Haverty Furniture Companies, Inc. (HVT) Upgraded by Zacks Investment Research to Strong-Buy
Zacks Investment Research upgraded shares of Haverty Furniture Companies, Inc. (NYSE:HVT) from a hold rating to a strong-buy rating in a report published on Wednesday. Zacks Investment Research currently has $31.00 price target on the stock.
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. “
Shares of Haverty Furniture Companies (HVT) traded up 0.19% during midday trading on Wednesday, hitting $27.00. 79,593 shares of the stock traded hands. The company’s 50-day moving average is $24.64 and its 200 day moving average is $24.13. The firm has a market capitalization of $572.89 million, a PE ratio of 19.05 and a beta of 1.07. Haverty Furniture Companies has a 52 week low of $16.57 and a 52 week high of $27.23.
Haverty Furniture Companies (NYSE:HVT) last issued its quarterly earnings data on Monday, July 31st. The company reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.10. The company had revenue of $196.80 million for the quarter, compared to the consensus estimate of $199.03 million. Haverty Furniture Companies had a net margin of 3.67% and a return on equity of 10.58%. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.24 earnings per share. Analysts anticipate that Haverty Furniture Companies will post $1.28 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Wednesday, August 23rd were given a dividend of $0.15 per share. This is an increase from Haverty Furniture Companies’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Monday, August 21st. This represents a $0.60 dividend on an annualized basis and a yield of 2.22%. Haverty Furniture Companies’s dividend payout ratio is 42.25%.
In related news, insider Rawson Haverty, Jr. sold 1,391 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $23.83, for a total transaction of $33,147.53. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 10.31% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new position in Haverty Furniture Companies during the second quarter valued at approximately $103,000. Mason Street Advisors LLC lifted its position in Haverty Furniture Companies by 8.2% during the first quarter. Mason Street Advisors LLC now owns 4,514 shares of the company’s stock valued at $110,000 after purchasing an additional 342 shares during the period. Russell Investments Group Ltd. lifted its position in Haverty Furniture Companies by 569.9% during the first quarter. Russell Investments Group Ltd. now owns 5,600 shares of the company’s stock valued at $136,000 after purchasing an additional 4,764 shares during the period. BNP Paribas Arbitrage SA lifted its position in Haverty Furniture Companies by 53.6% during the second quarter. BNP Paribas Arbitrage SA now owns 7,165 shares of the company’s stock valued at $180,000 after purchasing an additional 2,501 shares during the period. Finally, Stephens Inc. AR bought a new position in Haverty Furniture Companies during the second quarter valued at approximately $213,000. Institutional investors own 79.06% of the company’s stock.
Haverty Furniture Companies Company Profile
Haverty Furniture Companies, Inc is a retailer of residential furniture and accessories. The Company sells home furnishings in its retail stores and through its Website, havertys.com. As of December 31, 2016, the Company had 124 stores in 16 states in the Southern and Midwest regions. As of December 31, 2016, the Company’s retail store space totaled approximately 4.5 million square feet for 124 stores.
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