BlackRock Inc. Purchases Shares of 233,100 Hooker Furnishings Corp. $HOFT

Key Points

• BlackRock acquired 233,100 shares of Hooker Furnishings in the second quarter, valued at approximately $4.16 million and representing about 2.17% of the company. Institutional investors and hedge funds collectively own 73.6% of the stock.
• Hooker Furnishings reported quarterly revenue of $69.45 million and EPS of $0.10, beating analyst estimates for both measures. The company also declared a quarterly dividend of $0.115 per share, representing a 3.5% annualized yield.
• HOFT shares opened at $13.12, below their 50-day and 200-day moving averages. Analyst sentiment is cautious, with a consensus rating of “Reduce” following recent downgrades.

BlackRock Inc. acquired a new position in shares of Hooker Furnishings Corp. (NASDAQ:HOFT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 233,100 shares of the company's stock, valued at approximately $4,156,000. BlackRock Inc. owned approximately 2.17% of Hooker Furnishings as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State of Wyoming acquired a new position in Hooker Furnishings in the 2nd quarter worth $73,000. Osaic Holdings Inc. increased its holdings in Hooker Furnishings by 940.0% during the 2nd quarter. Osaic Holdings Inc. now owns 10,400 shares of the company's stock worth $110,000 after purchasing an additional 9,400 shares in the last quarter. Cerity Partners LLC acquired a new stake in shares of Hooker Furnishings in the 4th quarter valued at about $117,000. Strs Ohio acquired a new stake in shares of Hooker Furnishings in the 1st quarter valued at about $124,000. Finally, LPL Financial LLC lifted its holdings in shares of Hooker Furnishings by 16.6% in the fourth quarter. LPL Financial LLC now owns 11,684 shares of the company's stock valued at $132,000 after purchasing an additional 1,660 shares in the last quarter. 73.60% of the stock is currently owned by institutional investors and hedge funds.

Hooker Furnishings Price Performance

Shares of NASDAQ HOFT opened at $13.12 on Friday. The business has a 50-day moving average of $14.59 and a 200-day moving average of $13.86. The stock has a market capitalization of $140.91 million, a price-to-earnings ratio of -6.10, a PEG ratio of 1.22 and a beta of 1.14. Hooker Furnishings Corp. has a fifty-two week low of $8.61 and a fifty-two week high of $18.09.

Hooker Furnishings (NASDAQ:HOFT - Get Free Report) last released its earnings results on Thursday, June 11th. The company reported $0.10 earnings per share (EPS) for the quarter, topping 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 business had revenue of $69.45 million for the quarter, compared to analyst estimates of $66.31 million. On average, sell-side analysts expect that Hooker Furnishings Corp. will post 0.77 EPS for the current year.

Hooker Furnishings Announces Dividend

The company also recently declared 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. This represents a $0.46 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 15th. Hooker Furnishings's dividend payout ratio is -21.40%.

Analyst Upgrades and Downgrades

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