Report) saw a significant drop in short interest in November. As of November 30th, there was short interest totalling 1,680,000 shares, a drop of 16.8% from the November 15th total of 2,020,000 shares. Approximately 4.1% of the company’s stock are sold short. Based on an average daily trading volume, of 429,800 shares, the short-interest ratio is currently 3.9 days.
Institutional Trading of La-Z-Boy
A number of hedge funds and other institutional investors have recently made changes to their positions in LZB. abrdn plc acquired a new stake in La-Z-Boy during the 3rd quarter worth $10,809,000. Weiss Asset Management LP purchased a new stake in shares of La-Z-Boy in the third quarter valued at about $5,988,000. American Century Companies Inc. boosted its stake in shares of La-Z-Boy by 14.5% during the second quarter. American Century Companies Inc. now owns 982,668 shares of the company’s stock worth $36,634,000 after buying an additional 124,409 shares during the period. Squarepoint Ops LLC grew its holdings in shares of La-Z-Boy by 263.6% during the second 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. Finally, Pacer Advisors Inc. increased its position in La-Z-Boy by 7.5% in the 2nd quarter. Pacer Advisors Inc. now owns 1,394,677 shares of the company’s stock valued at $51,994,000 after acquiring an additional 97,680 shares during the period. Institutional investors and hedge funds own 99.62% of the company’s stock.
Analyst Ratings Changes
Separately, Sidoti cut La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 target price for the company. in a research note on Wednesday, August 21st.
La-Z-Boy Trading Up 0.7 %
Shares of La-Z-Boy stock opened at $44.47 on Friday. The company has a fifty day simple moving average of $42.08 and a 200-day simple moving average of $40.72. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of 15.39 and a beta of 1.34. La-Z-Boy has a 12-month low of $32.00 and a 12-month high of $46.35.
La-Z-Boy Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Thursday, December 5th. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.20. La-Z-Boy’s dividend payout ratio is currently 30.45%.
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.
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