Hooker Furnishings (NASDAQ:HOFT) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Hooker Furnishings (NASDAQ:HOFT) from a strong sell rating to a hold rating in a report released on Thursday,Zacks.com reports.

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Hooker Furnishings in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce”.

Hooker Furnishings Stock Up 0.8%

Shares of HOFT stock opened at $11.22 on Thursday. Hooker Furnishings has a one year low of $7.34 and a one year high of $14.23. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.67 and a quick ratio of 1.35. The stock has a fifty day moving average price of $10.23 and a 200 day moving average price of $10.29. The stock has a market cap of $120.95 million, a P/E ratio of -3.99 and a beta of 1.41.

Hooker Furnishings (NASDAQ:HOFT) last announced its quarterly earnings data on Thursday, December 11th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.54. The company had revenue of $70.73 million during the quarter, compared to analysts’ expectations of $85.50 million. Hooker Furnishings had a negative net margin of 8.71% and a negative return on equity of 1.07%. Analysts predict that Hooker Furnishings will post -0.44 earnings per share for the current year.

Hooker Furnishings Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Sunday, December 21st will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, December 19th. Hooker Furnishings’s dividend payout ratio is presently -16.37%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. raised its stake in shares of Hooker Furnishings by 940.0% in the second quarter. Osaic Holdings Inc. now owns 10,400 shares of the company’s stock worth $110,000 after acquiring an additional 9,400 shares during the last quarter. Strs Ohio bought a new position in Hooker Furnishings in the 1st quarter worth approximately $124,000. Jane Street Group LLC acquired a new position in Hooker Furnishings during the 1st quarter worth $146,000. Bank of America Corp DE boosted its position in Hooker Furnishings by 61.2% in the 3rd quarter. Bank of America Corp DE now owns 15,126 shares of the company’s stock valued at $154,000 after buying an additional 5,740 shares during the last quarter. Finally, Atlantic Union Bankshares Corp increased its stake in shares of Hooker Furnishings by 22.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 15,860 shares of the company’s stock valued at $161,000 after buying an additional 2,860 shares during the period. Institutional investors and hedge funds own 73.60% of the company’s stock.

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.