Hooker Furnishings (NASDAQ:HOFT) Cut to “Hold” at Zacks Research

Hooker Furnishings (NASDAQ:HOFT) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts have also issued reports on HOFT. Weiss Ratings lowered Hooker Furnishings from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday. Wall Street Zen upgraded shares of Hooker Furnishings from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce”.

Hooker Furnishings Price Performance

Shares of NASDAQ:HOFT opened at $14.87 on Tuesday. The stock has a market cap of $159.70 million, a price-to-earnings ratio of -6.92, a PEG ratio of 1.33 and a beta of 1.11. Hooker Furnishings has a 12 month low of $8.61 and a 12 month high of $18.09. The stock’s 50 day moving average price is $14.41 and its 200 day moving average price is $13.55.

Hooker Furnishings (NASDAQ:HOFT) last issued its quarterly earnings results on Thursday, June 11th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.17. Hooker Furnishings had a positive return on equity of 1.61% and a negative net margin of 7.90%.The firm had revenue of $69.45 million during the quarter, compared to analyst estimates of $66.31 million. On average, sell-side analysts expect that Hooker Furnishings will post 0.77 EPS for the current year.

Institutional Investors Weigh In On Hooker Furnishings

Several hedge funds have recently modified their holdings of the stock. Empowered Funds LLC lifted its stake in Hooker Furnishings by 7.2% during the first quarter. Empowered Funds LLC now owns 55,319 shares of the company’s stock valued at $555,000 after buying an additional 3,696 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Hooker Furnishings in the first quarter worth approximately $146,000. Strs Ohio acquired a new stake in shares of Hooker Furnishings during the first quarter valued at approximately $124,000. Marshall Wace LLP acquired a new stake in shares of Hooker Furnishings during the second quarter valued at approximately $495,000. Finally, Jump Financial LLC purchased a new stake in shares of Hooker Furnishings in the 2nd quarter valued at approximately $202,000. 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.