HNI Corp. (HNI) Cut to Sell at Zacks Investment Research
HNI Corp. (NYSE:HNI) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a note issued to investors on Wednesday.
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. “
Separately, Raymond James Financial Inc. cut shares of HNI Corp. from an “outperform” rating to a “market perform” rating in a research report on Tuesday.
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Shares of HNI Corp. (NYSE:HNI) traded down 2.10% during midday trading on Wednesday, hitting $40.11. 867,916 shares of the stock were exchanged. 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 is $53.24 and its 200-day moving average is $46.27. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 15.96 and a beta of 1.40.
HNI Corp. (NYSE:HNI) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.03. HNI Corp. had a net margin of 5.06% and a return on equity of 26.76%. On average, analysts predict that HNI Corp. will post $2.72 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 19th were given 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 yield of 2.74%. HNI Corp.’s payout ratio is currently 43.82%.
In other HNI Corp. news, Chairman Stanley A. Askren sold 58,676 shares of the stock in a transaction on Friday, July 29th. The shares were sold at an average price of $52.30, for a total transaction of $3,068,754.80. Following the completion of the sale, the chairman now owns 254,378 shares of the company’s stock, valued at approximately $13,303,969.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Donald T. Mead sold 26,343 shares of the stock in a transaction on Friday, August 26th. The shares were sold at an average price of $54.60, for a total transaction of $1,438,327.80. The disclosure for this sale can be found here. Company insiders own 5.00% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Northwestern Mutual Investment Management Company LLC raised its position in shares of HNI Corp. by 0.6% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 7,661 shares of the company’s stock valued at $356,000 after buying an additional 43 shares during the period. Mason Street Advisors LLC bought a new position in shares of HNI Corp. during the second quarter valued at approximately $941,000. Royal Bank of Canada raised its position in shares of HNI Corp. by 846.6% in the second quarter. Royal Bank of Canada now owns 253,377 shares of the company’s stock valued at $11,781,000 after buying an additional 226,609 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of HNI Corp. by 0.8% in the second quarter. Public Employees Retirement System of Ohio now owns 27,449 shares of the company’s stock valued at $1,276,000 after buying an additional 227 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position in shares of HNI Corp. by 4.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 226,270 shares of the company’s stock valued at $10,520,000 after buying an additional 10,196 shares during the period. 68.01% of the stock is 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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