HNI (NYSE:HNI) Share Price Crosses Above 200 Day Moving Average – Here’s Why

HNI Corporation (NYSE:HNI) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $44.74 and traded as high as $45.32. HNI shares last traded at $44.8480, with a volume of 644,807 shares changing hands.

Wall Street Analysts Forecast Growth

HNI has been the subject of several research reports. Weiss Ratings downgraded shares of HNI from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, December 29th. Wall Street Zen downgraded shares of HNI from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 1st. Finally, Benchmark reiterated a “buy” rating on shares of HNI in a report on Wednesday, October 29th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, HNI presently has an average rating of “Moderate Buy” and a consensus target price of $75.00.

HNI Stock Performance

The company’s 50 day simple moving average is $41.48 and its 200 day simple moving average is $44.74. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.85 and a current ratio of 1.33. The stock has a market cap of $2.06 billion, a PE ratio of 15.05, a price-to-earnings-growth ratio of 0.54 and a beta of 0.95.

HNI (NYSE:HNI) last released its earnings results on Tuesday, October 28th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.03. The company had revenue of $683.80 million during the quarter, compared to analyst estimates of $688.64 million. HNI had a return on equity of 20.33% and a net margin of 5.46%.HNI’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 earnings per share. Analysts expect that HNI Corporation will post 3.6 earnings per share for the current year.

HNI Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, November 17th. HNI’s payout ratio is presently 45.64%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada boosted its holdings in shares of HNI by 20.5% in the first quarter. Royal Bank of Canada now owns 8,642 shares of the business services provider’s stock worth $383,000 after acquiring an additional 1,472 shares during the period. AQR Capital Management LLC grew its stake in HNI by 6.3% during the first quarter. AQR Capital Management LLC now owns 13,527 shares of the business services provider’s stock valued at $600,000 after acquiring an additional 802 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in HNI by 4.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,239 shares of the business services provider’s stock worth $1,252,000 after acquiring an additional 1,290 shares during the period. Millennium Management LLC purchased a new stake in HNI in the 1st quarter worth approximately $10,666,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in HNI by 7.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,290 shares of the business services provider’s stock valued at $6,311,000 after purchasing an additional 9,730 shares during the period. 75.26% of the stock is owned by institutional investors.

HNI Company Profile

HNI Corporation, founded in 1944 as the Heating & Novelty Company and headquartered in Muscatine, Iowa, is a leading manufacturer of office furniture and hearth products. Over its history, the company has evolved from producing gas heaters into two primary business segments: Office Furniture and Hearth & Home. HNI’s Office Furniture division operates under well-known brands such as The HON Company, Allsteel, Gunlocke and Kimball, offering a comprehensive portfolio of workstations, seating, tables, storage solutions and acoustic products tailored for corporate, education, healthcare and government markets.

In its Hearth & Home segment, HNI designs, manufactures and distributes fireplaces, stoves, fireplace inserts, logs and related accessories.