Haverty Furniture Companies (NYSE:HVT) Upgraded to Buy at Zacks Investment Research

Haverty Furniture Companies (NYSE:HVT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday, January 12th. The brokerage currently has a $25.00 price objective on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 7.07% from the stock’s previous close.

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 (HVT) opened at $23.35 on Friday. The company has a quick ratio of 1.16, a current ratio of 2.17 and a debt-to-equity ratio of 0.18. The stock has a market cap of $497.59, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 3.56 and a beta of 1.13. Haverty Furniture Companies has a 52 week low of $21.05 and a 52 week high of $27.23.

Haverty Furniture Companies (NYSE:HVT) last posted its earnings results on Tuesday, October 31st. The company reported $0.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.04. Haverty Furniture Companies had a net margin of 3.53% and a return on equity of 10.10%. The company had revenue of $207.60 million for the quarter, compared to analyst estimates of $215.32 million. During the same period last year, the business posted $0.34 earnings per share. The business’s revenue for the quarter was down 1.9% compared to the same quarter last year. equities research analysts predict that Haverty Furniture Companies will post 1.15 EPS for the current year.

In other news, major shareholder Pine Hill Associates, Llc sold 7,921 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $23.79, for a total value of $188,440.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Fred L. Schuermann sold 1,950 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $23.15, for a total transaction of $45,142.50. Following the completion of the transaction, the director now owns 3 shares of the company’s stock, valued at $69.45. The disclosure for this sale can be found here. In the last three months, insiders sold 32,871 shares of company stock valued at $769,483. Insiders own 10.31% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in HVT. SG Americas Securities LLC bought a new stake in Haverty Furniture Companies during the 2nd quarter worth approximately $103,000. Russell Investments Group Ltd. grew its holdings in Haverty Furniture Companies by 20.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 6,764 shares of the company’s stock worth $169,000 after acquiring an additional 1,164 shares during the last quarter. BNP Paribas Arbitrage SA grew its holdings in Haverty Furniture Companies by 53.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,165 shares of the company’s stock worth $180,000 after acquiring an additional 2,501 shares during the last quarter. Stephens Inc. AR bought a new stake in Haverty Furniture Companies during the 2nd quarter worth approximately $213,000. Finally, Citadel Advisors LLC bought a new stake in shares of Haverty Furniture Companies in the 2nd quarter valued at $288,000. Institutional investors and hedge funds own 80.64% of the company’s stock.

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Haverty Furniture Companies Company Profile

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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