Hooker Furnishings Corp. $HOFT Position Decreased by Azarias Capital Management L.P.

Key Points

• Azarias Capital Management reduced its Hooker Furnishings position by 51% in the third quarter, selling 171,646 shares and retaining 164,807 shares worth approximately $2.14 million.
• Several other institutional investors established new positions, and institutional ownership reached 73.6% of HOFT’s outstanding shares.
• Analyst sentiment is cautious, with a consensus rating of “Reduce”; HOFT shares recently traded at $12.60, while the company maintains a quarterly dividend of $0.115 per share, yielding about 3.7% annually.

Azarias Capital Management L.P. lowered its position in Hooker Furnishings Corp. (NASDAQ:HOFT - Free Report) by 51.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 164,807 shares of the company's stock after selling 171,646 shares during the period. Hooker Furnishings makes up about 2.0% of Azarias Capital Management L.P.'s portfolio, making the stock its 21st largest position. Azarias Capital Management L.P. owned approximately 1.54% of Hooker Furnishings worth $2,139,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of HOFT. Pzena Investment Management LLC purchased a new stake in Hooker Furnishings during the second quarter valued at approximately $27,505,000. Donald Smith & CO. Inc. purchased a new position in Hooker Furnishings in the second quarter worth $16,982,000. BlackRock Inc. purchased a new position in Hooker Furnishings in the second quarter worth $4,156,000. Gate City Capital Management LLC purchased a new position in Hooker Furnishings in the fourth quarter worth $2,472,000. Finally, Ancora Advisors LLC acquired a new position in shares of Hooker Furnishings during the second quarter worth $1,501,000. Institutional investors own 73.60% of the company's stock.

Analyst Upgrades and Downgrades

HOFT has been the topic of several research analyst reports. Zacks Research downgraded Hooker Furnishings from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 14th. Wall Street Zen downgraded Hooker Furnishings from a "strong-buy" rating to a "buy" rating in a report on Sunday, September 20th. Finally, Weiss Ratings lowered Hooker Furnishings from a "sell (d)" rating to a "sell (d-)" rating in a research note on Friday. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Hooker Furnishings has a consensus rating of "Reduce".

Hooker Furnishings Trading Up 0.4%

Shares of NASDAQ HOFT traded up $0.05 during midday trading on Wednesday, reaching $12.60. The company had a trading volume of 22,381 shares, compared to its average volume of 49,015. Hooker Furnishings Corp. has a 1 year low of $8.64 and a 1 year high of $18.09. The business's 50-day simple moving average is $13.53 and its 200 day simple moving average is $13.82. The stock has a market cap of $134.69 million, a P/E ratio of -7.46, a P/E/G ratio of 0.91 and a beta of 1.10.

Hooker Furnishings Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were paid a dividend of $0.1150 per share. This represents a $0.46 annualized dividend and a yield of 3.7%. The ex-dividend date was Tuesday, September 15th. Hooker Furnishings's payout ratio is presently -27.22%.

Hooker Furnishings Company Profile

Hooker Furnishings Corporation NASDAQ: HOFT is a home furnishings company headquartered in Martinsville, Virginia. The company designs, imports, manufactures, and markets furniture and related products for residential and commercial settings.

Its product portfolio includes upholstered and motion furniture, bedroom and dining furniture, home office pieces, occasional tables, outdoor furniture, and home décor. Hooker Furnishings sells products through furniture retailers, interior designers, e-commerce channels, and hospitality and contract-furnishing customers.

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