Goldman Sachs Group Inc. decreased its position in HNI Corporation (NYSE:HNI) by 32.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 130,974 shares of the business services provider’s stock after selling 62,007 shares during the period. Goldman Sachs Group Inc. owned approximately 0.30% of HNI Corporation worth $6,037,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. KCG Holdings Inc. acquired a new position in HNI Corporation during the first quarter valued at about $205,000. Laurion Capital Management LP purchased a new position in shares of HNI Corporation during the first quarter valued at $221,000. Bank of Montreal Can boosted its position in shares of HNI Corporation by 27.2% in the first quarter. Bank of Montreal Can now owns 4,819 shares of the business services provider’s stock valued at $222,000 after buying an additional 1,030 shares in the last quarter. Tudor Investment Corp ET AL purchased a new position in shares of HNI Corporation during the first quarter valued at $284,000. Finally, SG Americas Securities LLC boosted its position in shares of HNI Corporation by 64.9% in the first quarter. SG Americas Securities LLC now owns 6,846 shares of the business services provider’s stock valued at $316,000 after buying an additional 2,695 shares in the last quarter. Hedge funds and other institutional investors own 73.11% of the company’s stock.
Shares of HNI Corporation (NYSE:HNI) traded up 0.40% during midday trading on Friday, reaching $35.05. The company had a trading volume of 245,644 shares. HNI Corporation has a 52-week low of $34.60 and a 52-week high of $56.96. The company’s 50-day moving average is $37.91 and its 200-day moving average is $43.18. The firm has a market cap of $1.54 billion, a P/E ratio of 25.18 and a beta of 1.41.
HNI Corporation (NYSE:HNI) last issued its earnings results on Monday, July 24th. The business services provider reported $0.42 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by $0.01. The firm 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 business’s quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.68 earnings per share. Equities research analysts expect that HNI Corporation will post $2.45 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a $0.285 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $1.14 annualized dividend and a yield of 3.25%. HNI Corporation’s payout ratio is 81.43%.
Several research analysts recently weighed in on the company. BidaskClub cut HNI Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday. TheStreet downgraded HNI Corporation from a “b-” rating to a “c+” rating in a report on Tuesday, June 20th. Finally, Zacks Investment Research downgraded HNI Corporation from a “hold” rating to a “sell” rating in a report on Monday, April 24th. Three equities research 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’s stock. HNI Corporation presently has a consensus rating of “Hold” and an average target price of $47.00.
In related news, Chairman Stanley A. Askren sold 11,264 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $46.01, for a total value of $518,256.64. Following the transaction, the chairman now owns 204,996 shares of the company’s stock, valued at approximately $9,431,865.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.16% of the stock is currently owned by company insiders.
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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