Bank of New York Mellon Corp Sells 38,049 Shares of HNI Corporation (NYSE:HNI)

Bank of New York Mellon Corp lowered its stake in shares of HNI Corporation (NYSE:HNI) by 6.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 590,223 shares of the business services provider’s stock after selling 38,049 shares during the quarter. Bank of New York Mellon Corp owned about 1.26% of HNI worth $26,176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Summit Investment Advisors Inc. boosted its holdings in HNI by 8.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,967 shares of the business services provider’s stock worth $250,000 after acquiring an additional 376 shares in the last quarter. Graham Capital Management L.P. boosted its holdings in HNI by 2.4% in the fourth quarter. Graham Capital Management L.P. now owns 16,873 shares of the business services provider’s stock worth $850,000 after acquiring an additional 395 shares in the last quarter. Bank of Montreal Can boosted its holdings in HNI by 8.0% in the fourth quarter. Bank of Montreal Can now owns 9,401 shares of the business services provider’s stock worth $474,000 after acquiring an additional 700 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in HNI by 649.1% in the fourth quarter. Sterling Capital Management LLC now owns 809 shares of the business services provider’s stock worth $41,000 after acquiring an additional 701 shares in the last quarter. Finally, Diversified Trust Co boosted its holdings in HNI by 9.2% in the first quarter. Diversified Trust Co now owns 9,447 shares of the business services provider’s stock worth $419,000 after acquiring an additional 794 shares in the last quarter. Institutional investors own 75.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on HNI shares. Wall Street Zen upgraded HNI from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 13th. Susquehanna started coverage on HNI in a research note on Friday, May 16th. They issued a “neutral” rating and a $80.00 price objective for the company. Finally, Longbow Research started coverage on HNI in a research note on Friday, May 16th. They issued a “buy” rating and a $70.00 price objective for the company.

HNI Stock Up 0.8%

Shares of HNI stock opened at $50.92 on Thursday. The stock has a 50 day moving average of $48.36 and a 200 day moving average of $46.77. The company has a current ratio of 1.19, a quick ratio of 0.73 and a debt-to-equity ratio of 0.45. The stock has a market cap of $2.37 billion, a P/E ratio of 18.12, a P/E/G ratio of 1.20 and a beta of 0.92. HNI Corporation has a twelve month low of $39.76 and a twelve month high of $58.42.

HNI (NYSE:HNI) last issued its quarterly earnings data on Wednesday, May 7th. The business services provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.35 by $0.09. HNI had a return on equity of 18.48% and a net margin of 5.35%. The company had revenue of $599.80 million for the quarter, compared to analyst estimates of $580.47 million. During the same period last year, the company earned $0.37 earnings per share. HNI’s quarterly revenue was up 2.0% compared to the same quarter last year. As a group, sell-side analysts expect that HNI Corporation will post 3.6 EPS for the current year.

HNI Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Friday, May 23rd were paid a $0.34 dividend. This is an increase from HNI’s previous quarterly dividend of $0.33. This represents a $1.36 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend was Friday, May 23rd. HNI’s dividend payout ratio is currently 48.40%.

Insider Buying and Selling at HNI

In other HNI news, insider Jason Dean Hagedorn sold 1,440 shares of the business’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $47.07, for a total transaction of $67,780.80. Following the transaction, the insider owned 36,711 shares of the company’s stock, valued at approximately $1,727,986.77. The trade was a 3.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Miguel M. Calado sold 2,000 shares of the business’s stock in a transaction on Friday, June 27th. The stock was sold at an average price of $50.00, for a total value of $100,000.00. Following the transaction, the director directly owned 31,828 shares in the company, valued at $1,591,400. This trade represents a 5.91% decrease in their position. The disclosure for this sale can be found here. 3.37% of the stock is currently owned by corporate insiders.

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.