HNI Corp. (HNI) Rating Increased to Hold at Zacks Investment Research
HNI Corp. (NYSE:HNI) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “HNI Corp has two reportable core operating segments: office furniture and hearth products. They are the second largest office furniture manufacturer in the United States and the nation’s leading manufacturer and marketer of gas- and wood-burning fireplaces. “
A number of other research analysts have also commented on the company. Seaport Global Securities assumed coverage on HNI Corp. in a research report on Friday, November 4th. They set a “neutral” rating for the company. Raymond James Financial Inc. lowered HNI Corp. from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 20th.
HNI Corp. (NYSE:HNI) opened at 54.48 on Tuesday. The company’s 50 day moving average price is $42.78 and its 200 day moving average price is $47.00. The stock has a market cap of $2.43 billion, a PE ratio of 23.18 and a beta of 1.29. HNI Corp. has a 12 month low of $29.84 and a 12 month high of $56.96.
HNI Corp. (NYSE:HNI) last released its earnings results on Wednesday, October 19th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.03. HNI Corp. had a return on equity of 24.76% and a net margin of 4.82%. The company earned $584.60 million during the quarter, compared to analyst estimates of $583.70 million. During the same quarter in the previous year, the company posted $0.93 EPS. HNI Corp.’s revenue for the quarter was down 5.1% on a year-over-year basis. Equities analysts forecast that HNI Corp. will post $2.65 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Monday, November 21st will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend is Thursday, November 17th. HNI Corp.’s dividend payout ratio is currently 46.81%.
In other news, insider Donald T. Mead sold 26,343 shares of the stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $54.60, for a total value of $1,438,327.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ronald V. Waters sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $44.70, for a total value of $223,500.00. Following the completion of the transaction, the director now directly owns 36,230 shares of the company’s stock, valued at approximately $1,619,481. The disclosure for this sale can be found here. 5.00% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in shares of HNI Corp. by 58.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 1,068,895 shares of the company’s stock valued at $42,542,000 after buying an additional 395,194 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in shares of HNI Corp. by 67.0% in the third quarter. Ameritas Investment Partners Inc. now owns 17,454 shares of the company’s stock valued at $695,000 after buying an additional 7,005 shares in the last quarter. Verition Fund Management LLC purchased a new position in shares of HNI Corp. during the third quarter valued at about $392,000. Dana Investment Advisors Inc. purchased a new position in shares of HNI Corp. during the third quarter valued at about $249,000. Finally, Jane Street Group LLC purchased a new position in shares of HNI Corp. during the third quarter valued at about $536,000. 68.26% of the stock is owned by hedge funds and other institutional investors.
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HNI Corp. Company Profile
HNI Corporation is a provider of office furniture and hearth products. The Company manufactures and markets gas and wood burning fireplaces. It operates through two segments: office furniture and hearth products. Its office furniture segment manufactures and markets a range of metal and wood commercial and home office furniture, which includes storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions, and panel systems and other related products.
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