Haverty Furniture Companies (HVT) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Haverty Furniture Companies (NYSE:HVT) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.

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. “

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Separately, TheStreet lowered Haverty Furniture Companies from a b rating to a c+ rating in a report on Tuesday, February 20th.

Haverty Furniture Companies (NYSE HVT) opened at $20.55 on Tuesday. The company has a quick ratio of 1.20, a current ratio of 2.35 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $430.24, a price-to-earnings ratio of 20.71 and a beta of 1.06. Haverty Furniture Companies has a fifty-two week low of $20.05 and a fifty-two week high of $27.23.

Haverty Furniture Companies (NYSE:HVT) last announced its quarterly earnings data on Tuesday, February 20th. The company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.10. The company had revenue of $214.96 million for the quarter, compared to analyst estimates of $221.20 million. Haverty Furniture Companies had a return on equity of 9.24% and a net margin of 2.57%. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 EPS. equities research analysts forecast that Haverty Furniture Companies will post 1.45 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, March 14th will be issued a $0.18 dividend. The ex-dividend date is Tuesday, March 13th. This represents a $0.72 dividend on an annualized basis and a yield of 3.50%. This is a positive change from Haverty Furniture Companies’s previous quarterly dividend of $0.15. Haverty Furniture Companies’s dividend payout ratio (DPR) is presently 73.47%.

In other Haverty Furniture Companies news, VP Jenny H. Parker sold 2,000 shares of the firm’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $20.50, for a total value of $41,000.00. Following the transaction, the vice president now owns 33,354 shares in the company, valued at approximately $683,757. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 10.31% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. increased its stake in shares of Haverty Furniture Companies by 4.2% in the 4th quarter. BlackRock Inc. now owns 2,811,047 shares of the company’s stock worth $63,670,000 after acquiring an additional 112,996 shares during the last quarter. Royce & Associates LP increased its stake in shares of Haverty Furniture Companies by 2.1% in the 4th quarter. Royce & Associates LP now owns 994,300 shares of the company’s stock worth $22,521,000 after acquiring an additional 20,400 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Haverty Furniture Companies by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 966,372 shares of the company’s stock worth $24,256,000 after acquiring an additional 32,256 shares during the last quarter. State Street Corp increased its stake in shares of Haverty Furniture Companies by 1.8% in the 2nd quarter. State Street Corp now owns 477,841 shares of the company’s stock worth $12,002,000 after acquiring an additional 8,400 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Haverty Furniture Companies by 4.9% in the 4th quarter. Bank of New York Mellon Corp now owns 359,552 shares of the company’s stock worth $8,145,000 after acquiring an additional 16,829 shares during the last quarter. Institutional investors own 81.83% of the company’s stock.

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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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