Haverty Furniture Companies (NYSE:HVT) Downgraded by Zacks Investment Research

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Zacks Investment Research lowered shares of Haverty Furniture Companies (NYSE:HVT) from a hold rating to a sell rating in a research report report published on Saturday, Zacks.com reports.

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 brokerages have also issued reports on HVT. ValuEngine lowered Haverty Furniture Companies from a hold rating to a sell rating in a research note on Saturday, May 18th. TheStreet lowered Haverty Furniture Companies from a b- rating to a c+ rating in a research note on Friday, May 31st.

Shares of Haverty Furniture Companies stock opened at $17.56 on Friday. Haverty Furniture Companies has a one year low of $15.81 and a one year high of $25.09. The business has a fifty day moving average of $17.65. The company has a market cap of $367.79 million, a PE ratio of 12.37 and a beta of 0.98.

Haverty Furniture Companies (NYSE:HVT) last announced its earnings results on Tuesday, July 30th. The company reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.01. Haverty Furniture Companies had a return on equity of 9.84% and a net margin of 3.44%. The company had revenue of $191.90 million for the quarter, compared to analysts’ expectations of $194.32 million. During the same period last year, the firm earned $0.29 EPS. Haverty Furniture Companies’s revenue for the quarter was down 3.5% compared to the same quarter last year. Research analysts anticipate that Haverty Furniture Companies will post 1.25 EPS for the current fiscal year.

In other Haverty Furniture Companies news, Director G. Thomas Hough purchased 3,000 shares of the business’s stock in a transaction on Friday, May 17th. The stock was acquired at an average price of $17.91 per share, for a total transaction of $53,730.00. Following the purchase, the director now owns 4,748 shares of the company’s stock, valued at approximately $85,036.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Steven G. Burdette sold 4,700 shares of the stock in a transaction on Friday, May 17th. The stock was sold at an average price of $18.10, for a total value of $85,070.00. Following the completion of the sale, the vice president now owns 5,233 shares of the company’s stock, valued at approximately $94,717.30. The disclosure for this sale can be found here. Corporate insiders own 9.27% of the company’s stock.

Several institutional investors have recently modified their holdings of HVT. Bank of New York Mellon Corp grew its position in shares of Haverty Furniture Companies by 3.4% during the fourth quarter. Bank of New York Mellon Corp now owns 369,680 shares of the company’s stock valued at $6,942,000 after purchasing an additional 12,019 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Haverty Furniture Companies by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 251,989 shares of the company’s stock valued at $4,732,000 after purchasing an additional 1,819 shares in the last quarter. Metropolitan Life Insurance Co. NY grew its position in shares of Haverty Furniture Companies by 360.3% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,836 shares of the company’s stock valued at $110,000 after purchasing an additional 4,568 shares in the last quarter. Millennium Management LLC grew its position in shares of Haverty Furniture Companies by 114.1% during the fourth quarter. Millennium Management LLC now owns 286,660 shares of the company’s stock valued at $5,383,000 after purchasing an additional 152,776 shares in the last quarter. Finally, Somerset Trust Co grew its position in shares of Haverty Furniture Companies by 152.8% during the first quarter. Somerset Trust Co now owns 1,279 shares of the company’s stock valued at $28,000 after purchasing an additional 773 shares in the last quarter. Hedge funds and other institutional investors own 86.10% of the company’s stock.

About Haverty Furniture Companies

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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