Wall Street Zen Upgrades Hooker Furnishings (NASDAQ:HOFT) to Strong-Buy

Key Points

• Wall Street Zen upgraded Hooker Furnishings (NASDAQ:HOFT) from buy to strong-buy, even as other recent analyst actions were more cautious and the overall MarketBeat average rating remains Reduce.
• The stock opened at $14.12 and was down 0.6%; it has traded between $8.61 and $18.09 over the past year, with a market cap of about $151.65 million.
• In its latest quarterly report, Hooker Furnishings posted $0.10 EPS, beating expectations by $0.17, and revenue of $69.45 million versus the $66.31 million estimate.

Hooker Furnishings (NASDAQ:HOFT - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report released on Saturday.

Several other equities research analysts have also recently weighed in on HOFT. Zacks Research cut Hooker Furnishings from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. Weiss Ratings lowered Hooker Furnishings from a "sell (d)" rating to a "sell (d-)" rating in a research note on Tuesday. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce".

Hooker Furnishings Stock Down 0.6%

Shares of Hooker Furnishings stock opened at $14.12 on Friday. Hooker Furnishings has a twelve month low of $8.61 and a twelve month high of $18.09. The stock has a market cap of $151.65 million, a price-to-earnings ratio of -6.57, a P/E/G ratio of 1.32 and a beta of 1.11. The company's fifty day moving average is $14.46 and its 200 day moving average is $13.58.

Hooker Furnishings (NASDAQ:HOFT - Get Free Report) last posted its quarterly earnings data on Thursday, June 11th. The company reported $0.10 earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.17. The business had revenue of $69.45 million during the quarter, compared to the consensus estimate of $66.31 million. Hooker Furnishings had a positive return on equity of 1.61% and a negative net margin of 7.90%. As a group, equities analysts anticipate that Hooker Furnishings will post 0.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hooker Furnishings

Several institutional investors and hedge funds have recently made changes to their positions in HOFT. Empowered Funds LLC increased its holdings in Hooker Furnishings by 7.2% in the first quarter. Empowered Funds LLC now owns 55,319 shares of the company's stock worth $555,000 after purchasing an additional 3,696 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Hooker Furnishings during the 1st quarter worth approximately $146,000. Strs Ohio bought a new position in shares of Hooker Furnishings during the 1st quarter worth approximately $124,000. Marshall Wace LLP acquired a new stake in shares of Hooker Furnishings during the 2nd quarter worth approximately $495,000. Finally, Jump Financial LLC bought a new stake in shares of Hooker Furnishings in the 2nd quarter valued at $202,000. Institutional investors own 73.60% of the company's stock.

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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