Haverty Furniture Companies (HVT) Hits New 12-Month High After Better-Than-Expected Earnings

Haverty Furniture Companies, Inc. (NYSE:HVT) shares hit a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $23.31 and last traded at $22.70, with a volume of 4208 shares changing hands. The stock had previously closed at $21.40.

The company reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.09. Haverty Furniture Companies had a net margin of 2.89% and a return on equity of 10.11%. The company had revenue of $208.97 million for the quarter, compared to the consensus estimate of $199.91 million. During the same quarter in the previous year, the company earned $0.40 EPS. Haverty Furniture Companies’s quarterly revenue was down 2.8% compared to the same quarter last year.

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Haverty Furniture Companies declared that its board has initiated a share buyback plan on Friday, November 16th that authorizes the company to buyback $15.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 3.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

A number of research analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of Haverty Furniture Companies from a “hold” rating to a “sell” rating in a research report on Tuesday. TheStreet upgraded shares of Haverty Furniture Companies from a “c+” rating to a “b-” rating in a research report on Thursday, February 14th. Finally, ValuEngine downgraded shares of Haverty Furniture Companies from a “hold” rating to a “sell” rating in a research report on Saturday, December 1st.

Several institutional investors have recently added to or reduced their stakes in HVT. Royce & Associates LP lifted its position in shares of Haverty Furniture Companies by 14.3% during the 4th quarter. Royce & Associates LP now owns 1,490,400 shares of the company’s stock valued at $27,990,000 after acquiring an additional 186,700 shares during the period. Millennium Management LLC increased its stake in Haverty Furniture Companies by 114.1% during the 4th quarter. Millennium Management LLC now owns 286,660 shares of the company’s stock valued at $5,383,000 after purchasing an additional 152,776 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Haverty Furniture Companies during the 3rd quarter valued at $2,932,000. Martingale Asset Management L P increased its stake in Haverty Furniture Companies by 622.4% during the 4th quarter. Martingale Asset Management L P now owns 93,909 shares of the company’s stock valued at $1,764,000 after purchasing an additional 80,909 shares in the last quarter. Finally, BlackRock Inc. increased its stake in Haverty Furniture Companies by 2.6% during the 3rd quarter. BlackRock Inc. now owns 2,757,576 shares of the company’s stock valued at $60,943,000 after purchasing an additional 69,169 shares in the last quarter. Institutional investors own 84.74% of the company’s stock.

The company has a market cap of $452.11 million, a P/E ratio of 18.46 and a beta of 0.77. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.21 and a current ratio of 2.28.

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About Haverty Furniture Companies (NYSE:HVT)

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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