Haverty Furniture Companies (NYSE: HVT) received a downgrade from a “strong-buy” to a “buy” rating by analysts at Wall Street Zen in a report published on December 30, 2023. This adjustment reflects a shift in market sentiment regarding the company’s stock performance.
This downgrade follows a series of evaluations from other financial analysts. Zacks Research reduced Haverty’s rating from “hold” to “strong sell” on December 29, while Weiss Ratings maintained a “hold (c)” rating. Currently, two analysts recommend holding the stock, and one has assigned a sell rating. According to data from MarketBeat, the consensus rating for Haverty Furniture Companies is “Reduce.”
Recent Earnings Performance
In its latest quarterly earnings report, released on October 29, 2023, Haverty Furniture Companies announced earnings of $0.28 per share, surpassing analysts’ expectations of $0.24 by $0.04. The company recorded a net margin of 2.62% and a return on equity of 6.34%. It achieved revenues of $194.48 million, exceeding estimates that projected $183.12 million. Analysts currently forecast that Haverty will report earnings of $0.88 per share for the fiscal year.
Insider Transactions and Institutional Interest
In other developments, Director Rawson Haverty Jr. sold 7,500 shares of the company on December 12, 2023, at an average price of $24.86, totaling approximately $186,450. This transaction was disclosed to the Securities and Exchange Commission. Over the last quarter, insiders sold a total of 14,354 shares valued at $345,898, with corporate insiders holding 8.63% of the company’s stock.
Institutional investors have also been active in adjusting their positions in Haverty Furniture Companies. Raymond James Financial Inc. acquired a new stake valued at around $31,000 in the second quarter. Similarly, the State of Wyoming purchased shares worth approximately $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake by 7.9%, now holding 8,898 shares valued at $175,000 after acquiring an additional 651 shares. Additionally, Nisa Investment Advisors LLC boosted its holdings by 146.3%, now owning 9,201 shares worth $187,000, and Truist Financial Corp invested about $204,000 in the company. Currently, institutional investors own 80.57% of Haverty’s stock.
Haverty Furniture Companies, established in 1885 and headquartered in Atlanta, Georgia, operates as a specialty retailer of residential furniture and home décor in the United States. The company offers a wide range of products, including upholstered furniture, case goods, mattresses, area rugs, and decorative accessories. Customers can shop through a network of company-owned showrooms and an e-commerce platform, supported by in-house design services and financing options.
As the company navigates a shifting market environment, stakeholders will be closely monitoring further developments and performance indicators.
