Haverty Furniture Cos. (HVT) Lowered to “Sell” at Zacks Investment Research
Haverty Furniture Cos. (NYSE:HVT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “Haverty Furniture Companies, Inc. is a full-service home furnishings retailer. The company operates showrooms in contiguous southern and central states. Havertys provides its customers with a wide selection of furniture and accessories primarily in the middle to upper-middle price ranges. As an added convenience to its customers, the company offers financing through a revolving charge credit plan. “
Separately, Raymond James Financial Inc. upgraded Haverty Furniture Cos. from an “outperform” rating to a “strong-buy” rating and set a $23.00 price objective on the stock in a report on Tuesday, August 2nd.
Shares of Haverty Furniture Cos. (NYSE:HVT) traded down 1.73% during mid-day trading on Tuesday, hitting $17.60. The company had a trading volume of 224,033 shares. Haverty Furniture Cos. has a 1-year low of $16.57 and a 1-year high of $24.54. The company has a 50-day moving average price of $19.78 and a 200-day moving average price of $19.11. The company has a market capitalization of $371.43 million, a price-to-earnings ratio of 14.74 and a beta of 0.81.
Haverty Furniture Cos. (NYSE:HVT) last posted its quarterly earnings data on Monday, August 1st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.05. Haverty Furniture Cos. had a return on equity of 9.05% and a net margin of 3.30%. The company had revenue of $194.80 million for the quarter, compared to analysts’ expectations of $194.80 million. During the same period in the previous year, the firm posted $0.21 EPS. Haverty Furniture Cos.’s revenue was up 3.8% compared to the same quarter last year. On average, equities analysts anticipate that Haverty Furniture Cos. will post $1.28 EPS for the current year.
In other Haverty Furniture Cos. news, Chairman Clarence H. Smith sold 10,510 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $20.52, for a total value of $215,665.20. Following the transaction, the chairman now directly owns 56,088 shares of the company’s stock, valued at approximately $1,150,925.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 10.51% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HVT. BlackRock Fund Advisors raised its position in Haverty Furniture Cos. by 0.5% in the first quarter. BlackRock Fund Advisors now owns 1,308,182 shares of the company’s stock worth $27,681,000 after buying an additional 6,860 shares during the period. Renaissance Technologies LLC raised its position in Haverty Furniture Cos. by 8.9% in the first quarter. Renaissance Technologies LLC now owns 1,276,200 shares of the company’s stock worth $27,004,000 after buying an additional 104,100 shares during the period. Springbok Capital Management LLC raised its position in Haverty Furniture Cos. by 15.6% in the first quarter. Springbok Capital Management LLC now owns 12,600 shares of the company’s stock worth $267,000 after buying an additional 1,700 shares during the period. BNP Paribas Arbitrage SA raised its position in Haverty Furniture Cos. by 107.2% in the second quarter. BNP Paribas Arbitrage SA now owns 6,187 shares of the company’s stock worth $112,000 after buying an additional 3,201 shares during the period. Finally, Rothschild Asset Management Inc. raised its position in Haverty Furniture Cos. by 7.6% in the second quarter. Rothschild Asset Management Inc. now owns 73,596 shares of the company’s stock worth $1,327,000 after buying an additional 5,228 shares during the period. 70.32% of the stock is currently owned by institutional investors and hedge funds.
About Haverty Furniture Cos.
Haverty Furniture Companies, Inc is a specialty retailer of residential furniture and accessories. The Company sells home furnishings in its retail stores and through its Website havertys.com. The Company has over 120 stores in approximately 20 states in the southern and Midwest regions with over 4.4 million square feet retail store space.
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