HNI Corp (HNI) Issues Q2 Earnings Guidance
HNI Corp (NYSE:HNI) issued an update on its second quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.41-0.46 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.70.
Shares of HNI Corp (NYSE:HNI) traded up 2.65% during midday trading on Thursday, hitting $44.91. 140,136 shares of the stock traded hands. The stock has a 50-day moving average of $44.66 and a 200-day moving average of $48.36. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 25.97 and a beta of 1.44. HNI Corp has a 52-week low of $37.24 and a 52-week high of $56.96.
HNI Corp (NYSE:HNI) last issued its quarterly earnings results on Wednesday, April 19th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. HNI Corp had a net margin of 3.88% and a return on equity of 23.75%. The company had revenue of $477.70 million during the quarter, compared to the consensus estimate of $470.07 million. During the same quarter in the previous year, the firm earned $0.31 earnings per share. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. On average, equities analysts predict that HNI Corp will post $2.97 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Investors 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 an increase from HNI Corp’s previous quarterly dividend of $0.28. HNI Corp’s payout ratio is currently 58.51%.
A number of research analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of HNI Corp from a hold rating to a sell rating in a research note on Monday, April 24th. Sidoti upgraded shares of HNI Corp from a neutral rating to a buy rating in a research note on Tuesday, February 28th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. HNI Corp presently has an average rating of Hold and a consensus price target of $47.00.
In related news, Chairman Stanley A. Askren sold 11,264 shares of HNI Corp stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $46.01, for a total value of $518,256.64. Following the completion of the transaction, the chairman now owns 204,996 shares in the company, valued at $9,431,865.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 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 owns 207,156 shares of the company’s stock, valued at approximately $9,634,825.56. The disclosure for this sale can be found here. Insiders sold 65,537 shares of company stock valued at $3,000,178 in the last quarter. 5.00% of the stock is owned by insiders.
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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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