ValuEngine Downgrades Haverty Furniture Companies (HVT) to Sell

ValuEngine downgraded shares of Haverty Furniture Companies (NYSE:HVT) from a hold rating to a sell rating in a research report report published on Saturday morning.

Other research analysts have also issued research reports about the stock. TheStreet raised shares of Haverty Furniture Companies from a c+ rating to a b rating in a research report on Thursday, August 23rd. Zacks Investment Research raised shares of Haverty Furniture Companies from a hold rating to a buy rating and set a $24.00 target price for the company in a research report on Tuesday, August 7th.

Haverty Furniture Companies stock opened at $20.06 on Friday. The firm has a market cap of $424.94 million, a price-to-earnings ratio of 16.04 and a beta of 0.81. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.28 and a quick ratio of 1.21. Haverty Furniture Companies has a fifty-two week low of $17.70 and a fifty-two week high of $24.75.

Haverty Furniture Companies (NYSE:HVT) last released its earnings results on Tuesday, October 30th. The company reported $0.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.01. The firm had revenue of $210.50 million during the quarter, compared to analyst estimates of $212.43 million. Haverty Furniture Companies had a net margin of 2.89% and a return on equity of 10.11%. The business’s revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.28 EPS. Equities analysts forecast that Haverty Furniture Companies will post 1.37 earnings per share for the current fiscal year.

Haverty Furniture Companies declared that its board has initiated a stock repurchase program on Friday, November 16th that authorizes the company to buyback $15.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date of this dividend is Friday, November 30th. Haverty Furniture Companies’s dividend payout ratio is 57.60%.

Large investors have recently bought and sold shares of the company. Engineers Gate Manager LP bought a new position in shares of Haverty Furniture Companies during the 3rd quarter worth about $236,000. Assenagon Asset Management S.A. bought a new position in shares of Haverty Furniture Companies during the 3rd quarter worth about $2,932,000. Royce & Associates LP increased its holdings in shares of Haverty Furniture Companies by 2.8% during the 3rd quarter. Royce & Associates LP now owns 1,303,700 shares of the company’s stock worth $28,812,000 after purchasing an additional 34,900 shares during the period. Stone Ridge Asset Management LLC increased its holdings in shares of Haverty Furniture Companies by 11.3% during the 3rd quarter. Stone Ridge Asset Management LLC now owns 47,977 shares of the company’s stock worth $1,060,000 after purchasing an additional 4,880 shares during the period. Finally, Acadian Asset Management LLC increased its stake in Haverty Furniture Companies by 56.2% in the third quarter. Acadian Asset Management LLC now owns 92,283 shares of the company’s stock valued at $2,039,000 after acquiring an additional 33,221 shares during the period. Institutional investors own 82.63% of the company’s stock.

Haverty Furniture Companies 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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