HNI Corp. (HNI) Trading Down 21.6%
HNI Corp. (NYSE:HNI) shares traded down 21.6% during mid-day trading on Tuesday . The company traded as low as $42.40 and last traded at $42.50, with a volume of 1,256,591 shares trading hands. The stock had previously closed at $54.21.
Separately, Raymond James Financial Inc. lowered HNI Corp. from an “outperform” rating to a “market perform” rating in a research report on Tuesday.
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 cap of $1.82 billion, a P/E ratio of 16.30 and a beta of 1.40.
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HNI Corp. (NYSE:HNI) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.68 earnings per share for the quarter, beating the Zacks’ 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%. Equities research analysts forecast that HNI Corp. will post $2.87 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 19th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Wednesday, August 17th. HNI Corp.’s dividend payout ratio is currently 43.82%.
In other HNI Corp. news, insider Jerald K. Dittmer sold 1,404 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $53.50, for a total value of $75,114.00. Following the completion of the sale, the insider now owns 22,823 shares in the company, valued at $1,221,030.50. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jeffrey D. Lorenger sold 36,483 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The shares were 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. 5.00% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of HNI. Vanguard Group Inc. raised its position in HNI Corp. by 5.5% in the second quarter. Vanguard Group Inc. now owns 3,410,797 shares of the company’s stock worth $158,568,000 after buying an additional 177,502 shares during the last quarter. BlackRock Fund Advisors raised its position in HNI Corp. by 3.5% in the second quarter. BlackRock Fund Advisors now owns 2,206,450 shares of the company’s stock worth $102,578,000 after buying an additional 75,273 shares during the last quarter. State Street Corp raised its position in HNI Corp. by 0.6% in the second quarter. State Street Corp now owns 1,345,211 shares of the company’s stock worth $62,538,000 after buying an additional 7,364 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in HNI Corp. by 2.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,297,462 shares of the company’s stock worth $60,319,000 after buying an additional 25,803 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in HNI Corp. by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 978,620 shares of the company’s stock worth $45,495,000 after buying an additional 28,228 shares during the last quarter. Institutional investors own 68.01% of the company’s stock.
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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