5 Best Furniture Stocks to Buy Now

4. La-Z-Boy Incorporated (NYSE: LZB)

Number of Hedge Fund Holders: 24

La-Z-Boy Incorporated (NYSE: LZB) is a Michigan-based furniture maker and it ranks 4th on the list of 10 best furniture stocks to buy now. La-Z-Boy Incorporated (NYSE: LZB) is well-known for manufacturing recliners. By the end of Q4 2021, there were 354 independent La-Z-Boy Furniture Galleries stores and 561 independent Comfort Studio sites maintained by the firm.

On July 26, the recliner maker revealed plans to invest more than $30 million in its 500,000-square-foot production facility in Neosho, Missouri over the next two years. In November 2020, La-Z-Boy Incorporated (NYSE: LZB) maintained an Outperform rating on La-Z-Boy Incorporated (NYSE: LZB) and increased the firm’s price target to $46 per share from the previous $37. Shares of La-Z-Boy Incorporated (NYSE: LZB) increased 8.2% in the last year.

The company has a market cap of $1.58 billion. In the fourth quarter of 2021, La-Z-Boy Incorporated (NYSE: LZB) reported an EPS of $0.87, exceeding estimates by $0.13. In its fourth-quarter report, the Michigan-based furniture manufacturer recorded a 41.4% growth in revenue year over year to $519.5 million, exceeding analyst expectations by $20.94 million.

By the end of the first quarter of 2021, 24 hedge funds out of the 866 tracked by Insider Monkey held stakes in La-Z-Boy Incorporated (NYSE: LZB), worth roughly $110 million. This is compared to 13 hedge funds in the previous quarter, with stakes worth approximately $84.9 million.