Northwestern Mutual Investment Management Company LLC lowered its stake in HNI Corp (NYSE:HNI) by 6.6% during the 1st quarter, HoldingsChannel reports. The firm owned 7,738 shares of the business services provider’s stock after selling 545 shares during the quarter. Northwestern Mutual Investment Management Company LLC’s holdings in HNI were worth $281,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in HNI. Norges Bank purchased a new stake in HNI in the 4th quarter worth $27,445,000. BlackRock Inc. grew its holdings in HNI by 2.2% during the 4th quarter. BlackRock Inc. now owns 4,949,035 shares of the business services provider’s stock valued at $175,343,000 after purchasing an additional 105,735 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new position in HNI during the 4th quarter valued at about $3,415,000. Los Angeles Capital Management & Equity Research Inc. bought a new position in HNI during the 4th quarter valued at about $2,470,000. Finally, Geode Capital Management LLC grew its holdings in HNI by 12.7% during the 4th quarter. Geode Capital Management LLC now owns 482,770 shares of the business services provider’s stock valued at $17,103,000 after purchasing an additional 54,587 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company’s stock.

Several brokerages recently commented on HNI. Sidoti downgraded shares of HNI from a “buy” rating to a “neutral” rating and cut their price target for the company from $47.00 to $43.00 in a report on Tuesday, February 26th. TheStreet upgraded shares of HNI from a “c+” rating to a “b” rating in a report on Friday, February 15th. Seaport Global Securities reiterated a “neutral” rating on shares of HNI in a report on Wednesday, February 27th. Finally, Zacks Investment Research downgraded shares of HNI from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $45.00.

NYSE:HNI traded up $0.04 during mid-day trading on Wednesday, hitting $35.52. 19,848 shares of the stock traded hands, compared to its average volume of 200,357. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 14.74 and a beta of 1.27. HNI Corp has a 52 week low of $32.79 and a 52 week high of $45.40. The company has a current ratio of 1.30, a quick ratio of 0.84 and a debt-to-equity ratio of 0.54.

HNI (NYSE:HNI) last issued its quarterly earnings results on Monday, April 22nd. The business services provider reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $479.50 million for the quarter, compared to the consensus estimate of $485.33 million. HNI had a net margin of 4.12% and a return on equity of 18.89%. The firm’s revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.10 EPS. As a group, equities analysts forecast that HNI Corp will post 2.67 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 17th were given a $0.305 dividend. This represents a $1.22 annualized dividend and a yield of 3.43%. This is a boost from HNI’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, May 16th. HNI’s payout ratio is 50.62%.

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About HNI

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.

Read More: Net Margin

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Institutional Ownership by Quarter for HNI (NYSE:HNI)

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