HNI Corp. (HNI) Stock Rating Lowered by Raymond James Financial Inc.
HNI Corp. (NYSE:HNI) was downgraded by stock analysts at Raymond James Financial Inc. from an “outperform” rating to a “market perform” rating in a research report issued on Tuesday.
Shares of HNI Corp. (NYSE:HNI) opened at 54.21 on Tuesday. HNI Corp. has a 1-year low of $29.84 and a 1-year high of $56.96. The firm’s 50-day moving average price is $53.92 and its 200 day moving average price is $46.28. The stock has a market capitalization of $2.41 billion, a P/E ratio of 21.57 and a beta of 1.40.
HNI Corp. (NYSE:HNI) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.68 EPS 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 fiscal 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 given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend was Wednesday, August 17th. HNI Corp.’s payout ratio is 43.82%.
In other news, Chairman Stanley A. Askren sold 58,676 shares of HNI Corp. stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $52.30, for a total transaction of $3,068,754.80. Following the sale, the chairman now directly owns 254,378 shares of the company’s stock, valued at $13,303,969.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeffrey D. Lorenger sold 36,483 shares of HNI Corp. stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $52.20, for a total value of $1,904,412.60. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.
Several hedge funds have recently made changes to their positions in HNI. Iowa State Bank acquired a new stake in shares of HNI Corp. during the second quarter worth about $110,000. LS Investment Advisors LLC raised its stake in shares of HNI Corp. by 76.3% in the second quarter. LS Investment Advisors LLC now owns 2,736 shares of the company’s stock worth $127,000 after buying an additional 1,184 shares during the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of HNI Corp. during the second quarter worth about $140,000. Bank of Montreal Can acquired a new stake in shares of HNI Corp. during the second quarter worth about $174,000. Finally, Shelton Capital Management acquired a new stake in shares of HNI Corp. during the second quarter worth about $216,000. 68.01% of the stock is currently owned by institutional investors and hedge funds.
HNI Corp. Company Profile
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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