HNI Co. (NYSE:HNI – Get Rating) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $31.44, but opened at $33.43. HNI shares last traded at $31.30, with a volume of 25,823 shares changing hands.
The business services provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.15. HNI had a net margin of 4.83% and a return on equity of 14.54%. The firm had revenue of $568.90 million for the quarter, compared to analyst estimates of $559.22 million. During the same period in the previous year, the business earned $0.43 EPS. The company’s revenue was down 5.6% compared to the same quarter last year.
HNI Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 8th. Shareholders of record on Monday, February 27th will be paid a $0.32 dividend. The ex-dividend date is Friday, February 24th. This represents a $1.28 annualized dividend and a yield of 4.10%. HNI’s payout ratio is currently 46.55%.
Analysts Set New Price Targets
Insider Activity
In other news, CFO Marshall H. Bridges sold 4,383 shares of HNI stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $32.35, for a total value of $141,790.05. Following the completion of the transaction, the chief financial officer now owns 72,287 shares of the company’s stock, valued at approximately $2,338,484.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Marshall H. Bridges sold 4,383 shares of HNI stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $32.35, for a total value of $141,790.05. Following the completion of the transaction, the chief financial officer now owns 72,287 shares of the company’s stock, valued at approximately $2,338,484.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Vincent P. Berger sold 2,150 shares of HNI stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $32.24, for a total transaction of $69,316.00. Following the completion of the transaction, the executive vice president now directly owns 63,298 shares of the company’s stock, valued at approximately $2,040,727.52. The disclosure for this sale can be found here. Insiders sold a total of 8,033 shares of company stock valued at $253,466 in the last quarter. Company insiders own 2.70% of the company’s stock.
Institutional Trading of HNI
Hedge funds and other institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp boosted its holdings in shares of HNI by 1.4% during the 2nd quarter. Fifth Third Bancorp now owns 30,801 shares of the business services provider’s stock worth $1,068,000 after buying an additional 413 shares during the period. ProShare Advisors LLC boosted its holdings in shares of HNI by 12.6% during the 3rd quarter. ProShare Advisors LLC now owns 256,467 shares of the business services provider’s stock worth $6,800,000 after buying an additional 28,799 shares during the period. Bessemer Group Inc. boosted its holdings in shares of HNI by 252.7% during the 3rd quarter. Bessemer Group Inc. now owns 963 shares of the business services provider’s stock worth $26,000 after buying an additional 690 shares during the period. Mutual of America Capital Management LLC boosted its holdings in shares of HNI by 15.5% during the 3rd quarter. Mutual of America Capital Management LLC now owns 8,224 shares of the business services provider’s stock worth $218,000 after buying an additional 1,106 shares during the period. Finally, Clifford Capital Partners LLC bought a new stake in shares of HNI during the 2nd quarter worth about $4,907,000. Institutional investors own 76.28% of the company’s stock.
HNI Stock Down 1.3 %
The firm has a market cap of $1.29 billion, a P/E ratio of 11.36 and a beta of 0.95. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.69 and a current ratio of 1.17. The firm’s fifty day moving average is $30.12 and its 200 day moving average is $30.02.
About HNI
HNI Corp. engages in the provision of workplace furnishings and residential building products. It operates through the following segments: Workplace Furnishing and Residential Building Products. The Workplace Furnishings segment manufactures and markets a broad line of commercial and home office furniture, which includes panel-based and freestanding furniture systems, seating, storage, tables, and architectural products.
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