HNI Corporation (NYSE:HNI) posted 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, Briefing.com reports. The company had revenue of $514.50 million for the quarter, compared to the consensus estimate of $516.10 million. HNI Corporation had a net margin of 2.94% and a return on equity of 20.82%. The firm’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period last year, the company posted $0.68 earnings per share. HNI Corporation updated its Q3 guidance to $0.76-0.86 EPS and its FY17 guidance to $2.35-2.55 EPS.
Shares of HNI Corporation (NYSE:HNI) traded up 0.40% during trading on Friday, reaching $35.05. The company had a trading volume of 245,644 shares. The company has a market cap of $1.54 billion, a P/E ratio of 25.18 and a beta of 1.41. The firm has a 50-day moving average of $37.77 and a 200-day moving average of $43.07. HNI Corporation has a 12-month low of $34.60 and a 12-month high of $56.96.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be issued a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Wednesday, August 16th. HNI Corporation’s dividend payout ratio (DPR) is 81.43%.
HNI has been the subject of several recent research reports. TheStreet lowered HNI Corporation from a “b-” rating to a “c+” rating in a report on Tuesday, June 20th. Zacks Investment Research lowered HNI Corporation from a “hold” rating to a “sell” rating in a report on Monday, April 24th. Finally, BidaskClub lowered HNI Corporation from a “sell” rating to a “strong sell” rating in a report on Friday. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. HNI Corporation currently has a consensus rating of “Hold” and an average target price of $47.00.
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In other news, Chairman Stanley A. Askren sold 11,264 shares of HNI Corporation 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.16% of the company’s stock.
Several hedge funds have recently modified their holdings of HNI. BlackRock Inc. raised its stake in shares of HNI Corporation by 22,922.7% in the first quarter. BlackRock Inc. now owns 4,523,960 shares of the business services provider’s stock worth $208,510,000 after buying an additional 4,504,310 shares in the last quarter. Dalton Greiner Hartman Maher & Co. raised its stake in shares of HNI Corporation by 325.9% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 421,823 shares of the business services provider’s stock worth $16,818,000 after buying an additional 322,791 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of HNI Corporation by 6.9% in the first quarter. Vanguard Group Inc. now owns 3,870,218 shares of the business services provider’s stock worth $178,379,000 after buying an additional 251,212 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of HNI Corporation by 29.2% in the first quarter. Principal Financial Group Inc. now owns 964,292 shares of the business services provider’s stock worth $44,445,000 after buying an additional 217,977 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of 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 worth $38,492,000 after buying an additional 180,778 shares in the last quarter. 73.11% of the stock is owned by institutional investors and hedge funds.
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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