Zacks Investment Research upgraded shares of Havertys (NYSE:HVT) from a strong sell rating to a hold rating in a report published on Wednesday.
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. “
Several other brokerages have also recently commented on HVT. TheStreet cut shares of Havertys from a b rating to a c+ rating in a research report on Tuesday, February 20th. ValuEngine cut shares of Havertys from a hold rating to a sell rating in a research report on Thursday, April 19th.
Shares of Havertys opened at $21.30 on Wednesday, Marketbeat reports. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.43 and a quick ratio of 1.15. Havertys has a 52 week low of $17.70 and a 52 week high of $27.23. The company has a market capitalization of $441.54 million, a price-to-earnings ratio of 17.04 and a beta of 1.00.
Havertys (NYSE:HVT) last issued its quarterly earnings results on Tuesday, May 1st. The company reported $0.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.08. Havertys had a net margin of 2.61% and a return on equity of 9.29%. The company had revenue of $199.44 million during the quarter, compared to analysts’ expectations of $202.71 million. During the same quarter last year, the company posted $0.27 EPS. The firm’s revenue was down .5% compared to the same quarter last year. equities analysts forecast that Havertys will post 1.33 EPS for the current fiscal year.
Havertys announced that its Board of Directors has authorized a share buyback plan on Tuesday, May 8th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 8th. Shareholders of record on Wednesday, May 23rd will be given a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, May 22nd. This represents a $0.72 annualized dividend and a yield of 3.38%. Havertys’s dividend payout ratio is presently 57.60%.
In other news, VP Jenny H. Parker sold 4,964 shares of the firm’s stock in a transaction on Wednesday, June 6th. The shares were sold at an average price of $21.00, for a total value of $104,244.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Allan J. Deniro sold 3,559 shares of the firm’s stock in a transaction on Friday, May 25th. The shares were sold at an average price of $20.38, for a total transaction of $72,532.42. Following the completion of the sale, the vice president now owns 16,553 shares in the company, valued at $337,350.14. The disclosure for this sale can be found here. 3.05% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Strs Ohio raised its holdings in shares of Havertys by 8.4% in the 4th quarter. Strs Ohio now owns 30,900 shares of the company’s stock valued at $699,000 after purchasing an additional 2,400 shares in the last quarter. Two Sigma Advisers LP raised its holdings in shares of Havertys by 2.7% in the 4th quarter. Two Sigma Advisers LP now owns 90,988 shares of the company’s stock valued at $2,061,000 after purchasing an additional 2,400 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Havertys by 1.8% in the 1st quarter. Principal Financial Group Inc. now owns 151,143 shares of the company’s stock valued at $3,046,000 after purchasing an additional 2,642 shares in the last quarter. Citigroup Inc. raised its holdings in shares of Havertys by 51.8% in the 1st quarter. Citigroup Inc. now owns 8,469 shares of the company’s stock valued at $171,000 after purchasing an additional 2,890 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of Havertys by 66.8% in the 1st quarter. Barclays PLC now owns 7,433 shares of the company’s stock valued at $150,000 after purchasing an additional 2,976 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.
Havertys Company Profile
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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