Short Interest in Hooker Furnishings Co. (NASDAQ:HOFT) Declines By 6.7%

Hooker Furnishings Co. (NASDAQ:HOFT) saw a large drop in short interest during the month of November. As of November 30th, there was short interest totalling 161,800 shares, a drop of 6.7% from the November 15th total of 173,400 shares. Based on an average daily volume of 23,700 shares, the short-interest ratio is presently 6.8 days. Approximately 1.5% of the shares of the stock are sold short.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Hooker Furnishings from a “hold” rating to a “sell” rating in a research note on Thursday, December 12th.

Insider Activity

In other 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 sale, the director now directly owns 20,783 shares in the company, valued at approximately $355,389.30. This trade represents a 10.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Copeland Capital Management LLC acquired a new position in Hooker Furnishings in the 3rd quarter valued at approximately $37,000. Acadian Asset Management LLC increased its holdings in Hooker Furnishings by 15.7% in the second quarter. Acadian Asset Management LLC now owns 5,179 shares of the company’s stock valued at $74,000 after purchasing an additional 703 shares during the period. Baron Wealth Management LLC bought a new position in Hooker Furnishings during the 3rd quarter worth $215,000. Inspire Advisors LLC bought a new position in Hooker Furnishings during the 2nd quarter worth $190,000. Finally, Atlantic Union Bankshares Corp acquired a new position in Hooker Furnishings during the 2nd quarter worth about $198,000. Institutional investors own 73.63% of the company’s stock.

Hooker Furnishings Stock Down 2.2 %

Shares of HOFT opened at $16.78 on Wednesday. The stock has a market capitalization of $179.71 million, a price-to-earnings ratio of -18.44 and a beta of 1.22. Hooker Furnishings has a 52 week low of $13.09 and a 52 week high of $27.15. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.46 and a current ratio of 3.16. The stock has a fifty day moving average of $17.35 and a 200-day moving average of $16.05.

Hooker Furnishings Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 5.48%. The ex-dividend date is Friday, December 13th. Hooker Furnishings’s dividend payout ratio is currently -101.10%.

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.