Gate City Capital Management LLC Acquires Shares of 218,928 Hooker Furnishings Corp. $HOFT

Gate City Capital Management LLC acquired a new stake in Hooker Furnishings Corp. (NASDAQ:HOFT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 218,928 shares of the company’s stock, valued at approximately $2,472,000. Hooker Furnishings accounts for approximately 1.1% of Gate City Capital Management LLC’s investment portfolio, making the stock its 15th biggest holding.

Several other hedge funds also recently added to or reduced their stakes in HOFT. Ameriprise Financial Inc. purchased a new position in Hooker Furnishings in the second quarter valued at about $3,619,000. Charles Schwab Investment Management Inc. increased its position in shares of Hooker Furnishings by 35.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 366,761 shares of the company’s stock worth $4,141,000 after acquiring an additional 95,127 shares during the last quarter. Donald Smith & CO. Inc. increased its position in shares of Hooker Furnishings by 7.1% during the fourth quarter. Donald Smith & CO. Inc. now owns 1,066,754 shares of the company’s stock worth $12,044,000 after acquiring an additional 70,681 shares during the last quarter. Quantinno Capital Management LP purchased a new stake in shares of Hooker Furnishings during the second quarter worth about $635,000. Finally, Pzena Investment Management LLC increased its position in shares of Hooker Furnishings by 4.2% during the third quarter. Pzena Investment Management LLC now owns 1,416,002 shares of the company’s stock worth $14,372,000 after acquiring an additional 57,276 shares during the last quarter. 73.60% of the stock is owned by hedge funds and other institutional investors.

Hooker Furnishings Stock Down 5.2%

Shares of Hooker Furnishings stock opened at $15.21 on Wednesday. The firm has a market cap of $163.36 million, a P/E ratio of -7.07, a P/E/G ratio of 1.47 and a beta of 1.19. Hooker Furnishings Corp. has a fifty-two week low of $8.61 and a fifty-two week high of $16.41. The business has a 50-day moving average price of $13.16 and a 200 day moving average price of $12.78.

Hooker Furnishings (NASDAQ:HOFT) last announced its quarterly earnings data on Thursday, June 11th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.17. The firm had revenue of $69.45 million during the quarter, compared to analyst estimates of $66.31 million. Hooker Furnishings had a positive return on equity of 1.61% and a negative net margin of 7.90%. As a group, equities research analysts anticipate that Hooker Furnishings Corp. will post 0.78 earnings per share for the current year.

Hooker Furnishings Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 19th will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Thursday, June 18th. Hooker Furnishings’s payout ratio is currently -21.40%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Weiss Ratings lowered Hooker Furnishings from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, May 18th. Wall Street Zen raised Hooker Furnishings from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Zacks Research raised Hooker Furnishings from a “hold” rating to a “strong-buy” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Hooker Furnishings presently has a consensus rating of “Moderate Buy”.

Hooker Furnishings Profile

Hooker Furnishings, formerly known as Hooker Furniture Corporation, is a designer, marketer and distributor of high-quality home furnishings. Headquartered in Martinsville, Virginia, the company offers a broad range of wood and upholstered furniture products across bedroom, dining, home office and accent categories. Its portfolio includes solid wood and engineered wood case goods, upholstered seating, accent tables and decorative accessories, reflecting styles that range from traditional to contemporary.

The company’s operations are organized into three reportable segments: Domestic Wholesale, Retail and Logistics, and International.