Zacks Investment Research upgraded shares of Haverty Furniture Companies (NYSE:HVT) from a sell rating to a hold rating in a research report sent to investors on Wednesday.
According to Zacks, “Haverty Furniture Companies, Inc. (Havertys) is a full-service home furnishings retailer in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Havertys is a true retailing institution. “
A number of other equities analysts have also weighed in on the stock. TheStreet upgraded shares of Haverty Furniture Companies from a c+ rating to a b- rating in a report on Thursday, February 14th. ValuEngine downgraded shares of Haverty Furniture Companies from a hold rating to a sell rating in a research note on Saturday, December 1st.
Shares of HVT opened at $24.45 on Wednesday. The firm has a market capitalization of $507.09 million, a price-to-earnings ratio of 17.22 and a beta of 0.77. Haverty Furniture Companies has a fifty-two week low of $17.70 and a fifty-two week high of $24.68. The company has a current ratio of 2.29, a quick ratio of 1.21 and a debt-to-equity ratio of 0.17.
Haverty Furniture Companies (NYSE:HVT) last announced its quarterly earnings results on Tuesday, February 19th. The company reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.09. The company had revenue of $208.97 million for the quarter, compared to analyst estimates of $199.91 million. Haverty Furniture Companies had a net margin of 3.71% and a return on equity of 10.51%. Haverty Furniture Companies’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter last year, the business earned $0.40 EPS. Sell-side analysts forecast that Haverty Furniture Companies will post 1.34 earnings per share for the current fiscal year.
Haverty Furniture Companies declared that its Board of Directors has approved a share buyback plan on Friday, November 16th that allows the company to repurchase $15.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 3.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend is Tuesday, March 12th. Haverty Furniture Companies’s dividend payout ratio is presently 50.70%.
In other news, VP Allan J. Deniro sold 8,000 shares of the firm’s stock in a transaction on Wednesday, February 27th. The shares were sold at an average price of $24.22, for a total value of $193,760.00. Following the transaction, the vice president now owns 8,553 shares of the company’s stock, valued at approximately $207,153.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Rawson Haverty, Jr. sold 4,257 shares of the firm’s stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $23.22, for a total transaction of $98,847.54. The disclosure for this sale can be found here. In the last three months, insiders sold 19,326 shares of company stock worth $458,729. Insiders own 3.05% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in HVT. Royce & Associates LP increased its stake in Haverty Furniture Companies by 14.3% during the 4th quarter. Royce & Associates LP now owns 1,490,400 shares of the company’s stock worth $27,990,000 after buying an additional 186,700 shares during the period. Millennium Management LLC increased its stake in Haverty Furniture Companies by 114.1% during the 4th quarter. Millennium Management LLC now owns 286,660 shares of the company’s stock worth $5,383,000 after buying an additional 152,776 shares during the period. Assenagon Asset Management S.A. purchased a new stake in Haverty Furniture Companies during the 3rd quarter worth $2,932,000. Martingale Asset Management L P increased its stake in Haverty Furniture Companies by 622.4% during the 4th quarter. Martingale Asset Management L P now owns 93,909 shares of the company’s stock worth $1,764,000 after buying an additional 80,909 shares during the period. Finally, BlackRock Inc. increased its stake in Haverty Furniture Companies by 2.6% during the 3rd quarter. BlackRock Inc. now owns 2,757,576 shares of the company’s stock worth $60,943,000 after buying an additional 69,169 shares during the period. 84.74% of the stock is currently owned by hedge funds and other institutional investors.
Haverty Furniture Companies Company Profile
Haverty Furniture Companies, Inc operates as a specialty retailer of residential furniture and accessories in the United States. The company offers furniture merchandise under the Havertys brand name. It also provides custom upholstery products, as well as mattress product lines under the Sealy, Tempur-Pedic, Serta, Stearns & Foster, and Beautyrest Black names.
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