SummerHaven Investment Management LLC Increases Stock Position in HNI Co. (NYSE:HNI)

SummerHaven Investment Management LLC lifted its position in HNI Co. (NYSE:HNI) by 1.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,584 shares of the business services provider’s stock after purchasing an additional 266 shares during the quarter. HNI makes up 0.7% of SummerHaven Investment Management LLC’s investment portfolio, making the stock its 16th biggest holding. SummerHaven Investment Management LLC owned about 0.06% of HNI worth $1,112,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of HNI. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in HNI during the 4th quarter worth $1,347,000. Handelsbanken Fonder AB boosted its stake in shares of HNI by 24.4% during the third quarter. Handelsbanken Fonder AB now owns 9,726 shares of the business services provider’s stock worth $337,000 after buying an additional 1,910 shares during the period. Vanguard Group Inc. grew its holdings in shares of HNI by 0.7% during the third quarter. Vanguard Group Inc. now owns 5,276,579 shares of the business services provider’s stock worth $182,728,000 after buying an additional 36,988 shares during the last quarter. Illinois Municipal Retirement Fund acquired a new position in HNI in the 3rd quarter valued at about $947,000. Finally, Charles Schwab Investment Management Inc. raised its stake in HNI by 4.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 800,024 shares of the business services provider’s stock valued at $27,705,000 after acquiring an additional 30,475 shares during the last quarter. 75.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at HNI

In related news, Director Larry B. Porcellato sold 2,000 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $44.00, for a total value of $88,000.00. Following the completion of the transaction, the director now directly owns 40,718 shares in the company, valued at $1,791,592. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Larry B. Porcellato sold 2,000 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $44.00, for a total value of $88,000.00. Following the transaction, the director now directly owns 40,718 shares of the company’s stock, valued at approximately $1,791,592. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Vincent P. Berger sold 9,976 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $43.01, for a total value of $429,067.76. Following the completion of the sale, the executive vice president now owns 67,025 shares of the company’s stock, valued at approximately $2,882,745.25. The disclosure for this sale can be found here. Insiders sold a total of 17,374 shares of company stock worth $749,534 over the last ninety days. 3.36% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut HNI from a “strong-buy” rating to a “buy” rating in a research report on Friday, March 8th.

HNI Price Performance

Shares of HNI stock traded up $0.14 during mid-day trading on Monday, reaching $42.64. The stock had a trading volume of 102,869 shares, compared to its average volume of 251,538. The company has a market cap of $2.02 billion, a P/E ratio of 41.36, a price-to-earnings-growth ratio of 1.21 and a beta of 0.86. The company has a current ratio of 1.16, a quick ratio of 0.73 and a debt-to-equity ratio of 0.57. HNI Co. has a 12-month low of $24.81 and a 12-month high of $45.47. The business has a 50-day simple moving average of $43.31 and a 200 day simple moving average of $40.93.

HNI (NYSE:HNI) last issued its quarterly earnings data on Thursday, February 22nd. The business services provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.18. HNI had a net margin of 2.03% and a return on equity of 16.97%. The firm had revenue of $679.80 million for the quarter, compared to analysts’ expectations of $686.15 million. During the same period in the prior year, the company earned $0.63 EPS. The firm’s revenue was up 19.5% on a year-over-year basis. On average, sell-side analysts anticipate that HNI Co. will post 2.93 earnings per share for the current year.

HNI Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 6th. Investors of record on Monday, February 26th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend was Friday, February 23rd. HNI’s payout ratio is 125.49%.

About HNI

HNI Corporation, together with its subsidiaries, engages in the manufacture, sale, and marketing of workplace furnishings and residential building products primarily in the United States and Canada. The company operates through two segments, Workplace Furnishings and Residential Building Products. The Workplace Furnishings segment offers a range of commercial and home office furniture, including panel-based and freestanding furniture systems, seating, storage, benching, tables, architectural products, and ancillary and hospitality products, as well as social collaborative items under the HON, Allsteel, Beyond, Gunlocke, HBF, HBF Textiles, HNI India, Kimball, National, Etc., Interwoven, David Edward, Kimball Hospitality, and D'style brands.