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

Hooker Furnishings Co. (NASDAQ:HOFT - Get Free Report) saw a significant growth in short interest in December. As of December 15th, there was short interest totalling 188,100 shares, a growth of 16.3% from the November 30th total of 161,800 shares. Based on an average daily volume of 28,000 shares, the days-to-cover ratio is currently 6.7 days. Currently, 1.8% of the company's stock are sold short.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Hooker Furnishings from a "hold" rating to a "sell" rating in a research report on Thursday, December 12th.

Insider Activity at Hooker Furnishings

In other Hooker Furnishings news, Director Paulette Garafalo sold 2,489 shares of the company's stock in a transaction dated 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 owns 20,783 shares in the company, valued at approximately $355,389.30. This represents a 10.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hooker Furnishings

A number of hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC increased 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 worth $74,000 after purchasing an additional 703 shares in the last quarter. Copeland Capital Management LLC bought a new stake in Hooker Furnishings in the 3rd quarter worth about $37,000. Empowered Funds LLC raised its position in Hooker Furnishings by 5.2% in the 3rd quarter. Empowered Funds LLC now owns 49,188 shares of the company's stock worth $889,000 after buying an additional 2,412 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Hooker Furnishings by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 78,249 shares of the company's stock valued at $1,133,000 after acquiring an additional 2,452 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Hooker Furnishings by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 241,310 shares of the company's stock valued at $4,364,000 after acquiring an additional 2,493 shares during the last quarter. 73.63% of the stock is currently owned by hedge funds and other institutional investors.

Hooker Furnishings Stock Up 2.5 %

Shares of HOFT traded up $0.34 during trading hours on Monday, hitting $13.75. The company had a trading volume of 57,343 shares, compared to its average volume of 34,106. The stock has a market capitalization of $147.26 million, a price-to-earnings ratio of -15.11 and a beta of 1.22. The firm has a fifty day moving average price of $16.96 and a 200-day moving average price of $15.96. Hooker Furnishings has a 52-week low of $13.00 and a 52-week high of $26.33. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.46 and a current ratio of 3.16.

Hooker Furnishings Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 6.69%. The ex-dividend date is Friday, December 13th. Hooker Furnishings's payout ratio is -101.10%.

Hooker Furnishings Company Profile

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.