Insider Selling: HNI Corporation (HNI) Chairman Sells 12,000 Shares of Stock
HNI Corporation (NYSE:HNI) Chairman Stanley A. Askren sold 12,000 shares of HNI Corporation stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $37.78, for a total value of $453,360.00. Following the sale, the chairman now directly owns 216,996 shares of the company’s stock, valued at $8,198,108.88. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Shares of HNI Corporation (NYSE HNI) traded up 1.15% during midday trading on Friday, hitting $38.70. The stock had a trading volume of 156,167 shares. HNI Corporation has a one year low of $34.60 and a one year high of $56.94. The firm has a 50 day moving average of $36.41 and a 200-day moving average of $41.44. The company has a market cap of $1.70 billion, a P/E ratio of 27.80 and a beta of 1.41.
HNI Corporation (NYSE:HNI) last posted its quarterly earnings data on Monday, July 24th. The business services provider reported $0.42 EPS for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.01). HNI Corporation had a net margin of 2.94% and a return on equity of 20.82%. The company had revenue of $514.50 million for the quarter, compared to analyst estimates of $516.10 million. During the same quarter in the prior year, the business earned $0.68 EPS. HNI Corporation’s revenue was down 4.1% compared to the same quarter last year. On average, analysts forecast that HNI Corporation will post $2.45 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were paid a dividend of $0.285 per share. The ex-dividend date was Wednesday, August 16th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.95%. HNI Corporation’s dividend payout ratio is presently 81.43%.
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Hedge funds and other institutional investors have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. increased its stake in shares of HNI Corporation by 7.7% during the first quarter. Schwab Charles Investment Management Inc. now owns 277,050 shares of the business services provider’s stock valued at $12,770,000 after acquiring an additional 19,771 shares during the period. Comerica Bank increased its stake in shares of HNI Corporation by 3.7% during the first quarter. Comerica Bank now owns 34,256 shares of the business services provider’s stock valued at $1,618,000 after acquiring an additional 1,222 shares during the period. SG Americas Securities LLC increased its stake in shares of HNI Corporation by 102.7% during the second quarter. SG Americas Securities LLC now owns 13,877 shares of the business services provider’s stock valued at $553,000 after acquiring an additional 7,031 shares during the period. Bank of Montreal Can increased its stake in shares of HNI Corporation by 27.2% during the first quarter. Bank of Montreal Can now owns 4,819 shares of the business services provider’s stock valued at $222,000 after acquiring an additional 1,030 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of HNI Corporation by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,059,270 shares of the business services provider’s stock valued at $48,820,000 after acquiring an additional 17,867 shares during the period. Institutional investors and hedge funds own 68.99% of the company’s stock.
A number of analysts have issued reports on HNI shares. Citigroup Inc. raised HNI Corporation to an “outperform” rating and set a $42.00 price target for the company in a report on Wednesday, August 23rd. UBS AG raised HNI Corporation from a “market perform” rating to an “outperform” rating in a report on Wednesday, August 23rd. TheStreet downgraded HNI Corporation from a “b-” rating to a “c+” rating in a report on Tuesday, June 20th. Raymond James Financial, Inc. raised HNI Corporation from a “market perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Wednesday, August 23rd. Finally, Zacks Investment Research raised HNI Corporation from a “sell” rating to a “hold” rating in a report on Monday, September 11th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $44.50.
About HNI Corporation
HNI Corporation is a provider of office furniture and hearth products. The Company’s office furniture products include panel-based and freestanding furniture systems, seating, storage and tables. The Company’s segments include office furniture and hearth products. The office furniture segment manufactures and markets a line 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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