HNI (NYSE:HNI) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of HNI (NYSE:HNI) from a hold rating to a sell rating in a research note released on Wednesday, Zacks.com reports.

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. “

HNI has been the subject of a number of other reports. TheStreet lowered HNI from a b rating to a c+ rating in a research note on Monday, April 22nd. Sidoti set a $45.00 price target on HNI and gave the stock a hold rating in a research note on Friday, May 31st. Finally, ValuEngine lowered HNI from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. HNI presently has an average rating of Hold and a consensus target price of $45.00.

Shares of HNI stock opened at $33.06 on Wednesday. HNI has a 52-week low of $32.75 and a 52-week high of $44.79. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.21 and a quick ratio of 0.75. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 14.84 and a beta of 1.23. The business’s 50 day simple moving average is $34.51.

HNI (NYSE:HNI) last issued its quarterly earnings results on Wednesday, July 24th. The business services provider reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.03). HNI had a return on equity of 18.33% and a net margin of 4.02%. The business had revenue of $526.00 million for the quarter, compared to the consensus estimate of $551.13 million. During the same period in the prior year, the business posted $0.44 earnings per share. HNI’s revenue was down 3.2% on a year-over-year basis. On average, equities research analysts anticipate that HNI will post 2.6 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. Macquarie Group Ltd. increased its holdings in HNI by 250.0% during the 4th quarter. Macquarie Group Ltd. now owns 700 shares of the business services provider’s stock worth $25,000 after purchasing an additional 500 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in HNI during the 2nd quarter worth $35,000. Capital Investment Advisors LLC purchased a new position in HNI during the 2nd quarter worth $60,000. Investors Research Corp purchased a new position in HNI during the 1st quarter worth $76,000. Finally, Nordea Investment Management AB purchased a new position in HNI during the 1st quarter worth $92,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

HNI Company Profile

HNI Corporation manufactures and sells office furniture and hearth products in the United States, Canada, China, Hong Kong, India, Mexico, Dubai, Singapore, and Taiwan. Its Office Furniture segment offers a range of 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, Lamex, and HNI India brands.

See Also: How to Calculate Compound Annual Growth Rate (CAGR)

Get a free copy of the Zacks research report on HNI (HNI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for HNI Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for HNI and related companies with MarketBeat.com's FREE daily email newsletter.