Short Interest in HNI Corporation (NYSE:HNI) Rises By 39.7%

HNI Corporation (NYSE:HNI) saw a large growth in short interest during the month of February. As of February 27th, there was short interest totaling 1,764,187 shares, a growth of 39.7% from the February 12th total of 1,262,728 shares. Approximately 4.0% of the company’s shares are sold short. Based on an average daily volume of 778,284 shares, the days-to-cover ratio is currently 2.3 days. Based on an average daily volume of 778,284 shares, the days-to-cover ratio is currently 2.3 days. Approximately 4.0% of the company’s shares are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on HNI shares. Weiss Ratings lowered shares of HNI from a “buy (b-)” rating to a “hold (c)” rating in a report on Thursday, March 5th. Wall Street Zen lowered HNI from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Benchmark reiterated a “buy” rating on shares of HNI in a research note on Friday, January 16th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, HNI currently has an average rating of “Moderate Buy” and an average price target of $75.00.

HNI Stock Performance

NYSE:HNI opened at $40.43 on Monday. HNI has a 12 month low of $38.03 and a 12 month high of $53.29. The firm has a market capitalization of $1.85 billion, a PE ratio of 32.34, a price-to-earnings-growth ratio of 0.49 and a beta of 0.94. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.24 and a quick ratio of 0.82. The business’s fifty day moving average price is $46.62 and its 200 day moving average price is $44.34.

HNI (NYSE:HNI) last released its quarterly earnings results on Wednesday, February 25th. The business services provider reported $0.83 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.08). HNI had a net margin of 1.91% and a return on equity of 15.80%. The business had revenue of $888.40 million during the quarter, compared to analysts’ expectations of $693.78 million. During the same quarter last year, the company earned $0.87 EPS. The firm’s revenue for the quarter was up 38.3% compared to the same quarter last year. On average, sell-side analysts anticipate that HNI will post 3.6 earnings per share for the current fiscal year.

HNI Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 11th. Shareholders of record on Monday, March 2nd were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $1.36 annualized dividend and a yield of 3.4%. HNI’s dividend payout ratio is currently 108.80%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of HNI. Cooke & Bieler LP raised its stake in shares of HNI by 23.0% during the fourth quarter. Cooke & Bieler LP now owns 754,493 shares of the business services provider’s stock worth $31,719,000 after purchasing an additional 140,971 shares during the last quarter. Millennium Management LLC purchased a new position in HNI in the 1st quarter valued at $10,666,000. Jane Street Group LLC purchased a new position in HNI during the 1st quarter worth $10,301,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of HNI by 7.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,290 shares of the business services provider’s stock worth $6,311,000 after acquiring an additional 9,730 shares during the period. Finally, Rhumbline Advisers boosted its holdings in shares of HNI by 0.4% in the second quarter. Rhumbline Advisers now owns 134,220 shares of the business services provider’s stock valued at $6,601,000 after acquiring an additional 512 shares in the last quarter. 75.26% of the stock is currently owned by hedge funds and other institutional investors.

About HNI

HNI Corporation, founded in 1944 as the Heating & Novelty Company and headquartered in Muscatine, Iowa, is a leading manufacturer of office furniture and hearth products. Over its history, the company has evolved from producing gas heaters into two primary business segments: Office Furniture and Hearth & Home. HNI’s Office Furniture division operates under well-known brands such as The HON Company, Allsteel, Gunlocke and Kimball, offering a comprehensive portfolio of workstations, seating, tables, storage solutions and acoustic products tailored for corporate, education, healthcare and government markets.

In its Hearth & Home segment, HNI designs, manufactures and distributes fireplaces, stoves, fireplace inserts, logs and related accessories.