Haverty Furniture Companies (NYSE:HVT) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Haverty Furniture Companies (NYSE:HVT) from a buy rating to a hold rating in a research report sent to investors on Tuesday, March 13th.

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. “

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

Haverty Furniture Companies stock opened at $19.65 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.20 and a current ratio of 2.35. The company has a market cap of $429.18, a price-to-earnings ratio of 20.05 and a beta of 1.06. Haverty Furniture Companies has a 12-month low of $19.50 and a 12-month high of $27.23.

Haverty Furniture Companies (NYSE:HVT) last issued its quarterly earnings results on Tuesday, February 20th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.10. Haverty Furniture Companies had a net margin of 2.57% and a return on equity of 9.24%. The business had revenue of $214.96 million during the quarter, compared to analyst estimates of $221.20 million. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The business’s revenue was down 2.6% compared to the same quarter last year. research analysts anticipate that Haverty Furniture Companies will post 1.45 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, March 14th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, March 13th. This represents a $0.72 annualized dividend and a dividend yield of 3.66%. This is a positive change from Haverty Furniture Companies’s previous quarterly dividend of $0.15. Haverty Furniture Companies’s dividend payout ratio is currently 73.47%.

In related news, VP Jenny H. Parker sold 2,000 shares of the company’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $20.50, for a total value of $41,000.00. Following the completion of the sale, the vice president now owns 33,354 shares of the company’s stock, valued at $683,757. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 10.31% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. First Quadrant L P CA acquired a new stake in Haverty Furniture Companies in the 4th quarter valued at about $234,000. MetLife Investment Advisors LLC purchased a new stake in Haverty Furniture Companies during the fourth quarter valued at about $235,000. BNP Paribas Arbitrage SA lifted its stake in Haverty Furniture Companies by 48.8% during the third quarter. BNP Paribas Arbitrage SA now owns 10,659 shares of the company’s stock valued at $279,000 after buying an additional 3,494 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Haverty Furniture Companies during the third quarter valued at about $290,000. Finally, Crossmark Global Holdings Inc. purchased a new stake in Haverty Furniture Companies during the third quarter valued at about $290,000. 81.90% of the stock is owned by institutional investors.

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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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