Zacks Investment Research upgraded shares of HNI Corporation (NYSE:HNI) from a sell rating to a hold rating in a research report sent to investors on Monday, September 11th.
According to Zacks, “HNI Corp has two reportable core operating segments: office furniture and hearth products. They are the second largest office furniture manufacturer in the United States and the nation’s leading manufacturer and marketer of gas- and wood-burning fireplaces. “
A number of other equities analysts also recently commented on HNI. BidaskClub downgraded HNI Corporation from a hold rating to a sell rating in a research report on Saturday, June 17th. TheStreet downgraded HNI Corporation from a b- rating to a c+ rating in a research report on Tuesday, June 20th. UBS AG raised HNI Corporation from a market perform rating to an outperform rating in a research report on Wednesday, August 23rd. Citigroup Inc. raised HNI Corporation to an outperform rating and set a $42.00 price objective for the company in a research report on Wednesday, August 23rd. Finally, Raymond James Financial, Inc. raised HNI Corporation from a market perform rating to an outperform rating and set a $42.00 price objective for the company in a research report on Wednesday, August 23rd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $44.50.
Shares of HNI Corporation (HNI) traded up 0.99% during midday trading on Monday, reaching $38.64. 15,312 shares of the company’s stock were exchanged. The stock has a market cap of $1.70 billion, a PE ratio of 27.76 and a beta of 1.41. HNI Corporation has a 12-month low of $34.60 and a 12-month high of $56.94. The stock’s 50 day moving average is $36.41 and its 200-day moving average is $41.44.
HNI Corporation (NYSE:HNI) last issued its quarterly earnings results on Monday, July 24th. The business services provider reported $0.42 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.01). HNI Corporation had a return on equity of 20.82% and a net margin of 2.94%. The business had revenue of $514.50 million for the quarter, compared to analysts’ expectations of $516.10 million. During the same quarter last year, the company earned $0.68 earnings per share. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, equities analysts expect that HNI Corporation will post $2.45 EPS for the current year.
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The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were issued a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend was Wednesday, August 16th. HNI Corporation’s dividend payout ratio (DPR) is 81.43%.
In related news, Chairman Stanley A. Askren sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $36.44, for a total value of $437,280.00. Following the completion of the transaction, the chairman now directly owns 216,996 shares of the company’s stock, valued at $7,907,334.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.16% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. boosted its holdings in shares of HNI Corporation by 7.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 277,050 shares of the business services provider’s stock valued at $12,770,000 after acquiring an additional 19,771 shares during the period. Airain ltd acquired a new stake in shares of HNI Corporation in the first quarter valued at approximately $756,000. Comerica Bank boosted its holdings in shares of HNI Corporation by 3.7% in the first quarter. Comerica Bank now owns 34,256 shares of the business services provider’s stock valued at $1,618,000 after acquiring an additional 1,222 shares during the period. SG Americas Securities LLC boosted its holdings in shares of HNI Corporation by 102.7% in the second quarter. SG Americas Securities LLC now owns 13,877 shares of the business services provider’s stock valued at $553,000 after acquiring an additional 7,031 shares during the period. Finally, Bank of Montreal Can boosted its holdings in shares of HNI Corporation by 27.2% in the first quarter. Bank of Montreal Can now owns 4,819 shares of the business services provider’s stock valued at $222,000 after acquiring an additional 1,030 shares during the period. 68.99% of the stock is owned by institutional investors and hedge funds.
HNI Corporation 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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