Wall Street Zen Downgrades Hooker Furnishings (NASDAQ:HOFT) to Buy

Key Points

• Wall Street Zen downgraded Hooker Furnishings from “strong buy” to “buy.” Other firms also lowered their ratings, leaving the stock with a “Reduce” consensus, including one Hold and one Sell rating.
• HOFT opened at $13.26, with a 52-week range of $8.61 to $18.09 and a market capitalization of approximately $141.75 million.
• Institutional investors and hedge funds own 73.6% of the company; several funds increased or initiated positions during the second quarter, including Donald Smith & Co. with a stake valued at roughly $17 million.

Hooker Furnishings (NASDAQ:HOFT - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued on Sunday, Wall Street Zen reports.

A number of other research firms have also commented on HOFT. Zacks Research lowered shares of Hooker Furnishings from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 14th. Weiss Ratings downgraded Hooker Furnishings from a "sell (d)" rating to a "sell (d-)" rating in a research note on Tuesday, July 14th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce".

Hooker Furnishings Price Performance

HOFT opened at $13.26 on Friday. Hooker Furnishings has a fifty-two week low of $8.61 and a fifty-two week high of $18.09. The company has a market capitalization of $141.75 million, a P/E ratio of -7.85, a P/E/G ratio of 0.96 and a beta of 1.14. The firm's fifty day moving average price is $13.93 and its two-hundred day moving average price is $13.76.

Institutional Investors Weigh In On Hooker Furnishings

Several hedge funds have recently bought and sold shares of HOFT. Susquehanna International Group LLP increased its position in shares of Hooker Furnishings by 25.4% in the 2nd quarter. Susquehanna International Group LLP now owns 63,741 shares of the company's stock valued at $1,137,000 after buying an additional 12,919 shares in the last quarter. Empowered Funds LLC acquired a new position in Hooker Furnishings in the second quarter valued at about $555,000. Ancora Advisors LLC acquired a new position in Hooker Furnishings in the second quarter valued at about $1,501,000. PDT Partners LLC bought a new stake in shares of Hooker Furnishings in the second quarter worth about $330,000. Finally, Donald Smith & CO. Inc. bought a new stake in shares of Hooker Furnishings in the second quarter worth about $16,982,000. 73.60% of the stock is currently owned by institutional investors and hedge funds.

Hooker Furnishings Company Profile

Hooker Furnishings Corporation is a residential and hospitality furniture company headquartered in Martinsville, Virginia. Founded in 1924, the company designs, sources, manufactures and markets furniture and home furnishings for a range of interior styles and customer needs.

Its product offerings include wood and upholstered furniture for living rooms, bedrooms, dining rooms, home offices and outdoor spaces. The company markets products under brands that include Hooker Furniture, Sam Moore, Sunset West and other portfolio brands, serving both the residential and hospitality markets.

Hooker Furnishings sells its products through independent furniture retailers, specialty stores, interior designers, hospitality businesses and e-commerce channels.

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