HNI Corporation (NYSE:HNI) Releases Earnings Results, Misses Expectations By $0.01 EPS

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.

Earnings History for HNI Corporation (NYSE:HNI)

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