HNI Corp. (HNI) Rating Lowered 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 report released 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. downgraded HNI Corp. from an “outperform” rating to a “market perform” rating in a report on Tuesday.
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HNI Corp. (NYSE:HNI) traded down 2.10% on Wednesday, hitting $40.11. The stock had a trading volume of 867,916 shares. The firm has a market cap of $1.78 billion, a P/E ratio of 15.96 and a beta of 1.40. 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 $53.24 and its 200-day moving average price is $46.27.
HNI Corp. (NYSE:HNI) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.68 earnings per share (EPS) for the quarter, topping 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%. On average, equities research analysts predict that HNI Corp. will post $2.72 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 19th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date was Wednesday, August 17th. HNI Corp.’s dividend payout ratio is presently 43.82%.
In other news, Chairman Stanley A. Askren sold 58,676 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $52.30, for a total value of $3,068,754.80. Following the completion of the transaction, the chairman now directly owns 254,378 shares in the company, valued at approximately $13,303,969.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeffrey D. Lorenger sold 36,483 shares of the stock in a transaction 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.
Several hedge funds and other institutional investors have recently made changes to their positions in HNI. Iowa State Bank purchased a new position in shares of HNI Corp. during the second quarter worth approximately $110,000. LS Investment Advisors LLC raised its position 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 valued at $127,000 after buying an additional 1,184 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in shares of HNI Corp. during the second quarter valued at about $140,000. Bank of Montreal Can bought a new position in shares of HNI Corp. during the second quarter valued at about $174,000. Finally, Shelton Capital Management bought a new position in shares of HNI Corp. during the second quarter valued at about $216,000. Institutional investors own 68.01% of the company’s stock.
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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