HNI (HNI) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of HNI (NYSE:HNI) from a sell rating to a hold rating in a research report report published on Wednesday.

According to Zacks, “HNI Corporation provide products and solutions for the home and workplace environments. HNI is a leading global provider and designer of office furniture and the leading manufacturer and marketer of hearth products. HNI Corporation sell the broadest and deepest selection of quality office furniture solutions available to meet the needs of every customer through an extensive portfolio of well-known and trusted brands. HNI Corporation hearth products are the strongest, most respected brands in the industry and include a full array of gas, electric, wood and biomass burning fireplaces, inserts, stoves, facings and accessories. “

NYSE HNI opened at $38.55 on Wednesday. The stock has a market capitalization of $1.68 billion, a P/E ratio of 19.57 and a beta of 1.44. HNI has a twelve month low of $32.55 and a twelve month high of $45.40. The company has a current ratio of 1.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.45.

HNI (NYSE:HNI) last posted its earnings results on Monday, October 22nd. The business services provider reported $0.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.04. The business had revenue of $611.10 million for the quarter, compared to analysts’ expectations of $618.27 million. HNI had a net margin of 4.23% and a return on equity of 16.11%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.82 earnings per share. As a group, research analysts anticipate that HNI will post 2.4 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Monday, November 19th will be paid a $0.295 dividend. The ex-dividend date of this dividend is Friday, November 16th. This represents a $1.18 dividend on an annualized basis and a yield of 3.06%. HNI’s payout ratio is currently 59.90%.

In related news, Director Stanley A. Askren sold 25,212 shares of the company’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $42.56, for a total value of $1,073,022.72. Following the sale, the director now owns 257,908 shares of the company’s stock, valued at $10,976,564.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Stanley A. Askren sold 23,660 shares of the company’s stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $37.62, for a total transaction of $890,089.20. Following the completion of the sale, the director now directly owns 256,356 shares in the company, valued at approximately $9,644,112.72. The disclosure for this sale can be found here. In the last three months, insiders sold 74,084 shares of company stock worth $3,039,664. 5.16% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of HNI. Northern Trust Corp grew its stake in HNI by 2.2% during the second quarter. Northern Trust Corp now owns 699,848 shares of the business services provider’s stock worth $26,035,000 after buying an additional 15,341 shares during the last quarter. Bank of Montreal Can bought a new stake in HNI during the second quarter worth about $157,000. First Trust Advisors LP grew its stake in HNI by 21.2% during the second quarter. First Trust Advisors LP now owns 42,766 shares of the business services provider’s stock worth $1,591,000 after buying an additional 7,489 shares during the last quarter. Frontier Capital Management Co. LLC grew its stake in HNI by 7.5% during the third quarter. Frontier Capital Management Co. LLC now owns 1,067,015 shares of the business services provider’s stock worth $47,205,000 after buying an additional 74,742 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its stake in HNI by 13.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 427,864 shares of the business services provider’s stock worth $15,917,000 after buying an additional 50,043 shares during the last quarter. 71.91% of the stock is currently owned by institutional investors and hedge funds.

About HNI

HNI Corporation manufactures and sells office furniture and hearth products in the United States, Canada, China, Hong Kong, India, Mexico, Dubai, and Taiwan. The company's Office Furniture segment offers a range of metal and wood commercial and home office furniture, which include storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions and panel systems, and other related products under the HON, Allsteel, Maxon, Gunlocke, HBF, OFM, basyx by HON, Lamex, and HNI India brands.

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