Zacks Investment Research upgraded shares of Haverty Furniture Companies (NYSE:HVT) from a hold rating to a buy rating in a research note published on Friday. They currently have $25.00 price target on the stock.
According to Zacks, “Haverty Furniture Companies, Inc. (Havertys) is a full-service home furnishings retailer with over 100 showrooms in 16 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Havertys is a true retailing institution. “
Haverty Furniture Companies (NYSE:HVT) traded up $0.30 during midday trading on Friday, reaching $23.95. The company’s stock had a trading volume of 82,100 shares, compared to its average volume of 149,644. The firm has a market capitalization of $508.20, a price-to-earnings ratio of 17.61, a P/E/G ratio of 3.63 and a beta of 1.13. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.17 and a quick ratio of 1.16. Haverty Furniture Companies has a one year low of $21.05 and a one year high of $27.23.
Haverty Furniture Companies (NYSE:HVT) last released its quarterly earnings data on Tuesday, October 31st. The company reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.04. The company had revenue of $207.60 million for the quarter, compared to analyst estimates of $215.32 million. Haverty Furniture Companies had a return on equity of 10.10% and a net margin of 3.53%. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 earnings per share. equities research analysts predict that Haverty Furniture Companies will post 1.15 earnings per share for the current fiscal year.
In other news, major shareholder Pine Hill Associates, Llc sold 7,921 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $23.79, for a total value of $188,440.59. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Rawson Haverty, Jr. sold 23,000 shares of the company’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $23.30, for a total value of $535,900.00. Following the completion of the transaction, the insider now directly owns 82,331 shares in the company, valued at approximately $1,918,312.30. The disclosure for this sale can be found here. Insiders have sold 32,871 shares of company stock worth $769,483 in the last three months. 10.31% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of Haverty Furniture Companies in the 2nd quarter valued at $103,000. Russell Investments Group Ltd. raised its holdings in shares of Haverty Furniture Companies by 20.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 6,764 shares of the company’s stock valued at $169,000 after buying an additional 1,164 shares during the period. BNP Paribas Arbitrage SA raised its holdings in shares of Haverty Furniture Companies by 53.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,165 shares of the company’s stock valued at $180,000 after buying an additional 2,501 shares during the period. Stephens Inc. AR purchased a new stake in shares of Haverty Furniture Companies in the 2nd quarter valued at $213,000. Finally, Citadel Advisors LLC purchased a new stake in shares of Haverty Furniture Companies in the 2nd quarter valued at $288,000. 80.64% of the stock is currently owned by institutional investors and hedge funds.
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About Haverty Furniture Companies
Haverty Furniture Companies, Inc is a retailer of residential furniture and accessories. The Company sells home furnishings in its retail stores and through its Website, havertys.com. As of December 31, 2016, the Company had 124 stores in 16 states in the Southern and Midwest regions. As of December 31, 2016, the Company’s retail store space totaled approximately 4.5 million square feet for 124 stores.
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