Hooker Furnishings (NASDAQ:HOFT) Lowered to Buy Rating by Wall Street Zen

Wall Street Zen lowered shares of Hooker Furnishings (NASDAQ:HOFT) from a strong-buy rating to a buy rating in a research report released on Sunday morning,Wall Street Zen reports.

A number of other equities research analysts also recently weighed in on HOFT. Zacks Research downgraded shares of Hooker Furnishings from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. Weiss Ratings downgraded Hooker Furnishings from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce”.

Hooker Furnishings Stock Performance

HOFT opened at $13.26 on Friday. Hooker Furnishings has a fifty-two week low of $8.61 and a fifty-two week high of $18.09. The company has a market capitalization of $141.75 million, a P/E ratio of -7.85, a P/E/G ratio of 0.96 and a beta of 1.14. The stock has a fifty day moving average of $13.93 and a 200-day moving average of $13.76.

Hooker Furnishings Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 15th. Hooker Furnishings’s dividend payout ratio is -27.22%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. State of Wyoming acquired a new stake in shares of Hooker Furnishings in the 2nd quarter valued at $73,000. Royal Bank of Canada raised its holdings in shares of Hooker Furnishings by 6.0% during the 1st quarter. Royal Bank of Canada now owns 21,383 shares of the company’s stock worth $276,000 after buying an additional 1,218 shares in the last quarter. PDT Partners LLC acquired a new position in shares of Hooker Furnishings during the 2nd quarter worth $330,000. Empowered Funds LLC lifted its position in shares of Hooker Furnishings by 10.6% during the 1st quarter. Empowered Funds LLC now owns 28,696 shares of the company’s stock worth $370,000 after buying an additional 2,747 shares during the last quarter. Finally, Baron Wealth Management LLC boosted its stake in Hooker Furnishings by 38.3% in the second quarter. Baron Wealth Management LLC now owns 22,960 shares of the company’s stock valued at $409,000 after buying an additional 6,364 shares in the last quarter. 73.60% of the stock is currently owned by institutional investors and hedge funds.

About Hooker Furnishings

Hooker Furnishings Corporation is a residential and hospitality furniture company headquartered in Martinsville, Virginia. Founded in 1924, the company designs, sources, manufactures and markets furniture and home furnishings for a range of interior styles and customer needs.

Its product offerings include wood and upholstered furniture for living rooms, bedrooms, dining rooms, home offices and outdoor spaces. The company markets products under brands that include Hooker Furniture, Sam Moore, Sunset West and other portfolio brands, serving both the residential and hospitality markets.

Hooker Furnishings sells its products through independent furniture retailers, specialty stores, interior designers, hospitality businesses and e-commerce channels.