Haverty Furniture Companies (NYSE:HVT) Cut to "Sell (D+)" at Weiss Ratings

Key Points

• Haverty Furniture Companies has been downgraded by Weiss Ratings from a "hold (C-)" to a "sell (D+)" rating, indicating a negative outlook for the stock.
• Additionally, Wall Street Zen has also downgraded the company from a "buy" to a "hold" rating, contributing to its overall consensus rating of "reduce".
• Insider transactions include a significant sale by Director Rawson Haverty, Jr., who sold over 10,000 shares, representing a 68.86% decrease in ownership, which may signal concerns about the company’s future performance.

Haverty Furniture Companies (NYSE:HVT - Get Free Report) was downgraded by research analysts at Weiss Ratings from a "hold (c-)" rating to a "sell (d+)" rating in a note issued to investors on Wednesday,Weiss Ratings reports.

Separately, Wall Street Zen downgraded Haverty Furniture Companies from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Haverty Furniture Companies presently has a consensus rating of "Reduce".

Haverty Furniture Companies Trading Up 2.6%

NYSE HVT opened at $20.90 on Wednesday. The business's 50-day moving average price is $22.33 and its 200 day moving average price is $20.83. Haverty Furniture Companies has a twelve month low of $17.01 and a twelve month high of $26.34. The company has a market capitalization of $339.98 million, a PE ratio of 18.17, a price-to-earnings-growth ratio of 1.49 and a beta of 1.24.

Haverty Furniture Companies (NYSE:HVT - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.01. The company had revenue of $181.03 million for the quarter, compared to the consensus estimate of $177.11 million. Haverty Furniture Companies had a return on equity of 6.39% and a net margin of 2.71%. Equities analysts predict that Haverty Furniture Companies will post 0.88 EPS for the current year.

Insider Activity

In other news, Director Rawson Haverty, Jr. sold 10,003 shares of the stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $23.10, for a total value of $231,069.30. Following the completion of the sale, the director owned 4,523 shares in the company, valued at approximately $104,481.30. This trade represents a 68.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 40,000 shares of company stock valued at $918,900 in the last ninety days. 8.63% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Haverty Furniture Companies

A number of hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. acquired a new stake in Haverty Furniture Companies during the 3rd quarter valued at approximately $1,123,000. State of Wyoming acquired a new stake in Haverty Furniture Companies during the 2nd quarter valued at approximately $58,000. Tidal Investments LLC grew its stake in Haverty Furniture Companies by 35.0% during the 2nd quarter. Tidal Investments LLC now owns 23,124 shares of the company's stock valued at $471,000 after purchasing an additional 5,995 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in Haverty Furniture Companies during the 2nd quarter valued at approximately $1,259,000. Finally, Bridgeway Capital Management LLC grew its stake in Haverty Furniture Companies by 5.3% during the 2nd quarter. Bridgeway Capital Management LLC now owns 175,402 shares of the company's stock valued at $3,569,000 after purchasing an additional 8,817 shares in the last quarter. Institutional investors and hedge funds own 80.57% of the company's stock.

About Haverty Furniture Companies

Haverty Furniture Companies, Inc operates as a specialty retailer of residential furniture and accessories in the United States. The company offers furniture merchandise under the Havertys brand name. It also provides custom upholstery products and eclectic looks; and mattress product lines under the Tempur-Pedic, Serta, Sealy, and Stearns and Foster names.

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