Zacks Investment Research Downgrades Haverty Furniture Cos. (HVT) to Hold
Haverty Furniture Cos. (NYSE:HVT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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. raised Haverty Furniture Cos. from an “outperform” rating to a “strong-buy” rating and set a $23.00 target price for the company in a research report on Tuesday, August 2nd.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/08/zacks-investment-research-downgrades-haverty-furniture-cos-hvt-to-hold.html
Haverty Furniture Cos. (NYSE:HVT) traded down 0.15% during trading on Wednesday, hitting $19.76. 55,320 shares of the stock were exchanged. The firm has a market capitalization of $417.02 million, a price-to-earnings ratio of 16.55 and a beta of 0.81. The company has a 50-day moving average price of $19.95 and a 200 day moving average price of $19.16. Haverty Furniture Cos. has a 1-year low of $16.65 and a 1-year high of $24.54.
Haverty Furniture Cos. (NYSE:HVT) last issued its earnings results on Monday, August 1st. The company reported $0.24 earnings per share for the quarter, topping the Zacks’ 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 business earned $194.80 million during the quarter, compared to analyst estimates of $194.80 million. During the same quarter in the previous year, the firm earned $0.21 EPS. Haverty Furniture Cos.’s revenue was up 3.8% on a year-over-year basis. Equities analysts predict that Haverty Furniture Cos. will post $1.28 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Wednesday, August 24th were given a dividend of $0.12 per share. The ex-dividend date was Monday, August 22nd. This represents a $0.48 annualized dividend and a dividend yield of 2.43%. This is a positive change from Haverty Furniture Cos.’s previous quarterly dividend of $0.10. Haverty Furniture Cos.’s dividend payout ratio is presently 40.00%.
In other news, Chairman Clarence H. Smith sold 10,510 shares of the company’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $20.52, for a total transaction of $215,665.20. Following the completion of the sale, the chairman now owns 56,088 shares of the company’s stock, valued at approximately $1,150,925.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 10.51% of the company’s stock.
Several large investors have recently added to or reduced their stakes in HVT. Royce & Associates LP raised its stake in Haverty Furniture Cos. by 14.0% in the second quarter. Royce & Associates LP now owns 1,666,000 shares of the company’s stock valued at $30,038,000 after buying an additional 205,200 shares during the last quarter. BlackRock Fund Advisors raised its stake in Haverty Furniture Cos. by 3.0% in the second quarter. BlackRock Fund Advisors now owns 1,346,799 shares of the company’s stock valued at $24,283,000 after buying an additional 38,617 shares during the last quarter. NWQ Investment Management Company LLC raised its stake in Haverty Furniture Cos. by 17.7% in the first quarter. NWQ Investment Management Company LLC now owns 1,331,247 shares of the company’s stock valued at $28,169,000 after buying an additional 200,553 shares during the last quarter. Renaissance Technologies LLC raised its stake 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 valued at $27,004,000 after buying an additional 104,100 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Haverty Furniture Cos. by 10.0% in the second quarter. Vanguard Group Inc. now owns 911,451 shares of the company’s stock valued at $16,433,000 after buying an additional 82,918 shares during the last quarter. 70.32% of the stock is owned by hedge funds and other institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Haverty Furniture Cos. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Haverty Furniture Cos. and related companies with MarketBeat.com's FREE daily email newsletter.