HNI (NYSE:HNI) Shares Down 6.7% – Here’s Why

HNI Co. (NYSE:HNI) shares traded down 6.7% on Tuesday . The stock traded as low as $48.04 and last traded at $48.35. 43,156 shares changed hands during trading, a decline of 82% from the average session volume of 244,709 shares. The stock had previously closed at $51.83.

Analysts Set New Price Targets

HNI has been the topic of several recent research reports. StockNews.com cut HNI from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 13th. Benchmark lifted their target price on HNI from $57.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, July 26th.

HNI Stock Performance

The company has a market cap of $2.35 billion, a PE ratio of 36.76, a P/E/G ratio of 1.39 and a beta of 0.84. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.73 and a current ratio of 1.20. The stock’s 50-day simple moving average is $52.62 and its 200 day simple moving average is $48.57.

HNI (NYSE:HNI) last posted its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.06. HNI had a net margin of 4.39% and a return on equity of 19.15%. The firm had revenue of $672.20 million during the quarter, compared to analysts’ expectations of $712.75 million. During the same period in the prior year, the company posted $0.93 earnings per share. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. As a group, equities analysts anticipate that HNI Co. will post 3.17 EPS for the current year.

HNI Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Friday, August 23rd were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date was Friday, August 23rd. HNI’s dividend payout ratio is presently 97.78%.

Insiders Place Their Bets

In other HNI news, insider Brian Scott Smith sold 2,284 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.00, for a total transaction of $123,336.00. Following the sale, the insider now directly owns 11,902 shares in the company, valued at approximately $642,708. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Jeffrey D. Lorenger sold 72,102 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $49.32, for a total value of $3,556,070.64. Following the completion of the transaction, the chief executive officer now directly owns 296,892 shares of the company’s stock, valued at $14,642,713.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brian Scott Smith sold 2,284 shares of HNI stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.00, for a total value of $123,336.00. Following the transaction, the insider now directly owns 11,902 shares of the company’s stock, valued at approximately $642,708. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,582 shares of company stock worth $5,597,281. 3.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC grew its stake in HNI by 4,746.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,181 shares of the business services provider’s stock valued at $117,000 after acquiring an additional 2,136 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of HNI by 60.0% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 13,936 shares of the business services provider’s stock valued at $750,000 after purchasing an additional 5,226 shares in the last quarter. Eastern Bank acquired a new stake in shares of HNI in the third quarter valued at approximately $27,000. Inspire Advisors LLC increased its stake in shares of HNI by 2.7% during the 3rd quarter. Inspire Advisors LLC now owns 33,526 shares of the business services provider’s stock worth $1,805,000 after purchasing an additional 870 shares in the last quarter. Finally, AlphaMark Advisors LLC purchased a new position in shares of HNI during the 3rd quarter worth approximately $349,000. Hedge funds and other institutional investors own 75.26% of the company’s stock.

About HNI

HNI Corporation, together with its subsidiaries, engages in the manufacture, sale, and marketing of workplace furnishings and residential building products primarily in the United States and Canada. The company operates through two segments, Workplace Furnishings and Residential Building Products. The Workplace Furnishings segment offers a range of commercial and home office furniture, including panel-based and freestanding furniture systems, seating, storage, benching, tables, architectural products, and ancillary and hospitality products, as well as social collaborative items under the HON, Allsteel, Beyond, Gunlocke, HBF, HBF Textiles, HNI India, Kimball, National, Etc., Interwoven, David Edward, Kimball Hospitality, and D'style brands.