Haverty Furniture Companies (HVT) Stock Rating Lowered by Zacks Investment Research

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

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 equities research analysts also recently commented on the company. ValuEngine downgraded Haverty Furniture Companies from a “hold” rating to a “sell” rating in a report on Saturday, December 1st. TheStreet downgraded Haverty Furniture Companies from a “b” rating to a “c+” rating in a report on Thursday, December 20th.

Haverty Furniture Companies stock opened at $19.43 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.21 and a current ratio of 2.28. Haverty Furniture Companies has a 12 month low of $17.70 and a 12 month high of $24.25. The firm has a market capitalization of $408.35 million, a price-to-earnings ratio of 15.54 and a beta of 0.80.

Haverty Furniture Companies (NYSE:HVT) last released its earnings results on Tuesday, October 30th. The company reported $0.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.01. Haverty Furniture Companies had a return on equity of 10.11% and a net margin of 2.89%. The business had revenue of $210.50 million for the quarter, compared to the consensus estimate of $212.43 million. During the same period in the previous year, the company posted $0.28 earnings per share. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. On average, research analysts predict that Haverty Furniture Companies will post 1.37 EPS for the current year.

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

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in shares of Haverty Furniture Companies by 2.6% during the third quarter. BlackRock Inc. now owns 2,757,576 shares of the company’s stock valued at $60,943,000 after purchasing an additional 69,169 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Haverty Furniture Companies by 0.6% during the third quarter. Renaissance Technologies LLC now owns 1,503,300 shares of the company’s stock valued at $33,223,000 after purchasing an additional 8,400 shares in the last quarter. Royce & Associates LP lifted its holdings in shares of Haverty Furniture Companies by 2.8% during the third quarter. Royce & Associates LP now owns 1,303,700 shares of the company’s stock valued at $28,812,000 after purchasing an additional 34,900 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Haverty Furniture Companies by 2.4% during the third quarter. Vanguard Group Inc. now owns 1,124,571 shares of the company’s stock valued at $24,852,000 after purchasing an additional 26,333 shares in the last quarter. Finally, Vanguard Group Inc lifted its holdings in shares of Haverty Furniture Companies by 2.4% during the third quarter. Vanguard Group Inc now owns 1,124,571 shares of the company’s stock valued at $24,852,000 after purchasing an additional 26,333 shares in the last quarter. 82.50% of the stock is currently owned by institutional investors and hedge funds.

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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