$544.60 Million in Sales Expected for HNI Corp (HNI) This Quarter
Wall Street brokerages predict that HNI Corp (NYSE:HNI) will post sales of $544.60 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for HNI Corp’s earnings, with the lowest sales estimate coming in at $544.00 million and the highest estimate coming in at $545.20 million. HNI Corp reported sales of $536.54 million in the same quarter last year, which indicates a positive year over year growth rate of 1.5%. The firm is scheduled to announce its next earnings results on Thursday, July 20th.
On average, analysts expect that HNI Corp will report full year sales of $544.60 million for the current year, with estimates ranging from $2.22 billion to $2.24 billion. For the next financial year, analysts anticipate that the business will post sales of $2.32 billion per share, with estimates ranging from $2.31 billion to $2.33 billion. Zacks’ sales averages are an average based on a survey of analysts that follow HNI Corp.
HNI Corp (NYSE:HNI) last issued its earnings results on Wednesday, April 19th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $477.70 million for 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%. The company’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.31 EPS.
A number of research analysts recently issued reports on the stock. Sidoti upgraded shares of HNI Corp from a “neutral” rating to a “buy” rating in a report on Tuesday, February 28th. Zacks Investment Research cut shares of HNI Corp from a “hold” rating to a “sell” rating in a report on Monday, April 3rd. Finally, Off Wall Street restated a “strong sell” rating and set a $35.00 price objective on shares of HNI Corp in a report on Tuesday, February 7th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $47.00.
In other HNI Corp news, VP Steven M. Bradford sold 31,745 shares of HNI Corp stock in a transaction that occurred on Monday, March 20th. The shares were sold at an average price of $45.49, for a total value of $1,444,080.05. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Stanley A. Askren sold 2,764 shares of HNI Corp stock in a transaction that occurred on Monday, March 20th. The shares were 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 54,273 shares of company stock worth $2,481,921. Insiders own 5.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in HNI. KCG Holdings Inc. bought a new position in shares of HNI Corp during the first quarter worth $205,000. Laurion Capital Management LP bought a new position in shares of HNI Corp during the first quarter worth $221,000. Bank of Montreal Can raised its position in shares of HNI Corp by 27.2% in the first quarter. Bank of Montreal Can now owns 4,819 shares of the business services provider’s stock worth $222,000 after buying an additional 1,030 shares during the last quarter. Dana Investment Advisors Inc. bought a new position in shares of HNI Corp during the third quarter worth $249,000. Finally, Tudor Investment Corp ET AL bought a new position in shares of HNI Corp during the first quarter worth $284,000. 67.13% of the stock is currently owned by hedge funds and other institutional investors.
Shares of HNI Corp (HNI) traded up 1.69% during midday trading on Friday, hitting $45.70. 70,995 shares of the stock were exchanged. HNI Corp has a 12-month low of $37.24 and a 12-month high of $56.96. The firm has a market cap of $2.02 billion, a P/E ratio of 26.43 and a beta of 1.44. The stock’s 50 day moving average is $44.76 and its 200 day moving average is $48.54.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Shareholders of record on Friday, May 19th were paid a $0.285 dividend. The ex-dividend date of this dividend was Wednesday, May 17th. This represents a $1.14 dividend on an annualized basis and a yield of 2.54%. This is a positive change from HNI Corp’s previous quarterly dividend of $0.28. HNI Corp’s payout ratio is presently 58.51%.
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HNI Corp Company Profile
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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