Hooker Furnishings (NASDAQ:HOFT) Stock Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• Hooker Furnishings shares rose above their 200-day moving average, reaching $14.27 before closing at $13.88, compared with the average of $13.70.
• The company exceeded quarterly expectations, reporting $0.10 in adjusted earnings per share versus an estimated loss of $0.07, while revenue of $69.45 million also topped forecasts.
• Analyst sentiment remains cautious, with the stock carrying an average “Reduce” rating; Hooker Furnishings pays a quarterly dividend of $0.115 per share, representing a 3.3% annualized yield.

Hooker Furnishings Corp. (NASDAQ:HOFT - Get Free Report) shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $13.70 and traded as high as $14.27. Hooker Furnishings shares last traded at $13.88, with a volume of 62,001 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on HOFT. Zacks Research downgraded Hooker Furnishings from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Wall Street Zen raised Hooker Furnishings from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 18th. Finally, Weiss Ratings cut shares of Hooker Furnishings from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, July 14th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Hooker Furnishings currently has an average rating of "Reduce".

Hooker Furnishings Stock Performance

The stock has a market cap of $149.07 million, a P/E ratio of -6.46, a price-to-earnings-growth ratio of 1.28 and a beta of 1.11. The firm has a 50-day moving average price of $14.58 and a 200-day moving average price of $13.70.

Hooker Furnishings (NASDAQ:HOFT - Get Free Report) last released 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. The company had revenue of $69.45 million for the quarter, compared to analyst estimates of $66.31 million. Hooker Furnishings had a positive return on equity of 1.61% and a negative net margin of 7.90%. On average, research analysts predict that Hooker Furnishings Corp. will post 0.77 earnings per share for the current year.

Hooker Furnishings Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, June 19th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $0.46 annualized dividend and a yield of 3.3%. Hooker Furnishings's dividend payout ratio (DPR) is currently -21.40%.

Institutional Trading of Hooker Furnishings

Hedge funds and other institutional investors have recently modified their holdings of the business. Osaic Holdings Inc. increased its stake in shares of Hooker Furnishings by 940.0% in the 2nd quarter. Osaic Holdings Inc. now owns 10,400 shares of the company's stock worth $110,000 after acquiring an additional 9,400 shares in the last quarter. Cerity Partners LLC bought a new stake in Hooker Furnishings during the fourth quarter worth about $117,000. Strs Ohio purchased a new stake in Hooker Furnishings in the first quarter worth about $124,000. LPL Financial LLC grew its holdings in Hooker Furnishings by 16.6% in the fourth quarter. LPL Financial LLC now owns 11,684 shares of the company's stock worth $132,000 after purchasing an additional 1,660 shares during the period. Finally, Jane Street Group LLC bought a new position in shares of Hooker Furnishings during the first quarter valued at approximately $146,000. 73.60% of the stock is owned by hedge funds and other institutional investors.

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.

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