La-Z-Boy (NYSE:LZB) Stock Crosses Above 200-Day Moving Average – What’s Next?

La-Z-Boy Incorporated (NYSE:LZB) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $36.09 and traded as high as $39.20. La-Z-Boy shares last traded at $39.1710, with a volume of 370,520 shares traded.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on LZB shares. Sidoti raised La-Z-Boy from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $36.00 to $39.00 in a report on Wednesday, November 19th. Needham & Company LLC reaffirmed a “buy” rating on shares of La-Z-Boy in a research note on Wednesday, December 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of La-Z-Boy in a research report on Monday, December 22nd. Zacks Research raised shares of La-Z-Boy from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 21st. Finally, KeyCorp restated an “overweight” rating on shares of La-Z-Boy in a research report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $42.50.

La-Z-Boy Stock Performance

The business has a 50-day moving average of $37.56 and a 200 day moving average of $36.09. The stock has a market cap of $1.62 billion, a PE ratio of 17.97 and a beta of 1.27.

La-Z-Boy (NYSE:LZB) last released its quarterly earnings results on Tuesday, November 18th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.17. The company had revenue of $522.48 million for the quarter, compared to analysts’ expectations of $517.63 million. La-Z-Boy had a net margin of 4.29% and a return on equity of 11.19%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the company earned $0.71 EPS. Equities analysts expect that La-Z-Boy Incorporated will post 2.99 EPS for the current fiscal year.

La-Z-Boy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Thursday, December 4th were paid a $0.242 dividend. This represents a $0.97 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Thursday, December 4th. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.22. La-Z-Boy’s dividend payout ratio is presently 44.50%.

Institutional Investors Weigh In On La-Z-Boy

Several hedge funds have recently made changes to their positions in LZB. Franklin Resources Inc. boosted its position in shares of La-Z-Boy by 18.5% in the second quarter. Franklin Resources Inc. now owns 483,500 shares of the company’s stock worth $17,972,000 after acquiring an additional 75,580 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in La-Z-Boy by 18.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 721,029 shares of the company’s stock worth $24,400,000 after purchasing an additional 113,396 shares during the period. American Century Companies Inc. raised its stake in La-Z-Boy by 7.1% during the second quarter. American Century Companies Inc. now owns 1,338,905 shares of the company’s stock worth $49,767,000 after purchasing an additional 88,852 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of La-Z-Boy by 12.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 246,590 shares of the company’s stock valued at $9,166,000 after purchasing an additional 27,510 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of La-Z-Boy by 0.9% during the 2nd quarter. Nordea Investment Management AB now owns 182,668 shares of the company’s stock valued at $6,812,000 after buying an additional 1,627 shares during the period. Institutional investors and hedge funds own 99.62% of the company’s stock.

La-Z-Boy Company Profile

La-Z-Boy Incorporated (NYSE: LZB) is a leading U.S. manufacturer and marketer of residential furniture, best known for its upholstered recliners, sofas, stationary chairs and sleeper sofas. The company offers a broad range of products in both fabric and leather, complemented by occasional tables, desks, lamps and other home furnishings through its branded retail network.

Founded in 1927 by cousins Edward Knabusch and Edwin Shoemaker in Monroe, Michigan, La-Z-Boy pioneered the modern reclining chair.