Hooker Furnishings (NASDAQ:HOFT) Share Price Crosses Above Two Hundred Day Moving Average on Analyst Downgrade

Hooker Furnishings Corp. (NASDAQ:HOFT)’s stock price crossed above its 200-day moving average during trading on Wednesday after Weiss Ratings upgraded the stock from a sell (d-) rating to a sell (d) rating. The stock has a 200-day moving average of $13.55 and traded as high as $15.05. Hooker Furnishings shares last traded at $14.87, with a volume of 73,405 shares traded.

HOFT has been the subject of several other research reports. Zacks Research upgraded Hooker Furnishings from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 15th. Wall Street Zen upgraded Hooker Furnishings from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce”.

Institutional Trading of Hooker Furnishings

A number of hedge funds have recently made changes to their positions in HOFT. Marquette Asset Management LLC purchased a new position in Hooker Furnishings in the second quarter worth $477,000. Baron Wealth Management LLC raised its position in Hooker Furnishings by 38.3% during the second quarter. Baron Wealth Management LLC now owns 22,960 shares of the company’s stock valued at $409,000 after purchasing an additional 6,364 shares in the last quarter. Royal Bank of Canada lifted its stake in Hooker Furnishings by 6.0% during the first quarter. Royal Bank of Canada now owns 21,383 shares of the company’s stock worth $276,000 after purchasing an additional 1,218 shares during the last quarter. Empowered Funds LLC lifted its stake in Hooker Furnishings by 10.6% during the first quarter. Empowered Funds LLC now owns 28,696 shares of the company’s stock worth $370,000 after purchasing an additional 2,747 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in Hooker Furnishings in the first quarter worth approximately $665,000. 73.60% of the stock is owned by institutional investors.

Hooker Furnishings Stock Performance

The company has a market cap of $151.65 million, a PE ratio of -6.57, a PEG ratio of 1.38 and a beta of 1.11. The stock’s 50 day moving average price is $14.44 and its 200-day moving average price is $13.57.

Hooker Furnishings (NASDAQ:HOFT) last posted its quarterly earnings results on Thursday, June 11th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.17. Hooker Furnishings had a negative net margin of 7.90% and a positive return on equity of 1.61%. The business had revenue of $69.45 million during the quarter, compared to the consensus estimate of $66.31 million. On average, analysts anticipate that Hooker Furnishings Corp. will post 0.77 EPS for the current year.

Hooker Furnishings Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Friday, June 19th were issued a dividend of $0.115 per share. The ex-dividend date was Thursday, June 18th. This represents a $0.46 annualized dividend and a yield of 3.3%. Hooker Furnishings’s dividend payout ratio is currently -21.40%.

About Hooker Furnishings

Hooker Furnishings, formerly known as Hooker Furniture Corporation, is a designer, marketer and distributor of high-quality home furnishings. Headquartered in Martinsville, Virginia, the company offers a broad range of wood and upholstered furniture products across bedroom, dining, home office and accent categories. Its portfolio includes solid wood and engineered wood case goods, upholstered seating, accent tables and decorative accessories, reflecting styles that range from traditional to contemporary.

The company’s operations are organized into three reportable segments: Domestic Wholesale, Retail and Logistics, and International.