Rhumbline Advisers Lowers Stock Holdings in HNI Co. (NYSE:HNI)

Rhumbline Advisers reduced its position in HNI Co. (NYSE:HNI) by 0.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 133,708 shares of the business services provider’s stock after selling 828 shares during the period. Rhumbline Advisers owned about 0.28% of HNI worth $5,930,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Smartleaf Asset Management LLC grew its stake in shares of HNI by 85.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 561 shares of the business services provider’s stock valued at $28,000 after buying an additional 258 shares during the period. Sterling Capital Management LLC grew its stake in shares of HNI by 649.1% during the 4th quarter. Sterling Capital Management LLC now owns 809 shares of the business services provider’s stock valued at $41,000 after buying an additional 701 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in shares of HNI during the 4th quarter valued at $55,000. Meeder Asset Management Inc. purchased a new stake in shares of HNI during the 4th quarter valued at $121,000. Finally, Vestcor Inc purchased a new stake in shares of HNI during the 4th quarter valued at $176,000. 75.26% of the stock is owned by hedge funds and other institutional investors.

HNI Stock Performance

Shares of HNI stock opened at $47.78 on Friday. HNI Co. has a 12 month low of $39.76 and a 12 month high of $58.42. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.10 and a quick ratio of 0.68. The firm has a market capitalization of $2.22 billion, a P/E ratio of 16.53, a P/E/G ratio of 1.14 and a beta of 0.93. The company’s fifty day moving average price is $44.71 and its two-hundred day moving average price is $47.52.

HNI (NYSE:HNI) last issued its quarterly earnings data on Wednesday, May 7th. The business services provider reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.09. HNI had a net margin of 5.52% and a return on equity of 18.27%. The firm had revenue of $599.80 million for the quarter, compared to analyst estimates of $580.47 million. During the same quarter in the previous year, the business posted $0.37 EPS. The firm’s revenue was up 2.0% compared to the same quarter last year. On average, research analysts anticipate that HNI Co. will post 3.6 earnings per share for the current fiscal year.

HNI Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Friday, May 23rd were issued a $0.34 dividend. The ex-dividend date was Friday, May 23rd. This represents a $1.36 dividend on an annualized basis and a yield of 2.85%. This is a positive change from HNI’s previous quarterly dividend of $0.33. HNI’s payout ratio is currently 48.40%.

Wall Street Analyst Weigh In

HNI has been the topic of several recent research reports. Longbow Research initiated coverage on shares of HNI in a report on Friday, May 16th. They set a “buy” rating and a $70.00 target price on the stock. Wall Street Zen upgraded shares of HNI from a “buy” rating to a “strong-buy” rating in a report on Tuesday, May 13th. Finally, Susquehanna initiated coverage on shares of HNI in a report on Friday, May 16th. They set a “neutral” rating and a $80.00 target price on the stock.

HNI Profile

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.