Hooker Furnishings (NASDAQ:HOFT) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Hooker Furnishings (NASDAQ:HOFT) from a hold rating to a strong-buy rating in a report issued on Monday,Zacks.com reports.

Several other analysts also recently commented on HOFT. Weiss Ratings downgraded shares of Hooker Furnishings from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Wall Street Zen raised shares of Hooker Furnishings from a “hold” rating to a “buy” rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

Hooker Furnishings Trading Down 5.2%

Shares of Hooker Furnishings stock opened at $15.21 on Monday. Hooker Furnishings has a 12-month low of $8.61 and a 12-month high of $16.41. The firm has a market capitalization of $163.36 million, a price-to-earnings ratio of -7.07, a PEG ratio of 1.47 and a beta of 1.19. The firm’s 50 day simple moving average is $13.16 and its two-hundred day simple moving average is $12.78.

Hooker Furnishings (NASDAQ:HOFT) last issued its quarterly earnings results on Thursday, June 11th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.17. The business had revenue of $69.45 million for the quarter, compared to analyst estimates of $66.31 million. Hooker Furnishings had a negative net margin of 7.90% and a positive return on equity of 1.61%. On average, sell-side analysts predict that Hooker Furnishings will post 0.78 EPS for the current fiscal year.

Hooker Furnishings Dividend Announcement

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

Hedge Funds Weigh In On Hooker Furnishings

A number of large investors have recently added to or reduced their stakes in HOFT. Ameriprise Financial Inc. acquired a new position in Hooker Furnishings during the second quarter worth $3,619,000. Gate City Capital Management LLC acquired a new stake in Hooker Furnishings during the fourth quarter worth about $2,472,000. Charles Schwab Investment Management Inc. increased its position in 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 purchasing an additional 95,127 shares during the last quarter. Donald Smith & CO. Inc. increased its position in 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 purchasing an additional 70,681 shares during the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in Hooker Furnishings during the second quarter worth about $635,000. 73.60% of the stock is currently owned by institutional investors and hedge funds.

Hooker Furnishings Company 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.