Haverty Furniture Cos. (HVT) Downgraded by Raymond James Financial Inc. to Market Perform
Haverty Furniture Cos. (NYSE:HVT) was downgraded by research analysts at Raymond James Financial Inc. from a “strong-buy” rating to a “market perform” rating in a report released on Monday.
Separately, Zacks Investment Research upgraded shares of Haverty Furniture Cos. from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Monday, June 13th.
Haverty Furniture Cos. (NYSE:HVT) traded down 12.70% during mid-day trading on Monday, hitting $17.25. 51,036 shares of the stock were exchanged. Haverty Furniture Cos. has a 52 week low of $16.57 and a 52 week high of $24.54. The firm has a market capitalization of $364.04 million, a price-to-earnings ratio of 14.45 and a beta of 0.81. The company’s 50-day moving average price is $19.95 and its 200 day moving average price is $19.16.
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Haverty Furniture Cos. (NYSE:HVT) last released its earnings results on Monday, August 1st. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. Haverty Furniture Cos. had a net margin of 3.30% and a return on equity of 9.05%. The company had revenue of $194.80 million for the quarter, compared to analysts’ expectations of $194.80 million. During the same quarter in the previous year, the company earned $0.21 EPS. Haverty Furniture Cos.’s revenue for the quarter was up 3.8% on a year-over-year basis. Equities research analysts expect 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 Haverty Furniture Cos. stock in a transaction 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 sale, the chairman now directly owns 56,088 shares in the company, valued at approximately $1,150,925.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 10.51% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in HVT. Prudential Financial Inc. increased its stake in Haverty Furniture Cos. by 3.0% in the first quarter. Prudential Financial Inc. now owns 47,737 shares of the company’s stock worth $1,010,000 after buying an additional 1,400 shares during the period. BlackRock Fund Advisors increased its stake 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. NWQ Investment Management Company LLC increased 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 worth $28,169,000 after buying an additional 200,553 shares during the period. Renaissance Technologies LLC increased 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 worth $27,004,000 after buying an additional 104,100 shares during the period. Finally, Springbok Capital Management LLC increased its stake 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. Institutional investors own 70.32% of the company’s stock.
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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