Ancora Advisors LLC Buys Shares of 84,205 Hooker Furnishings Corp. $HOFT

Key Points

• Ancora Advisors LLC acquired 84,205 shares of Hooker Furnishings in the second quarter, valued at approximately $1.5 million and representing about 0.78% of the company. Institutional investors collectively own 73.6% of the stock.
• Analyst sentiment has weakened, with recent downgrades leaving Hooker Furnishings with a consensus rating of “Reduce.” The stock opened at $13.46, below its 50-day moving average of $15.06.
• Despite reporting quarterly revenue of $69.45 million and EPS of $0.10—beating analyst estimates—the company posted a negative net margin of 7.9%. Hooker Furnishings also declared a quarterly dividend of $0.115 per share, equivalent to a 3.4% annualized yield.

Ancora Advisors LLC purchased a new position in Hooker Furnishings Corp. (NASDAQ:HOFT - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 84,205 shares of the company's stock, valued at approximately $1,501,000. Ancora Advisors LLC owned approximately 0.78% of Hooker Furnishings at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Empowered Funds LLC boosted its holdings in shares of Hooker Furnishings by 7.2% in the first 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 period. Jane Street Group LLC bought a new position in shares of Hooker Furnishings in the first quarter valued at $146,000. Strs Ohio acquired a new position in shares of Hooker Furnishings during the 1st quarter worth about $124,000. Marshall Wace LLP acquired a new position in Hooker Furnishings during the second quarter worth approximately $495,000. Finally, Jump Financial LLC acquired a new position in shares of Hooker Furnishings during the 2nd quarter worth approximately $202,000. Institutional investors and hedge funds own 73.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Zacks Research downgraded Hooker Furnishings from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 14th. Weiss Ratings downgraded shares of Hooker Furnishings from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, July 14th. Finally, Wall Street Zen lowered shares of Hooker Furnishings from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce".

Hooker Furnishings Stock Down 2.0%

HOFT opened at $13.46 on Friday. The company has a 50-day simple moving average of $15.06 and a 200 day simple moving average of $13.93. Hooker Furnishings Corp. has a twelve month low of $8.61 and a twelve month high of $18.09. The stock has a market capitalization of $144.56 million, a price-to-earnings ratio of -6.26, a P/E/G ratio of 1.27 and a beta of 1.13.

Hooker Furnishings (NASDAQ:HOFT - Get Free Report) last issued its quarterly earnings results on Thursday, June 11th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.17. Hooker Furnishings had a positive return on equity of 1.61% and a negative net margin of 7.90%.The company had revenue of $69.45 million for the quarter, compared to analyst estimates of $66.31 million. Sell-side analysts anticipate that Hooker Furnishings Corp. will post 0.77 EPS for the current fiscal year.

Hooker Furnishings Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, June 19th were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Thursday, June 18th. Hooker Furnishings's payout ratio is -21.40%.

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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