Frontier Capital Management Co. LLC boosted its position in HNI Corp (NYSE:HNI) by 3.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,026,015 shares of the business services provider’s stock after buying an additional 30,792 shares during the period. Frontier Capital Management Co. LLC owned about 2.32% of HNI Corp worth $47,289,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of HNI Corp during the fourth quarter worth approximately $53,804,000. Bank of New York Mellon Corp raised its position in shares of HNI Corp by 27.6% in the first quarter. Bank of New York Mellon Corp now owns 835,144 shares of the business services provider’s stock worth $38,492,000 after buying an additional 180,778 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of HNI Corp by 293.5% in the first quarter. JPMorgan Chase & Co. now owns 169,984 shares of the business services provider’s stock worth $7,834,000 after buying an additional 126,783 shares in the last quarter. Dalton Greiner Hartman Maher & Co. purchased a new position in shares of HNI Corp during the first quarter worth approximately $4,564,000. Finally, Seizert Capital Partners LLC purchased a new position in shares of HNI Corp during the first quarter worth approximately $2,081,000. Hedge funds and other institutional investors own 67.13% of the company’s stock.
Shares of HNI Corp (NYSE:HNI) traded up 0.87% during midday trading on Wednesday, hitting $42.83. 154,012 shares of the stock were exchanged. The firm has a market cap of $1.89 billion, a P/E ratio of 24.77 and a beta of 1.44. The stock’s 50 day moving average is $45.20 and its 200 day moving average is $48.57. HNI Corp has a 12-month low of $37.24 and a 12-month high of $56.96.
HNI Corp (NYSE:HNI) last issued its quarterly earnings results on Wednesday, April 19th. The business services provider reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. HNI Corp had a net margin of 3.88% and a return on equity of 23.75%. The firm had revenue of $477.70 million during the quarter, compared to the consensus estimate of $470.07 million. During the same period in the prior year, the firm earned $0.31 EPS. The business’s revenue was down 4.7% on a year-over-year basis. On average, equities research analysts forecast that HNI Corp will post $2.97 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Friday, May 19th will be issued a $0.285 dividend. The ex-dividend date of this dividend is Wednesday, May 17th. This is an increase from HNI Corp’s previous quarterly dividend of $0.28. This represents a $1.14 dividend on an annualized basis and a yield of 2.66%. HNI Corp’s dividend payout ratio is 58.51%.
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HNI has been the topic of a number of recent analyst reports. Off Wall Street initiated coverage on shares of HNI Corp in a report on Monday, February 6th. They issued a “sell” rating on the stock. Zacks Investment Research upgraded shares of HNI Corp from a “sell” rating to a “hold” rating in a report on Monday, March 20th. Finally, Sidoti upgraded shares of HNI Corp from a “neutral” rating to a “buy” rating in a report on Tuesday, February 28th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $47.00.
In other HNI Corp news, VP Steven M. Bradford sold 31,745 shares of the stock in a transaction on Monday, March 20th. The shares were sold at an average price of $45.49, for a total value of $1,444,080.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Stanley A. Askren sold 2,764 shares of the stock in a transaction on Monday, March 20th. The shares were sold at an average price of $46.51, for a total transaction of $128,553.64. Following the completion of the sale, the chairman now directly owns 207,156 shares of the company’s stock, valued at $9,634,825.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,273 shares of company stock valued at $2,481,921. Insiders own 5.00% of the company’s stock.
HNI Corp Company Profile
HNI Corporation is a provider of office furniture and hearth products. The Company’s office furniture products include panel-based and freestanding furniture systems, seating, storage and tables. The Company’s segments include office furniture and hearth products. The office furniture segment manufactures and markets a line of metal and wood commercial and home office furniture, which includes storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions, and panel systems and other related products.
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