Hooker Furnishings (NASDAQ:HOFT) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research lowered Hooker Furnishings from strong-buy to hold, contributing to a broader consensus rating of Reduce among analysts.
• The stock was up 3.6% and traded at $14.87 on Tuesday, with a market cap of about $159.7 million and a 52-week range of $8.61 to $18.09.
• Hooker Furnishings recently beat earnings expectations, reporting $0.10 EPS versus an expected loss of $0.07, while revenue of $69.45 million also topped estimates.

Hooker Furnishings (NASDAQ:HOFT - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Tuesday,Zacks.com reports.

Several other analysts also recently issued reports on HOFT. Weiss Ratings downgraded Hooker Furnishings from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday. Wall Street Zen upgraded Hooker Furnishings from a "hold" rating to a "buy" rating in a research note on Saturday, June 13th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce".

Hooker Furnishings Stock Up 3.6%

Shares of NASDAQ:HOFT opened at $14.87 on Tuesday. Hooker Furnishings has a fifty-two week low of $8.61 and a fifty-two week high of $18.09. The firm has a 50-day simple moving average of $14.41 and a 200 day simple moving average of $13.55. The company has a market cap of $159.70 million, a PE ratio of -6.92, a P/E/G ratio of 1.33 and a beta of 1.11.

Hooker Furnishings (NASDAQ:HOFT - Get Free Report) last issued its earnings results on Thursday, June 11th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.17. The firm had revenue of $69.45 million for the quarter, compared to analysts' expectations 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, research analysts forecast that Hooker Furnishings will post 0.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Hooker Furnishings

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its stake in Hooker Furnishings by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 120,645 shares of the company's stock valued at $1,363,000 after acquiring an additional 1,100 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Hooker Furnishings by 6.0% during the first quarter. Royal Bank of Canada now owns 21,383 shares of the company's stock valued at $276,000 after purchasing an additional 1,218 shares during the period. LPL Financial LLC raised its stake in shares of Hooker Furnishings by 16.6% during the fourth quarter. LPL Financial LLC now owns 11,684 shares of the company's stock valued at $132,000 after purchasing an additional 1,660 shares in the last quarter. Empowered Funds LLC lifted its holdings in Hooker Furnishings by 10.6% in the first quarter. Empowered Funds LLC now owns 28,696 shares of the company's stock worth $370,000 after purchasing an additional 2,747 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Hooker Furnishings by 0.7% in the third quarter. Vanguard Group Inc. now owns 595,587 shares of the company's stock worth $6,045,000 after purchasing an additional 4,138 shares during the period. 73.60% of the stock is currently owned by institutional investors and hedge funds.

Hooker Furnishings Company Profile

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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