Pzena Investment Management LLC Buys Shares of 1,542,623 Hooker Furnishings Corp. $HOFT

Key Points

• Pzena Investment Management purchased 1,542,623 shares of Hooker Furnishings, valued at approximately $27.5 million, giving it a 14.36% stake. Institutional investors collectively own 73.6% of the company.
• Analyst sentiment remains cautious: ratings changes left Hooker Furnishings with an average “Reduce” rating, including one Hold and one Sell rating.
• The stock opened at $14.42, while the company reported quarterly revenue of $69.45 million and adjusted earnings of $0.10 per share, beating estimates. Hooker Furnishings also maintains a quarterly dividend of $0.115 per share, representing a 3.2% annualized yield.

Pzena Investment Management LLC purchased a new stake in shares of Hooker Furnishings Corp. (NASDAQ:HOFT - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,542,623 shares of the company's stock, valued at approximately $27,505,000. Pzena Investment Management LLC owned approximately 14.36% of Hooker Furnishings at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in HOFT. Empowered Funds LLC increased its stake 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 stake in Hooker Furnishings during the 1st quarter worth approximately $146,000. Strs Ohio bought a new stake in Hooker Furnishings during the 1st quarter worth approximately $124,000. Marshall Wace LLP acquired a new position in Hooker Furnishings in the 2nd quarter valued at approximately $495,000. Finally, Jump Financial LLC acquired a new position in Hooker Furnishings in the 2nd quarter valued at approximately $202,000. 73.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on HOFT shares. Weiss Ratings downgraded shares of Hooker Furnishings from a "sell (d)" rating to a "sell (d-)" rating in a research note on Tuesday, July 14th. Wall Street Zen cut shares of Hooker Furnishings from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Finally, Zacks Research downgraded Hooker Furnishings from a "strong-buy" rating to a "hold" 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce".

Hooker Furnishings Stock Down 1.7%

Hooker Furnishings stock opened at $14.42 on Tuesday. The company has a market capitalization of $154.87 million, a PE ratio of -6.71, a PEG ratio of 1.36 and a beta of 1.13. The firm's fifty day moving average is $15.15 and its 200 day moving average is $13.93. Hooker Furnishings Corp. has a 12-month low of $8.61 and a 12-month high of $18.09.

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

Hooker Furnishings Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, June 19th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Thursday, June 18th. Hooker Furnishings's payout ratio is -21.40%.

About Hooker Furnishings

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.

Want to see what other hedge funds are holding HOFT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hooker Furnishings Corp. (NASDAQ:HOFT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source