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

La-Z-Boy Incorporated (NYSE:LZB) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $46.54 and last traded at $46.51, with a volume of 230562 shares changing hands. The stock had previously closed at $45.73.

La-Z-Boy Stock Down 1.7 %

The business has a 50 day moving average of $44.53 and a 200 day moving average of $42.44. The firm has a market cap of $1.96 billion, a price-to-earnings ratio of 16.34 and a beta of 1.35.

La-Z-Boy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were given a dividend of $0.22 per share. The ex-dividend date 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 yield of 1.86%. La-Z-Boy’s dividend payout ratio is 30.45%.

Hedge Funds Weigh In On La-Z-Boy

Large investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC raised its holdings in shares of La-Z-Boy by 45.3% in the 2nd quarter. Hsbc Holdings PLC now owns 8,959 shares of the company’s stock worth $332,000 after purchasing an additional 2,794 shares during the period. Sei Investments Co. raised its holdings in shares of La-Z-Boy by 4.5% in the 2nd quarter. Sei Investments Co. now owns 15,991 shares of the company’s stock worth $596,000 after purchasing an additional 682 shares during the period. Millennium Management LLC raised its holdings in shares of La-Z-Boy by 125.6% in the 2nd quarter. Millennium Management LLC now owns 174,249 shares of the company’s stock worth $6,496,000 after purchasing an additional 97,023 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of La-Z-Boy by 3.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,059 shares of the company’s stock worth $822,000 after purchasing an additional 672 shares during the period. Finally, Quarry LP raised its holdings 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 during the period. 99.62% of the stock is currently owned by hedge funds and other 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.