Zacks Investment Research downgraded shares of HNI (NYSE:HNI) from a hold rating to a sell rating in a research report released on Wednesday.
According to Zacks, “HNI Corporation provide products and solutions for the home and workplace environments. HNI is a leading global provider and designer of office furniture and the leading manufacturer and marketer of hearth products. HNI Corporation sell the broadest and deepest selection of quality office furniture solutions available to meet the needs of every customer through an extensive portfolio of well-known and trusted brands. HNI Corporation hearth products are the strongest, most respected brands in the industry and include a full array of gas, electric, wood and biomass burning fireplaces, inserts, stoves, facings and accessories. “
Shares of HNI stock opened at $35.48 on Wednesday. HNI has a 12 month low of $32.55 and a 12 month high of $45.40. The company has a current ratio of 1.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 18.01 and a beta of 1.45.
HNI (NYSE:HNI) last issued its quarterly earnings data on Monday, October 22nd. The business services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. HNI had a net margin of 4.23% and a return on equity of 16.11%. The firm had revenue of $611.10 million for the quarter, compared to analyst estimates of $618.27 million. During the same quarter in the previous year, the business posted $0.82 EPS. The firm’s revenue was up 1.9% compared to the same quarter last year. Sell-side analysts forecast that HNI will post 2.4 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, December 3rd. Shareholders of record on Monday, November 19th were issued a $0.295 dividend. The ex-dividend date of this dividend was Friday, November 16th. This represents a $1.18 dividend on an annualized basis and a yield of 3.33%. HNI’s dividend payout ratio is currently 59.90%.
In other HNI news, Director Stanley A. Askren sold 23,660 shares of the business’s stock in a transaction on Monday, November 26th. The shares were sold at an average price of $37.62, for a total value of $890,089.20. Following the transaction, the director now owns 256,356 shares in the company, valued at approximately $9,644,112.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stanley A. Askren sold 25,212 shares of the business’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $42.56, for a total transaction of $1,073,022.72. Following the completion of the transaction, the director now owns 257,908 shares in the company, valued at approximately $10,976,564.48. The disclosure for this sale can be found here. Insiders sold a total of 103,463 shares of company stock worth $4,032,111 in the last quarter. 5.16% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of HNI by 1.4% in the 3rd quarter. BlackRock Inc. now owns 4,843,300 shares of the business services provider’s stock valued at $214,268,000 after purchasing an additional 68,912 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of HNI by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,079,643 shares of the business services provider’s stock valued at $180,483,000 after purchasing an additional 66,967 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of HNI by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,289,818 shares of the business services provider’s stock valued at $47,981,000 after purchasing an additional 36,713 shares in the last quarter. Frontier Capital Management Co. LLC raised its stake in shares of HNI by 7.5% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,067,015 shares of the business services provider’s stock valued at $47,205,000 after purchasing an additional 74,742 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of HNI by 1.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 779,326 shares of the business services provider’s stock valued at $34,477,000 after purchasing an additional 14,637 shares in the last quarter. Institutional investors and hedge funds own 71.43% of the company’s stock.
HNI Corporation manufactures and sells office furniture and hearth products in the United States, Canada, China, Hong Kong, India, Mexico, Dubai, and Taiwan. The company's Office Furniture segment offers a range of metal and wood commercial and home office furniture, which include storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions and panel systems, and other related products under the HON, Allsteel, Maxon, Gunlocke, HBF, OFM, basyx by HON, Lamex, and HNI India brands.
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