La-Z-Boy (NYSE:LZB) Shares Pass Above 200 Day Moving Average – Here’s Why

Shares of La-Z-Boy Incorporated (NYSE:LZB) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $42.07 and traded as high as $45.66. La-Z-Boy shares last traded at $45.44, with a volume of 321,484 shares trading hands.

La-Z-Boy Stock Up 1.3 %

The stock’s 50-day moving average price is $44.06 and its 200 day moving average price is $42.07. The company has a market cap of $1.89 billion, a P/E ratio of 15.72 and a beta of 1.35.

La-Z-Boy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend was 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 (DPR) is 30.45%.

Institutional Investors Weigh In On La-Z-Boy

Several hedge funds and other institutional investors have recently made changes to their positions in LZB. abrdn plc acquired a new position in shares of La-Z-Boy during the 3rd quarter worth about $10,809,000. Weiss Asset Management LP acquired a new position in shares of La-Z-Boy during the third quarter worth approximately $5,988,000. Squarepoint Ops LLC boosted its position in shares of La-Z-Boy by 263.6% in the second quarter. Squarepoint Ops LLC now owns 150,617 shares of the company’s stock valued at $5,615,000 after acquiring an additional 109,188 shares during the period. Millennium Management LLC grew its stake in shares of La-Z-Boy by 125.6% in the second quarter. Millennium Management LLC now owns 174,249 shares of the company’s stock worth $6,496,000 after acquiring an additional 97,023 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in La-Z-Boy during the second quarter worth $3,501,000. 99.62% of the stock is owned by institutional investors and hedge funds.

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.