Haverty Furniture Cos. (HVT) Raised to “Buy” at TheStreet
A number of other research firms have also issued reports on HVT. Zacks Investment Research raised shares of Haverty Furniture Cos. from a hold rating to a buy rating and set a $23.00 price target for the company in a research report on Tuesday, August 16th. Raymond James Financial Inc. lowered shares of Haverty Furniture Cos. from a strong-buy rating to a market perform rating in a report on Monday, October 10th.
Shares of Haverty Furniture Cos. (NYSE:HVT) opened at 21.60 on Friday. The company’s 50-day moving average is $19.69 and its 200-day moving average is $19.26. The stock has a market cap of $455.85 million, a P/E ratio of 17.93 and a beta of 0.74. Haverty Furniture Cos. has a 1-year low of $16.57 and a 1-year high of $24.30.
Haverty Furniture Cos. (NYSE:HVT) last posted its quarterly earnings results on Monday, October 31st. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. Haverty Furniture Cos. had a net margin of 3.26% and a return on equity of 8.95%. The company earned $211.70 million during the quarter, compared to analyst estimates of $211.70 million. During the same period last year, the firm posted $0.34 EPS. Haverty Furniture Cos.’s revenue for the quarter was up .9% compared to the same quarter last year. Equities analysts expect that Haverty Furniture Cos. will post $1.23 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Stockholders of record on Wednesday, November 23rd will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 18.52%. This is a positive change from Haverty Furniture Cos.’s previous quarterly dividend of $0.12. The ex-dividend date is Monday, November 21st. Haverty Furniture Cos.’s payout ratio is 40.00%.
In other news, VP Janet E. Taylor sold 2,270 shares of Haverty Furniture Cos. stock in a transaction that occurred on Tuesday, November 29th. The shares were sold at an average price of $22.02, for a total transaction of $49,985.40. Following the completion of the transaction, the vice president now directly owns 24,884 shares of the company’s stock, valued at approximately $547,945.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 10.51% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Paradigm Capital Management Inc. NY raised its position in Haverty Furniture Cos. by 241.6% in the second quarter. Paradigm Capital Management Inc. NY now owns 404,422 shares of the company’s stock valued at $7,291,000 after buying an additional 286,022 shares during the period. Royce & Associates LP raised its position in Haverty Furniture Cos. by 14.0% in the second quarter. Royce & Associates LP now owns 1,666,000 shares of the company’s stock valued at $30,038,000 after buying an additional 205,200 shares during the period. Acadian Asset Management LLC purchased a new position in Haverty Furniture Cos. during the third quarter valued at $1,690,000. Vanguard Group Inc. raised its position in Haverty Furniture Cos. by 10.0% in the second quarter. Vanguard Group Inc. now owns 911,451 shares of the company’s stock valued at $16,433,000 after buying an additional 82,918 shares during the period. Finally, Morgan Stanley raised its position in Haverty Furniture Cos. by 295.1% in the third quarter. Morgan Stanley now owns 100,738 shares of the company’s stock valued at $2,018,000 after buying an additional 75,240 shares during the period. 69.98% of the stock is owned by hedge funds and other institutional investors.
About Haverty Furniture Cos.
Haverty Furniture Companies, Inc is a specialty retailer of residential furniture and accessories. The Company sells home furnishings in its retail stores and through its Website havertys.com. The Company has over 120 stores in approximately 20 states in the southern and Midwest regions with over 4.4 million square feet retail store space.
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