HNI Corp. (HNI) Releases FY16 Earnings Guidance
HNI Corp. (NYSE:HNI) issued an update on its FY16 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $2.50 -2.70 for the period, compared to the Thomson Reuters consensus estimate of $2.87. The company issued revenue guidance of $2.28 billion, compared to the consensus revenue estimate of prior $2.80 -2.95.HNI Corp. also updated its Q3 guidance to $0.74-0.79 EPS.
Shares of HNI Corp. (NYSE:HNI) opened at 40.97 on Wednesday. The stock’s 50 day moving average price is $53.59 and its 200-day moving average price is $46.32. The company has a market capitalization of $1.82 billion, a P/E ratio of 16.30 and a beta of 1.40. HNI Corp. has a 52-week low of $29.84 and a 52-week high of $56.96.
HNI Corp. (NYSE:HNI) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.03. HNI Corp. had a return on equity of 26.76% and a net margin of 5.06%. On average, equities analysts expect that HNI Corp. will post $2.87 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 19th were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date was Wednesday, August 17th. HNI Corp.’s payout ratio is 43.82%.
Separately, Raymond James Financial Inc. downgraded HNI Corp. from an outperform rating to a market perform rating in a research report on Tuesday.
In related news, insider Donald T. Mead sold 26,343 shares of the stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $54.60, for a total transaction of $1,438,327.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jerald K. Dittmer sold 8,200 shares of the stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $55.89, for a total value of $458,298.00. Following the sale, the insider now directly owns 29,619 shares of the company’s stock, valued at $1,655,405.91. The disclosure for this sale can be found here. Corporate insiders own 5.00% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. BlackRock Fund Advisors increased its stake in shares of HNI Corp. by 3.5% in the second quarter. BlackRock Fund Advisors now owns 2,206,450 shares of the company’s stock worth $102,578,000 after buying an additional 75,273 shares during the last quarter. Zacks Investment Management purchased a new stake in HNI Corp. during the second quarter worth about $1,591,000. BlackRock Institutional Trust Company N.A. increased its stake in HNI Corp. by 2.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,297,462 shares of the company’s stock worth $60,319,000 after buying an additional 25,803 shares in the last quarter. Comerica Bank increased its stake in HNI Corp. by 82.5% in the second quarter. Comerica Bank now owns 54,239 shares of the company’s stock worth $2,894,000 after buying an additional 24,511 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ purchased a new stake in HNI Corp. during the second quarter worth about $953,000. 68.01% of the stock is owned by institutional investors.
HNI Corp. Company Profile
HNI Corporation is a provider of office furniture and hearth products. The Company manufactures and markets gas and wood burning fireplaces. It operates through two segments: office furniture and hearth products. Its office furniture segment manufactures and markets a range of metal and wood commercial and home office furniture, which includes storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions, and panel systems and other related products.
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