HNI Corporation (HNI) Plans Quarterly Dividend of $0.29
HNI Corporation (NYSE:HNI) declared a quarterly dividend on Tuesday, August 8th, RTT News reports. Stockholders of record on Friday, August 18th will be given a dividend of 0.285 per share by the business services provider on Friday, September 1st. This represents a $1.14 annualized dividend and a dividend yield of 3.12%.
HNI Corporation has raised its dividend by an average of 4.3% annually over the last three years and has increased its dividend every year for the last 5 years. HNI Corporation has a dividend payout ratio of 46.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect HNI Corporation to earn $2.98 per share next year, which means the company should continue to be able to cover its $1.14 annual dividend with an expected future payout ratio of 38.3%.
HNI Corporation (NYSE:HNI) traded up 1.05% during trading on Tuesday, hitting $36.59. The stock had a trading volume of 196,602 shares. The company has a 50-day moving average of $38.83 and a 200 day moving average of $44.15. HNI Corporation has a 52 week low of $35.55 and a 52 week high of $56.96. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 26.29 and a beta of 1.41.
HNI Corporation (NYSE:HNI) last issued its quarterly earnings results on Monday, July 24th. The business services provider reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.43 by $0.01. The company had revenue of $514.50 million during the quarter, compared to analyst estimates of $516.10 million. HNI Corporation had a net margin of 2.94% and a return on equity of 20.82%. The company’s quarterly revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 EPS. On average, equities research analysts anticipate that HNI Corporation will post $2.45 EPS for the current year.
In related news, Chairman Stanley A. Askren sold 11,264 shares of the firm’s stock in a transaction that occurred 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 sale, the chairman now owns 204,996 shares of the company’s stock, valued at $9,431,865.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.16% of the company’s stock.
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Several equities research analysts recently commented on HNI shares. TheStreet cut HNI Corporation from a “b-” rating to a “c+” rating in a research note on Tuesday, June 20th. Zacks Investment Research cut HNI Corporation from a “hold” rating to a “sell” rating in a research note on Monday, April 24th. Finally, BidaskClub cut HNI Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. HNI Corporation presently has an average rating of “Hold” and a consensus target price of $47.00.
About HNI Corporation
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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