Zacks Investment Research Lowers The Dixie Group, Inc. (NASDAQ:DXYN) to Hold

Zacks Investment Research downgraded shares of The Dixie Group, Inc. (NASDAQ:DXYN) from a strong-buy rating to a hold rating in a research report released on Wednesday morning.

According to Zacks, “Dixie Group Inc. is a leading carpet and rug manufacturer and supplier to higher-end residential and commercial customers serviced by Masland Carpets and Fabrica International, to consumers through major retailers under the Bretlin, Globaltex and Alliance Mills brands and to the factory-built housing and recreational vehicle markets through Carriage Carpets. Dixie’s Candlewick Yarns serves specialty carpet yarn customers.(PR) “

The Dixie Group (NASDAQ DXYN) traded down 1.15% during mid-day trading on Wednesday, hitting $4.30. The stock had a trading volume of 16,484 shares. The firm’s 50-day moving average price is $4.31 and its 200-day moving average price is $3.77. The Dixie Group has a 1-year low of $3.15 and a 1-year high of $5.56. The stock’s market cap is $67.39 million.

The Dixie Group (NASDAQ:DXYN) last posted its earnings results on Thursday, May 4th. The textile maker reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.04. The firm had revenue of $97.50 million for the quarter, compared to the consensus estimate of $91.90 million. The Dixie Group had a negative return on equity of 0.81% and a negative net margin of 0.27%. The business’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.25) earnings per share. On average, equities analysts expect that The Dixie Group will post $0.14 earnings per share for the current year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Boston Partners boosted its position in The Dixie Group by 78.8% in the first quarter. Boston Partners now owns 505,800 shares of the textile maker’s stock valued at $1,821,000 after buying an additional 222,900 shares during the last quarter. Prescott Group Capital Management L.L.C. boosted its position in The Dixie Group by 51.0% in the first quarter. Prescott Group Capital Management L.L.C. now owns 192,420 shares of the textile maker’s stock valued at $693,000 after buying an additional 65,000 shares during the last quarter. Wells Fargo & Company MN boosted its position in The Dixie Group by 4.4% in the first quarter. Wells Fargo & Company MN now owns 1,622,949 shares of the textile maker’s stock valued at $5,842,000 after buying an additional 68,139 shares during the last quarter. Russell Investments Group Ltd. boosted its position in The Dixie Group by 64.8% in the first quarter. Russell Investments Group Ltd. now owns 228,900 shares of the textile maker’s stock valued at $824,000 after buying an additional 90,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in The Dixie Group by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,091,102 shares of the textile maker’s stock valued at $3,928,000 after buying an additional 12,572 shares during the last quarter. 62.44% of the stock is currently owned by hedge funds and other institutional investors.

The Dixie Group Company Profile

The Dixie Group, Inc is engaged in marketing, manufacturing and selling of carpet and rugs. The Company offers its products to various residential and commercial customers through its various sales forces and brands. The Company operates through the carpet and rug manufacturing segment. The Company also provides carpet and yarn related services to other manufacturers.

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