Amalgamated Bank Acquires New Holdings in HNI Corp (HNI)
Amalgamated Bank bought a new stake in HNI Corp (NYSE:HNI) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,785 shares of the business services provider’s stock, valued at approximately $240,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in HNI. Macquarie Group Ltd. increased its position in shares of HNI by 250.0% in the 4th quarter. Macquarie Group Ltd. now owns 700 shares of the business services provider’s stock valued at $25,000 after acquiring an additional 500 shares during the period. Claybrook Capital LLC acquired a new position in shares of HNI in the 4th quarter valued at $69,000. Quantamental Technologies LLC acquired a new position in shares of HNI in the 4th quarter valued at $80,000. Dupont Capital Management Corp acquired a new position in shares of HNI in the 4th quarter valued at $99,000. Finally, Bank of Montreal Can increased its position in shares of HNI by 19.1% in the 4th quarter. Bank of Montreal Can now owns 5,052 shares of the business services provider’s stock valued at $179,000 after acquiring an additional 811 shares during the period. 72.50% of the stock is currently owned by hedge funds and other institutional investors.
HNI has been the topic of several research reports. TheStreet raised HNI from a “c+” rating to a “b” rating in a research report on Friday, February 15th. Seaport Global Securities reissued a “neutral” rating on shares of HNI in a research report on Wednesday, February 27th. Sidoti downgraded HNI from a “buy” rating to a “neutral” rating and cut their target price for the company from $47.00 to $43.00 in a research report on Tuesday, February 26th. Finally, Zacks Investment Research downgraded HNI from a “hold” rating to a “sell” rating in a research report on Saturday, March 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $43.00.
HNI (NYSE:HNI) last announced its quarterly earnings results on Monday, February 25th. The business services provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.01. The company had revenue of $598.10 million for the quarter, compared to the consensus estimate of $604.93 million. HNI had a return on equity of 19.79% and a net margin of 4.14%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period last year, the firm earned $0.47 EPS. On average, analysts expect that HNI Corp will post 2.7 EPS for the current year.
In other HNI news, Director Ronald V. Waters sold 5,000 shares of the stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $42.09, for a total transaction of $210,450.00. The sale was disclosed in a filing with the SEC, which is available through this link. 2.20% of the stock is currently owned by company insiders.
HNI Corporation manufactures and sells office furniture and hearth products in the United States, Canada, China, Hong Kong, India, Mexico, Dubai, Singapore, and Taiwan. Its Office Furniture segment offers a range of commercial and home office furniture, which include storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions and panel systems, and other related products under the HON, Allsteel, Maxon, Gunlocke, HBF, OFM, Lamex, and HNI India brands.
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