Hooker Furnishings (NASDAQ:HOFT) Posts Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Key Points

• Hooker Furnishings beat quarterly earnings expectations, reporting EPS of $0.11 versus analysts’ estimate of a $0.02 loss. However, the company posted a negative net margin of 7.90%.
• The company declared a quarterly dividend of $0.115 per share, equivalent to $0.46 annually and a 3.7% yield, payable September 30 to shareholders of record September 15.
• Institutional investors own 73.6% of the stock, while analyst sentiment remains cautious: the consensus rating is “Reduce”, with ratings of Hold and Sell.

Hooker Furnishings (NASDAQ:HOFT - Get Free Report) released its quarterly earnings data on Friday. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.02) by $0.13, Zacks reports. Hooker Furnishings had a positive return on equity of 1.61% and a negative net margin of 7.90%.

Hooker Furnishings Price Performance

NASDAQ:HOFT opened at $12.56 on Friday. Hooker Furnishings has a fifty-two week low of $8.61 and a fifty-two week high of $18.09. The stock's 50-day moving average is $14.23 and its two-hundred day moving average is $13.80. The stock has a market cap of $134.89 million, a PE ratio of -5.84, a price-to-earnings-growth ratio of 1.18 and a beta of 1.14.

Hooker Furnishings Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.115 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.46 dividend on an annualized basis and a yield of 3.7%. Hooker Furnishings's dividend payout ratio (DPR) is presently -21.40%.

Institutional Trading of Hooker Furnishings

Institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its position in shares of Hooker Furnishings by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 120,645 shares of the company's stock valued at $1,363,000 after purchasing an additional 1,100 shares during the period. LPL Financial LLC boosted its holdings in shares of Hooker Furnishings by 16.6% during the 4th quarter. LPL Financial LLC now owns 11,684 shares of the company's stock worth $132,000 after buying an additional 1,660 shares during the period. Empowered Funds LLC grew its stake in Hooker Furnishings by 7.2% in the 1st quarter. Empowered Funds LLC now owns 55,319 shares of the company's stock valued at $555,000 after buying an additional 3,696 shares during the last quarter. Vanguard Group Inc. grew its stake in Hooker Furnishings by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 595,587 shares of the company's stock valued at $6,045,000 after buying an additional 4,138 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings 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 worth $154,000 after acquiring an additional 5,740 shares during the period. 73.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on HOFT shares. Zacks Research lowered shares of Hooker Furnishings from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Wall Street Zen lowered shares of Hooker Furnishings from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Finally, Weiss Ratings cut shares of Hooker Furnishings from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, July 14th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Hooker Furnishings has a consensus rating of "Reduce".

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.

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