Hooker Furnishings (NASDAQ:HOFT) Share Price Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• Hooker Furnishings shares moved above their 200-day moving average, trading as high as $15.05 versus a 200-day average of $13.55, with the stock last changing hands at $14.87.
• Recent earnings came in better than expected, as the company posted $0.10 EPS versus a consensus loss of $0.07 and revenue of $69.45 million, above estimates of $66.31 million.
• The company continues to pay a dividend, recently distributing $0.115 per share quarterly, which annualizes to $0.46 per share and a yield of about 3.1%.

Hooker Furnishings Corp. (NASDAQ:HOFT - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $13.55 and traded as high as $15.05. Hooker Furnishings shares last traded at $14.87, with a volume of 73,405 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on HOFT shares. Wall Street Zen upgraded Hooker Furnishings from a "hold" rating to a "buy" rating in a research report on Saturday, June 13th. Zacks Research raised shares of Hooker Furnishings from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 15th. Finally, Weiss Ratings cut shares of Hooker Furnishings from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy".

Hooker Furnishings Stock Performance

The company has a 50-day moving average of $14.41 and a 200-day moving average of $13.55. The firm has a market capitalization of $159.70 million, a price-to-earnings ratio of -6.92, a price-to-earnings-growth ratio of 1.33 and a beta of 1.11.

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

Hooker Furnishings Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Friday, June 19th were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Thursday, June 18th. Hooker Furnishings's dividend payout ratio (DPR) is presently -21.40%.

Hedge Funds Weigh In On Hooker Furnishings

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HOFT. Empowered Funds LLC raised its stake in shares of Hooker Furnishings by 7.2% in the 1st quarter. Empowered Funds LLC now owns 55,319 shares of the company's stock valued at $555,000 after purchasing an additional 3,696 shares during the period. Jane Street Group LLC acquired a new position in shares of Hooker Furnishings during the first quarter worth about $146,000. Strs Ohio acquired a new position in shares of Hooker Furnishings during the first quarter worth about $124,000. Marshall Wace LLP bought a new position in shares of Hooker Furnishings during the second quarter worth about $495,000. Finally, Jump Financial LLC acquired a new stake in Hooker Furnishings in the 2nd quarter valued at approximately $202,000. 73.60% of the stock is owned by institutional investors and hedge funds.

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.

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.