HNI Corp (HNI) Announces Quarterly Earnings Results, Beats Expectations By $0.04 EPS
HNI Corp (NYSE:HNI) announced its earnings results on Wednesday. The business services provider reported $0.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.04. The firm earned $477.70 million during the quarter, compared to analyst estimates of $470.07 million. HNI Corp had a net margin of 3.88% and a return on equity of 23.75%. HNI Corp’s revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 EPS. HNI Corp updated its Q2 guidance to $0.65-$0.72 EPS and its FY17 guidance to $2.80-$3.10 EPS.
HNI Corp (NYSE:HNI) traded up 1.08% during trading on Wednesday, hitting $46.73. 204,266 shares of the stock traded hands. The firm’s 50-day moving average is $45.97 and its 200 day moving average is $47.61. HNI Corp has a 52 week low of $37.24 and a 52 week high of $56.96. The stock has a market cap of $2.06 billion, a P/E ratio of 24.86 and a beta of 1.44.
In other news, Chairman Stanley A. Askren sold 2,764 shares of the business’s stock in a transaction dated Monday, March 20th. The stock was sold at an average price of $46.51, for a total transaction of $128,553.64. Following the completion of the transaction, the chairman now directly owns 207,156 shares in the company, valued at approximately $9,634,825.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Stanley A. Askren sold 3,100 shares of the business’s stock in a transaction dated Friday, March 24th. The stock was sold at an average price of $46.01, for a total value of $142,631.00. Following the transaction, the chairman now owns 207,492 shares of the company’s stock, valued at $9,546,706.92. The disclosure for this sale can be found here. Insiders have sold a total of 54,273 shares of company stock valued at $2,481,921 over the last 90 days. Corporate insiders own 5.00% of the company’s stock.
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HNI has been the subject of a number of recent analyst reports. Sidoti initiated coverage on shares of HNI Corp in a research report on Friday, January 6th. They issued a “neutral” rating and a $59.00 target price for the company. Off Wall Street initiated coverage on shares of HNI Corp in a research report on Monday, February 6th. They issued a “sell” rating for the company. Finally, Zacks Investment Research lowered shares of HNI Corp from a “hold” rating to a “sell” rating in a research report on Monday, February 13th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $48.33.
About HNI Corp
HNI Corporation is a provider of office furniture and hearth products. The Company’s office furniture products include panel-based and freestanding furniture systems, seating, storage and tables. The Company’s segments include office furniture and hearth products. The office furniture segment manufactures and markets a line 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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