HNI Corporation (NYSE:HNI) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Several other research firms have also issued reports on HNI. Sidoti raised shares of HNI Corporation from a “neutral” rating to a “buy” rating in a report on Tuesday, February 28th. Zacks Investment Research lowered shares of HNI Corporation from a “hold” rating to a “sell” rating in a report on Monday, April 3rd. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $47.00.

HNI Corporation (NYSE HNI) traded down 1.71% during trading on Friday, reaching $39.65. The company had a trading volume of 472,924 shares. The stock has a market capitalization of $1.75 billion, a P/E ratio of 22.93 and a beta of 1.45. The stock has a 50 day moving average of $43.54 and a 200-day moving average of $47.79. HNI Corporation has a 12-month low of $37.24 and a 12-month high of $56.96.

HNI Corporation (NYSE:HNI) last issued its quarterly earnings data on Wednesday, April 19th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.04. The company had revenue of $477.70 million for the quarter, compared to analyst estimates of $470.07 million. HNI Corporation had a net margin of 3.60% and a return on equity of 23.02%. HNI Corporation’s revenue was down 4.7% compared to the same quarter last year. During the same period last year, the company posted $0.31 earnings per share. On average, analysts forecast that HNI Corporation will post $2.87 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Shareholders of record on Friday, May 19th were issued a $0.285 dividend. This is a positive change from HNI Corporation’s previous quarterly dividend of $0.28. This represents a $1.14 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend was Wednesday, May 17th. HNI Corporation’s payout ratio is currently 65.90%.

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In other HNI Corporation news, Chairman Stanley A. Askren sold 2,764 shares of HNI Corporation stock in a transaction on Monday, March 20th. The shares were sold at an average price of $46.51, for a total value of $128,553.64. Following the transaction, the chairman now directly owns 207,156 shares of the company’s stock, valued at $9,634,825.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Stanley A. Askren sold 11,264 shares of HNI Corporation stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $46.01, for a total transaction of $518,256.64. Following the completion of the transaction, the chairman now directly owns 204,996 shares in the company, valued at $9,431,865.96. The disclosure for this sale can be found here. Insiders sold 65,537 shares of company stock worth $3,000,178 over the last ninety days. Corporate insiders own 5.16% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Swiss National Bank raised its position in HNI Corporation by 1.4% in the first quarter. Swiss National Bank now owns 73,100 shares of the business services provider’s stock valued at $3,369,000 after buying an additional 1,000 shares in the last quarter. Comerica Bank raised its position in HNI Corporation by 3.7% in the first quarter. Comerica Bank now owns 34,256 shares of the business services provider’s stock valued at $1,618,000 after buying an additional 1,222 shares in the last quarter. Bank of New York Mellon Corp raised its position in HNI Corporation by 27.6% in the first quarter. Bank of New York Mellon Corp now owns 835,144 shares of the business services provider’s stock valued at $38,492,000 after buying an additional 180,778 shares in the last quarter. Great West Life Assurance Co. Can raised its position in HNI Corporation by 3.1% in the first quarter. Great West Life Assurance Co. Can now owns 26,163 shares of the business services provider’s stock valued at $1,205,000 after buying an additional 791 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in HNI Corporation by 87.6% in the first quarter. Wells Fargo & Company MN now owns 74,771 shares of the business services provider’s stock valued at $3,446,000 after buying an additional 34,914 shares in the last quarter. 70.61% of the stock is currently owned by institutional investors and hedge funds.

HNI Corporation 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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