Zacks Investment Research Upgrades Tuesday Morning Corp. (TUES) to Hold

Tuesday Morning Corp. (NASDAQ:TUES) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.

According to Zacks, “Tuesday Morning Corp. is a closeout retailer of upscale home furnishings, gifts and related items in the U.S. They operate their stores during eight annual sales events, while closing them for the remaining weeks of the year. They specialize in first quality, brand name merchandise such as Ralph Lauren bed linens, Waterman pens, Limoges hand-decorated boxes, Steinbach collectible nutcrackers, Steiff stuffed animals, Royal Dalton china and giftware, Farberware cookware, Martex bathtowels, Samsonite luggage, Spode china, Madame Alexander dolls and many others. “

TUES has been the topic of a number of other research reports. B. Riley restated a “neutral” rating and set a $2.60 price objective on shares of Tuesday Morning Corp. in a research report on Friday, May 5th. Credit Suisse Group lowered their price objective on shares of Tuesday Morning Corp. from $4.50 to $2.50 and set a “neutral” rating on the stock in a research report on Friday, June 16th. Finally, ValuEngine downgraded shares of Tuesday Morning Corp. from a “sell” rating to a “strong sell” rating in a research report on Friday, June 2nd. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Tuesday Morning Corp. currently has a consensus rating of “Hold” and an average price target of $3.28.

Tuesday Morning Corp. (NASDAQ TUES) opened at 1.80 on Thursday. Tuesday Morning Corp. has a 52-week low of $1.60 and a 52-week high of $8.11. The firm’s 50 day moving average is $1.90 and its 200 day moving average is $3.48. The company’s market cap is $79.24 million.

Tuesday Morning Corp. (NASDAQ:TUES) last issued its earnings results on Thursday, May 4th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by $0.07. The firm had revenue of $203 million during the quarter, compared to the consensus estimate of $207.10 million. Tuesday Morning Corp. had a negative return on equity of 8.56% and a negative net margin of 1.97%. The company’s quarterly revenue was down 4.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.12) EPS. Analysts forecast that Tuesday Morning Corp. will post ($0.63) EPS for the current fiscal year.

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In other Tuesday Morning Corp. news, CEO Steven R. Becker purchased 90,100 shares of the firm’s stock in a transaction on Thursday, May 25th. The shares were acquired at an average cost of $1.82 per share, for a total transaction of $163,982.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steven R. Becker purchased 100,000 shares of the firm’s stock in a transaction on Monday, June 5th. The stock was acquired at an average price of $1.73 per share, for a total transaction of $173,000.00. The disclosure for this purchase can be found here. Insiders acquired 340,100 shares of company stock worth $687,082 over the last quarter. Insiders own 4.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TUES. Two Sigma Investments LP acquired a new position in Tuesday Morning Corp. during the fourth quarter valued at $113,000. State of Tennessee Treasury Department increased its position in Tuesday Morning Corp. by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 41,130 shares of the company’s stock valued at $154,000 after buying an additional 6,207 shares during the last quarter. Comerica Bank increased its position in Tuesday Morning Corp. by 4.6% in the first quarter. Comerica Bank now owns 49,661 shares of the company’s stock valued at $159,000 after buying an additional 2,202 shares during the last quarter. AWM Investment Company Inc. acquired a new position in Tuesday Morning Corp. during the first quarter valued at $187,000. Finally, Alambic Investment Management L.P. acquired a new position in Tuesday Morning Corp. during the first quarter valued at $230,000. Institutional investors and hedge funds own 92.32% of the company’s stock.

Tuesday Morning Corp. Company Profile

Tuesday Morning Corporation is an off-price retailer. The Company specializes in selling discounted, upscale decorative home accessories, housewares, seasonal goods and famous-maker gifts. The Company operated 751 stores in 40 states in the United States, as of June 30, 2016. The Company offers products in a range of categories, such as home decor, furniture, bed and bath, kitchen, toys, crafts, pets and seasonal goods.

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