Rhumbline Advisers Trims Stock Position in HNI Corp (NYSE:HNI)

Rhumbline Advisers lowered its position in shares of HNI Corp (NYSE:HNI) by 3.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 123,973 shares of the business services provider’s stock after selling 4,726 shares during the period. Rhumbline Advisers’ holdings in HNI were worth $4,401,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of HNI. D. E. Shaw & Co. Inc. grew its stake in HNI by 198.9% during the second quarter. D. E. Shaw & Co. Inc. now owns 339,960 shares of the business services provider’s stock valued at $12,028,000 after acquiring an additional 226,207 shares in the last quarter. AQR Capital Management LLC grew its stake in HNI by 806.0% in the 2nd quarter. AQR Capital Management LLC now owns 224,211 shares of the business services provider’s stock worth $7,933,000 after buying an additional 199,464 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in HNI in the 2nd quarter worth approximately $6,457,000. Bank of America Corp DE grew its stake in HNI by 110.7% in the 2nd quarter. Bank of America Corp DE now owns 273,261 shares of the business services provider’s stock worth $9,668,000 after buying an additional 143,549 shares in the last quarter. Finally, Citadel Advisors LLC grew its stake in HNI by 80.6% in the 2nd quarter. Citadel Advisors LLC now owns 228,428 shares of the business services provider’s stock worth $8,081,000 after buying an additional 101,951 shares in the last quarter. 70.33% of the stock is owned by institutional investors.

A number of equities analysts have commented on the stock. ValuEngine raised shares of HNI from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Zacks Investment Research cut shares of HNI from a “hold” rating to a “sell” rating in a research note on Wednesday, October 30th. Finally, TheStreet raised shares of HNI from a “c+” rating to a “b-” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. HNI presently has an average rating of “Hold” and an average target price of $45.00.

HNI stock opened at $39.88 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.19 and a quick ratio of 0.79. HNI Corp has a one year low of $29.90 and a one year high of $42.23. The stock has a market cap of $1.68 billion, a PE ratio of 16.55 and a beta of 1.19. The firm has a 50 day simple moving average of $36.55 and a two-hundred day simple moving average of $34.71.

HNI (NYSE:HNI) last released its quarterly earnings results on Wednesday, October 23rd. The business services provider reported $1.08 EPS for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.02. The business had revenue of $625.40 million during the quarter, compared to analysts’ expectations of $640.30 million. HNI had a net margin of 4.27% and a return on equity of 19.43%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.90 EPS. On average, research analysts expect that HNI Corp will post 2.55 EPS for the current fiscal year.

The firm also recently disclosed a dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be issued a $0.305 dividend. The ex-dividend date is Friday, November 15th. HNI’s payout ratio is 50.62%.

In other news, Director Miguel M. Calado sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $40.00, for a total value of $80,000.00. Following the completion of the sale, the director now directly owns 50,327 shares in the company, valued at approximately $2,013,080. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jeffrey D. Lorenger sold 10,183 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $35.00, for a total transaction of $356,405.00. Following the completion of the sale, the chief executive officer now owns 34,669 shares of the company’s stock, valued at $1,213,415. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,342 shares of company stock valued at $442,606. Company insiders own 2.20% of the company’s stock.

HNI Profile

HNI Corporation manufactures and sells office furniture and hearth products in the United States, Canada, China, Hong Kong, India, Mexico, Dubai, Singapore, and Taiwan. Its Office Furniture segment offers a range of commercial and home office furniture, which include storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions and panel systems, and other related products under the HON, Allsteel, Maxon, Gunlocke, HBF, OFM, Lamex, and HNI India brands.

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Institutional Ownership by Quarter for HNI (NYSE:HNI)

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