Bank of New York Mellon Corp Makes New $7.51 Million Investment in Ethan Allen Interiors Inc. $ETD

Key Points

• Bank of New York Mellon acquired 336,245 shares of Ethan Allen Interiors in the second quarter, worth approximately $7.51 million and representing about 1.32% of the company. Institutional investors and hedge funds collectively own 83.80% of ETD.
• Analyst sentiment remains cautious: Zacks Research downgraded the stock to “strong sell,” while Telsey Advisory Group lowered its price target to $22. The consensus rating is “Reduce,” with a $22 average target.
• Ethan Allen reported quarterly EPS of $0.36, slightly above estimates, but revenue fell 8.5% year over year to $146.75 million. The company also announced a $3.00-per-share special dividend, payable September 17.

Bank of New York Mellon Corp acquired a new stake in Ethan Allen Interiors Inc. (NYSE:ETD - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 336,245 shares of the company's stock, valued at approximately $7,512,000. Bank of New York Mellon Corp owned about 1.32% of Ethan Allen Interiors at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Ethan Allen Interiors by 1.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,760,093 shares of the company's stock valued at $51,852,000 after purchasing an additional 32,751 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Ethan Allen Interiors by 8.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,132,118 shares of the company's stock valued at $25,858,000 after purchasing an additional 83,903 shares in the last quarter. Royce & Associates LP boosted its stake in shares of Ethan Allen Interiors by 3.8% during the 4th quarter. Royce & Associates LP now owns 613,545 shares of the company's stock valued at $14,013,000 after buying an additional 22,390 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Ethan Allen Interiors by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 613,308 shares of the company's stock valued at $14,008,000 after buying an additional 7,972 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Ethan Allen Interiors by 0.9% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 395,463 shares of the company's stock worth $9,032,000 after buying an additional 3,694 shares in the last quarter. 83.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on ETD. Zacks Research cut shares of Ethan Allen Interiors from a "hold" rating to a "strong sell" rating in a report on Thursday, July 30th. Telsey Advisory Group dropped their target price on shares of Ethan Allen Interiors from $24.00 to $22.00 and set a "market perform" rating for the company in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Ethan Allen Interiors from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $22.00.

Insider Transactions at Ethan Allen Interiors

In other Ethan Allen Interiors news, CEO M Kathwari sold 22,811 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $25.04, for a total value of $571,187.44. Following the transaction, the chief executive officer owned 1,465,530 shares of the company's stock, valued at $36,696,871.20. This trade represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 9.92% of the stock is owned by corporate insiders.

Ethan Allen Interiors Price Performance

Ethan Allen Interiors stock opened at $21.80 on Friday. The company has a market cap of $554.81 million, a PE ratio of 13.97 and a beta of 1.03. The company has a fifty day moving average price of $22.86 and a two-hundred day moving average price of $22.09. Ethan Allen Interiors Inc. has a 12 month low of $18.28 and a 12 month high of $30.80.

Ethan Allen Interiors (NYSE:ETD - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.02. Ethan Allen Interiors had a net margin of 6.88% and a return on equity of 7.88%. The firm had revenue of $146.75 million during the quarter, compared to analyst estimates of $148.70 million. During the same quarter in the previous year, the firm earned $0.49 earnings per share. The firm's revenue for the quarter was down 8.5% compared to the same quarter last year. Equities research analysts anticipate that Ethan Allen Interiors Inc. will post 1.3 earnings per share for the current year.

Ethan Allen Interiors Announces Dividend

The firm also recently disclosed a special dividend, which will be paid on Thursday, September 17th. Investors of record on Thursday, September 3rd will be paid a dividend of $3.00 per share. The ex-dividend date is Thursday, September 3rd. Ethan Allen Interiors's dividend payout ratio is 100.00%.

Ethan Allen Interiors Company Profile

Ethan Allen Interiors Inc NYSE: ETD is a vertically integrated manufacturer and retailer of home furnishings, offering a broad range of furniture, upholstery, case goods and decorative accessories. The company designs and produces the majority of its products in its own North American manufacturing facilities, maintaining close control over quality, craftsmanship and production schedules. Through its network of company-operated and franchised Design Centers and galleries, Ethan Allen delivers a full-service offering that includes on-site interior design consultations and project management.

Founded in 1932 as a small Colonial-Revival furniture maker in northern Vermont, Ethan Allen has grown into a global brand known for its timeless styles and customization options.

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