HNI Corporation (NYSE:HNI) Shares Bought by New York State Common Retirement Fund

New York State Common Retirement Fund raised its holdings in HNI Corporation (NYSE:HNI) by 14.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,276 shares of the business services provider’s stock after purchasing an additional 2,000 shares during the period. New York State Common Retirement Fund’s holdings in HNI were worth $722,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of HNI. Sterling Capital Management LLC increased its stake in HNI by 649.1% in the fourth quarter. Sterling Capital Management LLC now owns 809 shares of the business services provider’s stock valued at $41,000 after purchasing an additional 701 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in HNI in the 4th quarter valued at about $55,000. Allworth Financial LP grew its holdings in HNI by 3,984.9% in the 1st quarter. Allworth Financial LP now owns 2,165 shares of the business services provider’s stock valued at $92,000 after buying an additional 2,112 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of HNI during the 4th quarter valued at about $121,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of HNI by 205.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,670 shares of the business services provider’s stock worth $185,000 after acquiring an additional 2,470 shares during the period. 75.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

HNI has been the subject of a number of research analyst reports. Longbow Research started coverage on HNI in a report on Friday, May 16th. They set a “buy” rating and a $70.00 price objective for the company. Susquehanna initiated coverage on HNI in a research report on Friday, May 16th. They set a “neutral” rating and a $80.00 price target for the company. Finally, Wall Street Zen upgraded HNI from a “buy” rating to a “strong-buy” rating in a report on Tuesday, May 13th.

Insider Buying and Selling at HNI

In related news, Director Miguel M. Calado sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $50.00, for a total value of $100,000.00. Following the completion of the transaction, the director owned 31,828 shares of the company’s stock, valued at approximately $1,591,400. This trade represents a 5.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Dean Hagedorn sold 1,440 shares of the firm’s stock in a transaction that occurred 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 sale, the insider owned 36,711 shares of the company’s stock, valued at approximately $1,727,986.77. This represents a 3.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.37% of the company’s stock.

HNI Trading Up 0.9%

Shares of NYSE HNI opened at $52.27 on Friday. HNI Corporation has a 12-month low of $39.76 and a 12-month high of $58.42. The company has a market cap of $2.43 billion, a price-to-earnings ratio of 16.97, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. The company has a current ratio of 1.46, a quick ratio of 0.73 and a debt-to-equity ratio of 0.56. The stock’s 50 day simple moving average is $48.89 and its 200 day simple moving average is $46.88.

HNI (NYSE:HNI) last released its earnings results on Thursday, July 24th. The business services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $0.86 by $0.25. The firm had revenue of $667.10 million for the quarter, compared to analysts’ expectations of $646.49 million. HNI had a net margin of 5.73% and a return on equity of 20.08%. HNI’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the company earned $0.79 EPS. Equities research analysts expect that HNI Corporation will post 3.6 EPS for the current year.

HNI Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Friday, May 23rd were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, May 23rd. This is a positive change from HNI’s previous quarterly dividend of $0.33. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.60%. HNI’s payout ratio is 48.40%.

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.