Zacks Investment Research Lowers Haverty Furniture Companies (HVT) to Sell

Zacks Investment Research lowered shares of Haverty Furniture Companies (NYSE:HVT) from a hold rating to a sell rating in a research note issued to investors on Tuesday.

According to Zacks, “Haverty Furniture Companies, Inc. (Havertys) is a full-service home furnishings retailer in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Havertys is a true retailing institution. “

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Several other analysts have also recently commented on HVT. ValuEngine upgraded shares of Haverty Furniture Companies from a sell rating to a hold rating in a research note on Tuesday, November 20th. TheStreet cut shares of Haverty Furniture Companies from a b rating to a c+ rating in a research note on Thursday, December 20th.

Shares of NYSE HVT opened at $21.05 on Tuesday. The company has a quick ratio of 1.21, a current ratio of 2.28 and a debt-to-equity ratio of 0.16. Haverty Furniture Companies has a 12 month low of $17.70 and a 12 month high of $22.90. The company has a market cap of $434.90 million, a price-to-earnings ratio of 16.84 and a beta of 0.77.

Haverty Furniture Companies announced that its Board of Directors has approved a stock repurchase plan on Friday, November 16th that allows the company to buyback $15.00 million in shares. This buyback authorization allows the company to purchase up to 3.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Engineers Gate Manager LP purchased a new position in shares of Haverty Furniture Companies during the 3rd quarter valued at approximately $236,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its holdings in shares of Haverty Furniture Companies by 93.1% during the 3rd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 75,700 shares of the company’s stock valued at $1,673,000 after purchasing an additional 36,500 shares in the last quarter. Royce & Associates LP increased its holdings in shares of Haverty Furniture Companies by 2.8% during the 3rd quarter. Royce & Associates LP now owns 1,303,700 shares of the company’s stock valued at $28,812,000 after purchasing an additional 34,900 shares in the last quarter. Prudential Financial Inc. increased its holdings in shares of Haverty Furniture Companies by 8.9% during the 3rd quarter. Prudential Financial Inc. now owns 176,307 shares of the company’s stock valued at $3,896,000 after purchasing an additional 14,360 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Haverty Furniture Companies during the 3rd quarter valued at approximately $2,932,000. Institutional investors and hedge funds own 83.44% of the company’s stock.

Haverty Furniture Companies Company Profile

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, as well as mattress product lines under the Sealy, Tempur-Pedic, Serta, Stearns & Foster, and Beautyrest Black names.

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