You may think that individual stocks associated with artificial intelligence are trendy, lucrative, and deserving of attention if you solely rely on financial and business media. The peculiar obsession with the CEO of Open AI has led to an unusual over-reliance on the latest developments in venture capital and private equity.
Surprisingly, companies in the AI sector, or even those with distant connections to it, are continuing to thrive. Some of them have recently hit new 52-week highs, which is a strong indicator of investor interest. Interestingly, none of these companies have headquarters in Seattle or Palo Alto.
Four Non-AI Stocks Reach Record Highs
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Galiano Gold: An American metalworking company based in Canada, Galiano Gold operates the Asanko Gold Mine in Ghana, West Africa. With its headquarters in Vancouver, British Columbia, the company recently acquired a 45% stake in Goldfield’s plant. Galiano Gold has a market capitalization of $219 million, with an average daily trading volume of 283,000 shares. It is valued at 1.06 times book value and has a modest price-earnings ratio of 3.64. Despite an 18.49% decrease in earnings this year, the company remains debt-free and does not pay dividends.
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La-Z-Boy (LZB): La-Z-Boy is a furniture manufacturer with a 95-year history, operating globally with its headquarters in Monroe, Michigan. Trading at 1.68 times book value, La-Z-Boy has a price-earnings ratio of 13.54 and a market capitalization of $1.61 billion. While profits have declined by 24.61% this year, the company has shown a 15.85% growth in earnings over the last five years. With a dividend yield of 2.01%, La-Z-Boy trades relatively thinly on the New York Stock Exchange, with an average daily volume of 395,000 shares. Analysts at Raymond James recently downgraded their assessment of the company from “outperform” to “market perform.”
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Manulife Financial: A life insurance provider headquartered in Toronto, Ontario, Canada, Manulife Financial has been in operation for 130 years. Listed on the New York Stock Exchange, the company boasts a market capitalization of $39.92 billion. Trading at 1.33 times book value, Manulife has a price to earnings ratio of 11. Earnings have grown by 6.21% this year and 30.24% over the past five years, offering investors a 4.85% yield. RBC Capital analysts recently upgraded their rating on Manulife from “sector perform” to “outperform.”
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Shoe Carnival (SCVL): Shoe Carnival is a clothing retailer with a presence in 35 states, Puerto Rico, and online. Traded on the Nasdaq and headquartered in Evansville, Indiana, the company has a market capitalization of $832 million. With a price-earnings ratio of 10.59, Shoe Carnival trades at 1.46 times book value. While earnings have declined by 31.73% this year, they have increased by 47% over the last five years. The company recently announced a share buyback program and offers a dividend yield of 1.43%. Despite a relatively light average daily trading volume of 243,000 shares, Shoe Carnival continues to show promise.
