Hooker Furnishings (NASDAQ:HOFT) Issues Earnings Results, Beats Expectations By $0.54 EPS

Hooker Furnishings (NASDAQ:HOFT) issued its earnings results on Thursday. The company reported $0.39 EPS for the quarter, topping the consensus estimate of ($0.15) by $0.54, Zacks reports. The business had revenue of $70.73 million during the quarter, compared to the consensus estimate of $85.50 million. Hooker Furnishings had a negative return on equity of 4.17% and a negative net margin of 3.40%.

Hooker Furnishings Price Performance

Shares of Hooker Furnishings stock traded up $0.21 on Friday, hitting $10.75. 25,560 shares of the company traded hands, compared to its average volume of 65,527. Hooker Furnishings has a 12-month low of $7.34 and a 12-month high of $18.51. The company has a current ratio of 2.99, a quick ratio of 1.37 and a debt-to-equity ratio of 0.03. The company has a market cap of $115.56 million, a P/E ratio of -8.88 and a beta of 1.41. The firm’s 50-day simple moving average is $9.83 and its 200 day simple moving average is $10.23.

Hooker Furnishings Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Sunday, December 21st will be issued a $0.115 dividend. The ex-dividend date of this dividend is Friday, December 19th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 4.3%. Hooker Furnishings’s dividend payout ratio is presently -76.03%.

Institutional Investors Weigh In On Hooker Furnishings

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Hooker Furnishings by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 595,587 shares of the company’s stock worth $6,045,000 after purchasing an additional 4,138 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in Hooker Furnishings in the 2nd quarter worth approximately $3,619,000. Paradigm Capital Management Inc. NY boosted its stake in Hooker Furnishings by 50.0% in the second quarter. Paradigm Capital Management Inc. NY now owns 120,000 shares of the company’s stock worth $1,270,000 after buying an additional 40,000 shares in the last quarter. Quantinno Capital Management LP bought a new position in Hooker Furnishings during the second quarter valued at approximately $635,000. Finally, Empowered Funds LLC raised its stake in shares of Hooker Furnishings by 7.2% during the first quarter. Empowered Funds LLC now owns 55,319 shares of the company’s stock worth $555,000 after acquiring an additional 3,696 shares in the last quarter. Hedge funds and other institutional investors own 73.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on HOFT shares. Zacks Research downgraded shares of Hooker Furnishings from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 26th. Weiss Ratings reiterated a “sell (d)” rating on shares of Hooker Furnishings in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of “Sell”.

Hooker Furnishings Company Profile

Hooker Furnishings Corporation designs, manufactures, imports, and markets residential household, hospitality, and contract furniture. It operates in three segments: Hooker Branded, Home Meridian, and Domestic Upholstery. The Hooker Branded segment offers design categories, including home entertainment, home office, accent, dining, and bedroom furniture under the Hooker Furniture brand; and imported upholstered furniture under the Hooker Upholstery brand.