HNI Corporation (NYSE:HNI) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday.
According to Zacks, “HNI Corp has two reportable core operating segments: office furniture and hearth products. They are the second largest office furniture manufacturer in the United States and the nation’s leading manufacturer and marketer of gas- and wood-burning fireplaces. “
Several other research firms have also recently commented on HNI. Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of HNI Corporation in a research report on Tuesday. Rowe cut HNI Corporation from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Citigroup Inc raised HNI Corporation to an “outperform” rating and set a $42.00 price objective on the stock in a research report on Wednesday, August 23rd. UBS Group AG raised HNI Corporation from a “market perform” rating to an “outperform” rating in a research report on Wednesday, August 23rd. Finally, BidaskClub cut HNI Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. HNI Corporation presently has an average rating of “Hold” and a consensus price target of $44.50.
HNI Corporation (HNI) traded down 1.97% during midday trading on Thursday, hitting $35.75. The stock had a trading volume of 265,138 shares. The firm has a 50 day moving average of $39.90 and a 200 day moving average of $40.54. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 25.68 and a beta of 1.46. HNI Corporation has a 52 week low of $31.16 and a 52 week high of $56.94.
HNI Corporation (NYSE:HNI) last released its earnings results on Monday, October 23rd. The business services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.02. HNI Corporation had a return on equity of 21.06% and a net margin of 3.08%. The firm had revenue of $599.50 million for the quarter, compared to analysts’ expectations of $585.07 million. During the same period in the prior year, the firm posted $0.80 earnings per share. The company’s quarterly revenue was up 2.5% on a year-over-year basis. Equities research analysts predict that HNI Corporation will post $2.09 EPS for the current year.
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In other news, Chairman Stanley A. Askren sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $37.78, for a total value of $453,360.00. Following the transaction, the chairman now owns 216,996 shares of the company’s stock, valued at $8,198,108.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 36,000 shares of company stock worth $1,399,680 in the last ninety days. Corporate insiders own 5.16% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. 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 during the period. 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 during the period. Dimensional Fund Advisors LP raised its stake in shares of HNI Corporation by 1.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,059,270 shares of the business services provider’s stock worth $48,820,000 after buying an additional 17,867 shares during the period. 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 during the period. Finally, Geode Capital Management LLC raised its stake in shares of HNI Corporation by 10.6% in the first quarter. Geode Capital Management LLC now owns 355,323 shares of the business services provider’s stock worth $16,376,000 after buying an additional 34,056 shares during the period. 69.20% of the stock is currently owned by hedge funds and other institutional investors.
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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