Haverty Furniture Cos. (HVT) Downgraded by Zacks Investment Research to “Sell”
Haverty Furniture Cos. (NYSE:HVT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors 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. downgraded Haverty Furniture Cos. from a “strong-buy” rating to a “market perform” rating in a research report on Monday.
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Shares of Haverty Furniture Cos. (NYSE:HVT) traded down 1.73% during trading on Tuesday, reaching $17.60. The company had a trading volume of 224,033 shares. The firm has a 50-day moving average of $19.78 and a 200 day moving average of $19.11. The firm 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. has a 52 week low of $16.57 and a 52 week high of $24.54.
Haverty Furniture Cos. (NYSE:HVT) last posted its earnings results on Monday, August 1st. The company reported $0.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.05. The company had revenue of $194.80 million for the quarter, compared to the consensus estimate of $194.80 million. Haverty Furniture Cos. had a return on equity of 9.05% and a net margin of 3.30%. Haverty Furniture Cos.’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.21 earnings per share. On average, equities research analysts forecast that Haverty Furniture Cos. will post $1.28 earnings per share for the current year.
In other news, Chairman Clarence H. Smith sold 10,510 shares of the company’s stock in a transaction on Tuesday, August 16th. The stock was 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 $1,150,925.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.51% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the stock. Foundry Partners LLC increased its stake in shares of Haverty Furniture Cos. by 1.2% in the third quarter. Foundry Partners LLC now owns 169,875 shares of the company’s stock valued at $3,404,000 after buying an additional 2,060 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Haverty Furniture Cos. by 1.9% in the second quarter. Arizona State Retirement System now owns 10,475 shares of the company’s stock valued at $189,000 after buying an additional 200 shares in the last quarter. Citadel Advisors LLC bought a new stake in shares of Haverty Furniture Cos. during the second quarter valued at about $379,000. State Street Corp increased its stake in shares of Haverty Furniture Cos. by 2.2% in the second quarter. State Street Corp now owns 434,427 shares of the company’s stock valued at $7,833,000 after buying an additional 9,415 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in shares of Haverty Furniture Cos. by 0.3% in the second quarter. Thrivent Financial for Lutherans now owns 182,087 shares of the company’s stock valued at $3,283,000 after buying an additional 560 shares in the last quarter. Institutional investors and hedge funds own 70.32% of the company’s stock.
Haverty Furniture Cos. Company Profile
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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