HNI Corp. (HNI) Downgraded by Raymond James Financial Inc. to Market Perform
HNI Corp. (NYSE:HNI) was downgraded by equities researchers at Raymond James Financial Inc. from an “outperform” rating to a “market perform” rating in a note issued to investors on Tuesday.
HNI Corp. (NYSE:HNI) traded down 24.42% during trading on Tuesday, reaching $40.97. The company’s stock had a trading volume of 1,954,424 shares. HNI Corp. has a 52 week low of $29.84 and a 52 week high of $56.96. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 16.30 and a beta of 1.40. The firm has a 50 day moving average of $53.92 and a 200 day moving average of $46.28.
HNI Corp. (NYSE:HNI) last announced its earnings results on Thursday, July 21st. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.03. HNI Corp. had a return on equity of 26.76% and a net margin of 5.06%. Analysts expect that HNI Corp. will post $2.87 EPS for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 19th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $1.10 annualized dividend and a dividend yield of 2.68%. HNI Corp.’s dividend payout ratio is presently 43.82%.
In other news, insider Jeffrey D. Lorenger sold 36,483 shares of the stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $52.20, for a total transaction of $1,904,412.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jerald K. Dittmer sold 1,404 shares of the stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $53.50, for a total transaction of $75,114.00. Following the transaction, the insider now directly owns 22,823 shares in the company, valued at approximately $1,221,030.50. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.
Several institutional investors have recently modified their holdings of HNI. Norges Bank bought a new position in shares of HNI Corp. during the fourth quarter valued at approximately $22,815,000. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of HNI Corp. during the first quarter valued at approximately $222,000. Prudential Financial Inc. boosted its position in shares of HNI Corp. by 50.7% in the first quarter. Prudential Financial Inc. now owns 52,937 shares of the company’s stock valued at $2,074,000 after buying an additional 17,800 shares during the last quarter. BlackRock Inc. boosted its position in shares of HNI Corp. by 7.8% in the first quarter. BlackRock Inc. now owns 17,501 shares of the company’s stock valued at $685,000 after buying an additional 1,265 shares during the last quarter. Finally, BlackRock Group LTD boosted its position in shares of HNI Corp. by 21.3% in the first quarter. BlackRock Group LTD now owns 32,074 shares of the company’s stock valued at $1,257,000 after buying an additional 5,638 shares during the last quarter. 68.01% of the stock is currently owned by institutional investors and hedge funds.
About HNI Corp.
HNI Corporation is a provider of office furniture and hearth products. The Company manufactures and markets gas and wood burning fireplaces. It operates through two segments: office furniture and hearth products. Its office furniture segment manufactures and markets a range 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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