Hooker Furnishings Co. (NASDAQ:HOFT) Sees Large Decline in Short Interest

Hooker Furnishings Co. (NASDAQ:HOFT) saw a significant decline in short interest during the month of December. As of December 31st, there was short interest totalling 163,900 shares, a decline of 12.9% from the December 15th total of 188,100 shares. Based on an average daily volume of 33,900 shares, the short-interest ratio is presently 4.8 days. Currently, 1.6% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Hooker Furnishings from a “sell” rating to a “hold” rating in a research note on Wednesday, January 8th.

Hooker Furnishings Stock Performance

NASDAQ:HOFT traded up $0.07 during trading hours on Friday, hitting $13.25. 19,497 shares of the company were exchanged, compared to its average volume of 54,181. The company’s 50 day moving average price is $15.93 and its 200-day moving average price is $15.90. The stock has a market capitalization of $141.91 million, a price-to-earnings ratio of -14.56 and a beta of 1.26. Hooker Furnishings has a 52-week low of $12.74 and a 52-week high of $25.80. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.16 and a quick ratio of 1.76.

Hooker Furnishings Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.92 annualized dividend and a yield of 6.94%. Hooker Furnishings’s payout ratio is presently -101.10%.

Insider Buying and Selling at Hooker Furnishings

In other Hooker Furnishings news, Director Paulette Garafalo sold 2,489 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $17.10, for a total value of $42,561.90. Following the completion of the sale, the director now directly owns 20,783 shares in the company, valued at $355,389.30. This trade represents a 10.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Copeland Capital Management LLC purchased a new stake in Hooker Furnishings in the third quarter valued at approximately $37,000. Acadian Asset Management LLC boosted its holdings in shares of Hooker Furnishings by 15.7% in the 2nd quarter. Acadian Asset Management LLC now owns 5,179 shares of the company’s stock valued at $74,000 after acquiring an additional 703 shares during the last quarter. Baron Wealth Management LLC acquired a new stake in shares of Hooker Furnishings in the third quarter worth $215,000. Barclays PLC raised its holdings in shares of Hooker Furnishings by 270.4% during the third quarter. Barclays PLC now owns 15,463 shares of the company’s stock worth $279,000 after purchasing an additional 11,288 shares during the last quarter. Finally, HighTower Advisors LLC lifted its position in Hooker Furnishings by 26.4% during the third quarter. HighTower Advisors LLC now owns 19,004 shares of the company’s stock valued at $344,000 after purchasing an additional 3,966 shares during the period. 73.63% of the stock is currently owned by hedge funds and other institutional investors.

About Hooker Furnishings

Hooker Furnishings Corporation designs, manufactures, imports, and markets residential household, hospitality, and contract furniture. It operates in three segments: Hooker Branded, Home Meridian, and Domestic Upholstery. The Hooker Branded segment offers design categories, including home entertainment, home office, accent, dining, and bedroom furniture under the Hooker Furniture brand; and imported upholstered furniture under the Hooker Upholstery brand.