Haverty Furniture Companies (NYSE:HVT) Stock Price Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Haverty Furniture Companies' stock price surpassed its 200-day moving average, reaching a high of $21.92 before closing at $21.48, with a trading volume of 72,851 shares.
• The company reported a quarterly earnings per share (EPS) of $0.16, exceeding the consensus estimate, with revenue of $181.03 million for the quarter.
• Haverty has declared a quarterly dividend of $0.32 per share, representing a 6.0% dividend yield, although its payout ratio is notably high at 111.30%.

Haverty Furniture Companies, Inc. (NYSE:HVT - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $20.85 and traded as high as $21.92. Haverty Furniture Companies shares last traded at $21.48, with a volume of 72,851 shares trading hands.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Haverty Furniture Companies from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold".

Haverty Furniture Companies Price Performance

The company has a market cap of $349.41 million, a price-to-earnings ratio of 18.67, a P/E/G ratio of 1.60 and a beta of 1.24. The firm's 50 day simple moving average is $22.35 and its 200-day simple moving average is $20.85.

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

Haverty Furniture Companies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Monday, August 25th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 6.0%. Haverty Furniture Companies's dividend payout ratio (DPR) is currently 111.30%.

Insider Activity

In related news, Director Rawson Haverty, Jr. sold 15,000 shares of the firm's stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $22.84, for a total transaction of $342,600.00. Following the transaction, the director owned 29,523 shares of the company's stock, valued at $674,305.32. This trade represents a 33.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 40,000 shares of company stock worth $918,900 over the last 90 days. Company insiders own 8.63% of the company's stock.

Institutional Investors Weigh In On Haverty Furniture Companies

A number of hedge funds have recently added to or reduced their stakes in the company. Pzena Investment Management LLC lifted its position in Haverty Furniture Companies by 61.5% in the second quarter. Pzena Investment Management LLC now owns 1,560,557 shares of the company's stock valued at $31,757,000 after purchasing an additional 594,476 shares during the period. American Century Companies Inc. lifted its position in shares of Haverty Furniture Companies by 7.5% during the 2nd quarter. American Century Companies Inc. now owns 464,629 shares of the company's stock valued at $9,455,000 after acquiring an additional 32,413 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Haverty Furniture Companies by 8.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 337,889 shares of the company's stock valued at $6,876,000 after acquiring an additional 24,945 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Haverty Furniture Companies by 6.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 180,417 shares of the company's stock valued at $3,558,000 after acquiring an additional 10,944 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in shares of Haverty Furniture Companies by 22.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 175,573 shares of the company's stock valued at $3,573,000 after acquiring an additional 32,503 shares during the period. 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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