Zacks Investment Research Downgrades Haverty Furniture Companies (HVT) to Sell

Haverty Furniture Companies (NYSE:HVT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

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. “

Other equities analysts have also recently issued reports about the stock. TheStreet cut shares of Haverty Furniture Companies from a “b” rating to a “c+” rating in a research note on Thursday, December 20th. ValuEngine raised shares of Haverty Furniture Companies from a “sell” rating to a “hold” rating in a research report on Tuesday, November 20th.

Shares of HVT stock opened at $20.62 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.21 and a current ratio of 2.28. The company has a market cap of $422.66 million, a price-to-earnings ratio of 16.50 and a beta of 0.77. Haverty Furniture Companies has a 52 week low of $17.70 and a 52 week high of $22.90.

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

Several large investors have recently added to or reduced their stakes in HVT. Bank of New York Mellon Corp boosted its holdings in Haverty Furniture Companies by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 365,584 shares of the company’s stock valued at $7,897,000 after acquiring an additional 2,349 shares during the last quarter. Northern Trust Corp raised its position in Haverty Furniture Companies by 1.8% in the 2nd quarter. Northern Trust Corp now owns 681,597 shares of the company’s stock valued at $14,723,000 after buying an additional 11,748 shares during the last quarter. First Trust Advisors LP grew its stake in Haverty Furniture Companies by 33.3% in the 3rd quarter. First Trust Advisors LP now owns 29,165 shares of the company’s stock valued at $645,000 after purchasing an additional 7,282 shares during the period. Russell Investments Group Ltd. grew its stake in Haverty Furniture Companies by 104.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 28,151 shares of the company’s stock valued at $623,000 after purchasing an additional 14,391 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in Haverty Furniture Companies in the 3rd quarter valued at $2,932,000. Institutional investors own 83.44% 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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