Russell Investments Group Ltd. purchased a new stake in HNI Corp (NYSE:HNI) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 6,968 shares of the business services provider’s stock, valued at approximately $391,000.
Several other institutional investors have also modified their holdings of the company. LS Investment Advisors LLC boosted its position in shares of HNI Corp by 5.6% in the third quarter. LS Investment Advisors LLC now owns 2,888 shares of the business services provider’s stock valued at $115,000 after buying an additional 152 shares in the last quarter. Dana Investment Advisors Inc. acquired a new position in shares of HNI Corp during the third quarter valued at $249,000. Aperio Group LLC boosted its position in shares of HNI Corp by 23.4% in the third quarter. Aperio Group LLC now owns 11,118 shares of the business services provider’s stock valued at $442,000 after buying an additional 2,105 shares in the last quarter. Convergence Investment Partners LLC acquired a new position in shares of HNI Corp during the third quarter valued at $472,000. Finally, Jane Street Group LLC acquired a new position in shares of HNI Corp during the third quarter valued at $536,000. 67.13% of the stock is owned by institutional investors.
HNI Corp (NYSE:HNI) traded down 0.59% during midday trading on Thursday, hitting $47.24. The stock had a trading volume of 156,344 shares. HNI Corp has a 1-year low of $37.24 and a 1-year high of $56.96. The stock’s 50-day moving average is $45.90 and its 200-day moving average is $47.85. The stock has a market capitalization of $2.08 billion, a PE ratio of 27.32 and a beta of 1.44.
HNI Corp (NYSE:HNI) last announced its earnings results on Wednesday, April 19th. The business services provider reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $477.70 million for the quarter, compared to analyst estimates of $470.07 million. HNI Corp had a return on equity of 23.75% and a net margin of 3.88%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.31 EPS. On average, equities research analysts anticipate that HNI Corp will post $2.92 EPS for the current fiscal year.
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HNI has been the subject of several research reports. Sidoti raised shares of HNI Corp from a “neutral” rating to a “buy” rating in a research note on Tuesday, February 28th. Zacks Investment Research raised HNI Corp from a “sell” rating to a “hold” rating in a report on Monday, March 27th. Finally, Off Wall Street started coverage on HNI Corp in a report on Monday, February 6th. They issued a “sell” rating for the company. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. HNI Corp presently has a consensus rating of “Hold” and an average target price of $48.33.
In other HNI Corp news, VP Steven M. Bradford sold 31,745 shares of the company’s stock in a transaction dated Monday, March 20th. The stock was sold at an average price of $45.49, for a total value of $1,444,080.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Stanley A. Askren sold 3,100 shares of the company’s stock in a transaction dated Friday, March 24th. The stock was sold at an average price of $46.01, for a total value of $142,631.00. Following the completion of the transaction, the chairman now owns 207,492 shares in the company, valued at $9,546,706.92. The disclosure for this sale can be found here. Insiders sold a total of 54,273 shares of company stock worth $2,481,921 over the last 90 days. Corporate insiders own 5.00% of the company’s stock.
About HNI Corp
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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