Zacks Investment Research Upgrades HNI Corporation (HNI) to “Hold”
HNI Corporation (NYSE:HNI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.
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. “
Other analysts have also issued research reports about the stock. TheStreet lowered shares of HNI Corporation from a “b-” rating to a “c+” rating in a research report on Tuesday, June 20th. Raymond James Financial, Inc. upgraded shares of HNI Corporation from a “market perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Wednesday, August 23rd. Citigroup Inc. upgraded shares of HNI Corporation to an “outperform” rating and set a $42.00 target price on the stock in a research report on Wednesday, August 23rd. UBS AG upgraded shares of HNI Corporation from a “market perform” rating to an “outperform” rating in a research report on Wednesday, August 23rd. Finally, BidaskClub downgraded shares of HNI Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $44.50.
Shares of HNI Corporation (NYSE:HNI) opened at 37.80 on Monday. HNI Corporation has a 52 week low of $34.60 and a 52 week high of $56.94. The firm has a 50-day moving average of $36.39 and a 200 day moving average of $41.80. The stock has a market cap of $1.67 billion, a PE ratio of 27.16 and a beta of 1.41.
HNI Corporation (NYSE:HNI) last announced its earnings results on Monday, July 24th. The business services provider reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.01). HNI Corporation had a net margin of 2.94% and a return on equity of 20.82%. The company had revenue of $514.50 million during the quarter, compared to analyst estimates of $516.10 million. During the same quarter last year, the business earned $0.68 EPS. The firm’s revenue for the quarter was down 4.1% compared to the same quarter last year. On average, equities analysts forecast that HNI Corporation will post $2.45 EPS for the current fiscal year.
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In other news, Chairman Stanley A. Askren sold 12,000 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $36.44, for a total value of $437,280.00. Following the transaction, the chairman now directly owns 216,996 shares of the company’s stock, valued at $7,907,334.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 5.16% of the company’s stock.
Large investors have recently bought and sold shares of the company. KCG Holdings Inc. purchased a new position in shares of HNI Corporation in the first quarter worth about $205,000. Laurion Capital Management LP purchased a new position in shares of HNI Corporation in the first quarter worth about $221,000. Bank of Montreal Can lifted its stake in shares of HNI Corporation by 27.2% in the first quarter. Bank of Montreal Can now owns 4,819 shares of the business services provider’s stock worth $222,000 after buying an additional 1,030 shares in the last quarter. Tudor Investment Corp ET AL purchased a new position in shares of HNI Corporation in the first quarter worth about $284,000. Finally, SG Americas Securities LLC lifted its stake in shares of HNI Corporation by 64.9% in the first quarter. SG Americas Securities LLC now owns 6,846 shares of the business services provider’s stock worth $316,000 after buying an additional 2,695 shares in the last quarter. 69.64% of the stock is currently owned by hedge funds and other institutional investors.
HNI Corporation Company Profile
HNI Corporation is a provider of office furniture and hearth products. The Company’s office furniture products include panel-based and freestanding furniture systems, seating, storage and tables. The Company’s segments include office furniture and hearth products. The office furniture segment manufactures and markets a line 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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