Los Angeles Capital Management & Equity Research Inc. Increases Position in HNI Corporation (HNI)
Los Angeles Capital Management & Equity Research Inc. boosted its stake in HNI Corporation (NYSE:HNI) by 52.6% during the first quarter, Holdings Channel reports. The firm owned 7,597 shares of the business services provider’s stock after buying an additional 2,617 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in HNI Corporation were worth $350,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in HNI. Bank of Montreal Can increased its stake in HNI Corporation by 27.2% in the first quarter. Bank of Montreal Can now owns 4,819 shares of the business services provider’s stock valued at $222,000 after buying an additional 1,030 shares during the period. Russell Investments Group Ltd. purchased a new stake in HNI Corporation during the fourth quarter valued at about $391,000. Campbell & CO Investment Adviser LLC purchased a new stake in HNI Corporation during the first quarter valued at about $374,000. Icon Advisers Inc. Co. purchased a new stake in HNI Corporation during the first quarter valued at about $461,000. Finally, Louisiana State Employees Retirement System increased its stake in HNI Corporation by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the business services provider’s stock valued at $512,000 after buying an additional 100 shares during the period. 70.61% of the stock is currently owned by hedge funds and other institutional investors.
Shares of HNI Corporation (NYSE HNI) opened at 39.65 on Friday. The stock has a 50 day moving average of $43.54 and a 200 day moving average of $47.79. The company has a market cap of $1.75 billion, a P/E ratio of 22.93 and a beta of 1.45. HNI Corporation has a 52-week low of $37.24 and a 52-week high of $56.96.
HNI Corporation (NYSE:HNI) last issued its quarterly earnings results on Wednesday, April 19th. The business services provider reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. HNI Corporation had a net margin of 3.60% and a return on equity of 23.02%. The firm had revenue of $477.70 million during the quarter, compared to the consensus estimate of $470.07 million. During the same period in the prior year, the firm earned $0.31 EPS. The business’s revenue was down 4.7% on a year-over-year basis. On average, equities analysts anticipate that HNI Corporation will post $2.87 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Shareholders of record on Friday, May 19th were issued a $0.285 dividend. The ex-dividend date of this dividend was Wednesday, May 17th. This is an increase from HNI Corporation’s previous quarterly dividend of $0.28. This represents a $1.14 dividend on an annualized basis and a yield of 2.88%. HNI Corporation’s dividend payout ratio is 65.90%.
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Several research firms recently issued reports on HNI. BidaskClub downgraded shares of HNI Corporation from a “hold” rating to a “sell” rating in a research note on Saturday. Sidoti raised shares of HNI Corporation from a “neutral” rating to a “buy” rating in a research note on Tuesday, February 28th. Finally, Zacks Investment Research downgraded shares of HNI Corporation from a “hold” rating to a “sell” rating in a research note on Monday, April 3rd. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. HNI Corporation currently has a consensus rating of “Hold” and an average price target of $47.00.
In other HNI Corporation news, VP Steven M. Bradford sold 31,745 shares of the stock in a transaction on Monday, March 20th. The shares were sold at an average price of $45.49, for a total value of $1,444,080.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Stanley A. Askren sold 2,764 shares of the stock in a transaction on Monday, March 20th. The shares were sold at an average price of $46.51, for a total transaction of $128,553.64. Following the completion of the sale, the chairman now directly owns 207,156 shares of the company’s stock, valued at $9,634,825.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,537 shares of company stock valued at $3,000,178. Insiders own 5.16% of the company’s stock.
HNI Corporation Company Profile
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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