Zacks Investment Research Upgrades Haverty Furniture Companies, Inc. (HVT) to “Strong-Buy”
Zacks Investment Research upgraded shares of Haverty Furniture Companies, Inc. (NYSE:HVT) from a hold rating to a strong-buy rating in a research note released on Wednesday morning. They currently have $31.00 target price on the stock.
According to Zacks, “Haverty Furniture Companies, Inc. is a full-service home furnishings retailer. The company operates showrooms in contiguous southern and central states. Havertys provides its customers with a wide selection of furniture and accessories primarily in the middle to upper-middle price ranges. As an added convenience to its customers, the company offers financing through a revolving charge credit plan. “
Shares of Haverty Furniture Companies (NYSE:HVT) opened at 24.20 on Wednesday. The firm’s 50-day moving average price is $24.73 and its 200 day moving average price is $24.16. Haverty Furniture Companies has a 52 week low of $16.57 and a 52 week high of $27.23. The company has a market cap of $513.48 million, a price-to-earnings ratio of 17.08 and a beta of 1.07.
Haverty Furniture Companies (NYSE:HVT) last released its quarterly earnings data on Monday, July 31st. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.19 by $0.10. Haverty Furniture Companies had a net margin of 3.67% and a return on equity of 10.58%. The business had revenue of $196.80 million during the quarter, compared to the consensus estimate of $199.03 million. During the same quarter in the prior year, the firm earned $0.24 EPS. The business’s revenue was up 1.0% on a year-over-year basis. On average, equities research analysts forecast that Haverty Furniture Companies will post $1.28 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Wednesday, August 23rd were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.48%. The ex-dividend date was Monday, August 21st. This is an increase from Haverty Furniture Companies’s previous quarterly dividend of $0.12. Haverty Furniture Companies’s dividend payout ratio is 42.25%.
In other Haverty Furniture Companies news, insider Rawson Haverty, Jr. sold 1,391 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $23.83, for a total transaction of $33,147.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.31% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new position in shares of Haverty Furniture Companies in the 2nd quarter valued at about $103,000. Mason Street Advisors LLC lifted its holdings in shares of Haverty Furniture Companies by 8.2% in the 1st quarter. Mason Street Advisors LLC now owns 4,514 shares of the company’s stock valued at $110,000 after acquiring an additional 342 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Haverty Furniture Companies by 569.9% in the 1st quarter. Russell Investments Group Ltd. now owns 5,600 shares of the company’s stock valued at $136,000 after acquiring an additional 4,764 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of Haverty Furniture Companies by 53.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,165 shares of the company’s stock valued at $180,000 after acquiring an additional 2,501 shares during the last quarter. Finally, Stephens Inc. AR bought a new position in shares of Haverty Furniture Companies in the 2nd quarter valued at about $213,000. 79.06% of the stock is owned by hedge funds and other institutional investors.
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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