Hooker Furniture Co. (NASDAQ:HOFT) Sees Large Growth in Short Interest

Hooker Furniture Co. (NASDAQ:HOFT) saw a large increase in short interest in November. As of November 29th, there was short interest totalling 706,900 shares, an increase of 10.7% from the November 14th total of 638,500 shares. Currently, 6.1% of the company’s stock are short sold. Based on an average trading volume of 100,900 shares, the days-to-cover ratio is presently 7.0 days.

HOFT has been the subject of several research reports. ValuEngine lowered shares of Hooker Furniture from a “buy” rating to a “hold” rating in a research note on Wednesday, December 4th. BidaskClub downgraded shares of Hooker Furniture from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 15th.

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its position in Hooker Furniture by 0.4% during the 2nd quarter. BlackRock Inc. now owns 870,047 shares of the company’s stock valued at $17,939,000 after purchasing an additional 3,292 shares during the last quarter. Towle & Co. purchased a new stake in Hooker Furniture during the 2nd quarter valued at about $6,368,000. Wells Fargo & Company MN grew its position in Hooker Furniture by 12.6% during the 2nd quarter. Wells Fargo & Company MN now owns 202,254 shares of the company’s stock valued at $4,170,000 after purchasing an additional 22,669 shares during the last quarter. Paradigm Capital Management Inc. NY grew its position in Hooker Furniture by 0.6% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 179,600 shares of the company’s stock valued at $3,703,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in Hooker Furniture during the 3rd quarter valued at about $2,829,000. 86.84% of the stock is currently owned by institutional investors.

HOFT stock traded down $0.13 during trading on Friday, hitting $24.58. 95,721 shares of the stock traded hands, compared to its average volume of 95,023. Hooker Furniture has a 1 year low of $17.09 and a 1 year high of $32.59. The firm’s 50 day moving average is $23.71 and its two-hundred day moving average is $21.75. The stock has a market cap of $294.42 million, a price-to-earnings ratio of 11.90 and a beta of 0.44. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.77 and a quick ratio of 1.86.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 16th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.60%. This is an increase from Hooker Furniture’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, December 13th.

Hooker Furniture Company Profile

Hooker Furniture Corporation, together with its subsidiaries, designs, manufactures, imports, and markets residential household, hospitality, and contract furniture in the United States. The company operates through Hooker Branded, Home Meridian, and All Other segments. The Hooker Branded segment offers a range of design categories, including home entertainment, home office, accent, dining, and bedroom furniture under the Hooker Furniture brand name; and imported upholstered furniture.

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