Hillsdale Investment Management Inc. Makes New $3.99 Million Investment in HNI Co. (NYSE:HNI)

Hillsdale Investment Management Inc. bought a new stake in HNI Co. (NYSE:HNI) in the 1st quarter, Holdings Channel reports. The institutional investor bought 88,340 shares of the business services provider’s stock, valued at approximately $3,987,000.

Other large investors have also recently bought and sold shares of the company. Texas Permanent School Fund Corp raised its position in HNI by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 40,765 shares of the business services provider’s stock valued at $1,840,000 after purchasing an additional 544 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new position in HNI in the fourth quarter valued at about $1,347,000. Oxford Financial Group LTD. LLC raised its position in HNI by 58.0% in the fourth quarter. Oxford Financial Group LTD. LLC now owns 51,867 shares of the business services provider’s stock valued at $2,170,000 after purchasing an additional 19,032 shares during the last quarter. BNP Paribas Financial Markets raised its position in HNI by 86.6% in the first quarter. BNP Paribas Financial Markets now owns 35,859 shares of the business services provider’s stock valued at $1,618,000 after purchasing an additional 16,646 shares during the last quarter. Finally, Intrinsic Edge Capital Management LLC bought a new position in HNI in the fourth quarter valued at about $3,906,000. 75.26% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP Donna D. Meade sold 10,000 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $45.97, for a total value of $459,700.00. Following the completion of the sale, the vice president now owns 32,308 shares of the company’s stock, valued at $1,485,198.76. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, VP Donna D. Meade sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $45.97, for a total transaction of $459,700.00. Following the completion of the sale, the vice president now owns 32,308 shares of the company’s stock, valued at $1,485,198.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Larry B. Porcellato sold 1,796 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $46.00, for a total value of $82,616.00. Following the sale, the director now directly owns 39,100 shares of the company’s stock, valued at approximately $1,798,600. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,966 shares of company stock valued at $1,685,119. Company insiders own 3.36% of the company’s stock.

Analysts Set New Price Targets

Separately, Benchmark increased their target price on HNI from $54.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, May 29th.

HNI Trading Up 2.9 %

Shares of HNI stock traded up $1.40 on Monday, hitting $49.76. The company had a trading volume of 205,027 shares, compared to its average volume of 245,929. The firm has a market cap of $2.35 billion, a P/E ratio of 36.86, a P/E/G ratio of 1.30 and a beta of 0.86. The stock’s 50-day moving average is $45.51 and its two-hundred day moving average is $43.73. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.77 and a current ratio of 1.29. HNI Co. has a twelve month low of $27.92 and a twelve month high of $49.95.

HNI (NYSE:HNI) last issued its quarterly earnings results on Monday, April 29th. The business services provider reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.19. The company had revenue of $588.00 million during the quarter, compared to analysts’ expectations of $574.56 million. HNI had a return on equity of 17.75% and a net margin of 2.57%. The business’s quarterly revenue was up 22.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.13 earnings per share. On average, equities research analysts anticipate that HNI Co. will post 3.1 earnings per share for the current fiscal year.

HNI Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were paid a $0.33 dividend. This is a boost from HNI’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $1.32 annualized dividend and a dividend yield of 2.65%. HNI’s dividend payout ratio is presently 97.78%.

HNI Profile

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.