HNI Corporation (HNI) Rating Lowered to Sell at Zacks Investment Research
According to Zacks, “HNI Corp has two reportable core operating segments: office furniture and hearth products. They are the second largest office furniture manufacturer in the United States and the nation’s leading manufacturer and marketer of gas- and wood-burning fireplaces. “
A number of other equities research analysts have also recently weighed in on HNI. Seaport Global Securities initiated coverage on shares of HNI Corporation in a report on Friday, November 4th. They issued a neutral rating on the stock. Sidoti initiated coverage on shares of HNI Corporation in a report on Friday, January 6th. They issued a neutral rating and a $59.00 price objective on the stock. Finally, Off Wall Street initiated coverage on shares of HNI Corporation in a report on Monday, February 6th. They issued a sell rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. HNI Corporation currently has an average rating of Hold and an average target price of $48.33.
Shares of HNI Corporation (NYSE:HNI) opened at 46.05 on Monday. HNI Corporation has a 52 week low of $32.36 and a 52 week high of $56.96. The stock’s 50 day moving average is $50.48 and its 200 day moving average is $49.20. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of 24.49 and a beta of 1.44.
HNI Corporation (NYSE:HNI) last announced its quarterly earnings data on Wednesday, February 8th. The company reported $0.82 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.85 by $0.03. The business earned $581.30 million during the quarter, compared to analysts’ expectations of $581.50 million. HNI Corporation had a return on equity of 23.75% and a net margin of 3.88%. HNI Corporation’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 EPS. On average, equities analysts forecast that HNI Corporation will post $2.94 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 6th. Shareholders of record on Monday, February 27th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Thursday, February 23rd. HNI Corporation’s dividend payout ratio (DPR) is presently 58.51%.
Large investors have recently made changes to their positions in the company. Retirement Systems of Alabama boosted its stake in shares of HNI Corporation by 0.5% in the second quarter. Retirement Systems of Alabama now owns 57,241 shares of the company’s stock worth $2,661,000 after buying an additional 300 shares during the period. Nordea Investment Management AB boosted its stake in shares of HNI Corporation by 225.2% in the second quarter. Nordea Investment Management AB now owns 13,777 shares of the company’s stock worth $640,000 after buying an additional 9,541 shares during the period. BRC Investment Management LLC acquired a new stake in shares of HNI Corporation during the second quarter worth $788,000. UBS Asset Management Americas Inc. boosted its stake in shares of HNI Corporation by 28.2% in the second quarter. UBS Asset Management Americas Inc. now owns 24,489 shares of the company’s stock worth $1,139,000 after buying an additional 5,390 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of HNI Corporation by 5.5% in the second quarter. Vanguard Group Inc. now owns 3,410,797 shares of the company’s stock worth $158,568,000 after buying an additional 177,502 shares during the period. Institutional investors and hedge funds own 67.13% of the company’s stock.
About HNI Corporation
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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