HNI (NYSE:HNI) Research Coverage Started at StockNews.com

Posted by Samantha Reynolds on Mar 19th, 2023

StockNews.com began coverage on shares of HNI (NYSE:HNI – Get Rating) in a report released on Thursday. The brokerage issued a buy rating on the business services provider’s stock.

Separately, Sidoti upgraded HNI from a neutral rating to a buy rating and set a $34.00 price objective for the company in a research report on Thursday, March 9th.

HNI Price Performance

Shares of NYSE:HNI opened at $27.12 on Thursday. HNI has a 1-year low of $24.60 and a 1-year high of $39.54. The firm has a market capitalization of $1.12 billion, a PE ratio of 9.19 and a beta of 0.95. The business’s 50 day moving average is $30.32 and its 200-day moving average is $29.35. The company has a current ratio of 1.19, a quick ratio of 0.73 and a debt-to-equity ratio of 0.32.

HNI (NYSE:HNI – Get Rating) last announced its quarterly earnings results on Thursday, February 23rd. The business services provider reported $0.63 EPS for the quarter, beating the consensus estimate of $0.48 by $0.15. HNI had a return on equity of 15.68% and a net margin of 5.25%. The business had revenue of $568.90 million for the quarter, compared to analyst estimates of $559.22 million. During the same quarter in the previous year, the firm earned $0.43 EPS. HNI’s quarterly revenue was down 5.6% on a year-over-year basis.

HNI Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 8th. Shareholders of record on Monday, February 27th were given a $0.32 dividend. The ex-dividend date was Friday, February 24th. This represents a $1.28 annualized dividend and a yield of 4.72%. HNI’s payout ratio is 43.39%.

Insider Transactions at HNI

In other news, CFO Marshall H. Bridges sold 4,383 shares of the business’s stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $32.35, for a total transaction of $141,790.05. Following the completion of the sale, the chief financial officer now owns 72,287 shares in the company, valued at $2,338,484.45. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Marshall H. Bridges sold 4,383 shares of the business’s stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $32.35, for a total transaction of $141,790.05. Following the completion of the sale, the chief financial officer now owns 72,287 shares in the company, valued at $2,338,484.45. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Vincent P. Berger sold 2,150 shares of the business’s stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $32.24, for a total value of $69,316.00. Following the sale, the executive vice president now owns 63,298 shares of the company’s stock, valued at approximately $2,040,727.52. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On HNI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Linden Thomas Advisory Services LLC bought a new stake in HNI in the fourth quarter valued at about $890,000. Schonfeld Strategic Advisors LLC increased its holdings in HNI by 63.3% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 15,673 shares of the business services provider’s stock valued at $446,000 after purchasing an additional 6,073 shares during the last quarter. Morgan Stanley increased its holdings in HNI by 101.8% in the fourth quarter. Morgan Stanley now owns 511,093 shares of the business services provider’s stock valued at $14,530,000 after purchasing an additional 257,833 shares during the last quarter. Mariner LLC increased its holdings in HNI by 5.7% in the fourth quarter. Mariner LLC now owns 11,705 shares of the business services provider’s stock valued at $333,000 after purchasing an additional 630 shares during the last quarter. Finally, Norges Bank bought a new stake in HNI in the fourth quarter valued at about $10,935,000. Institutional investors own 76.28% of the company’s stock.

About HNI

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HNI Corp. engages in the provision of workplace furnishings and residential building products. It operates through the Workplace Furnishing and Residential Building Products segments. The Workplace Furnishings segment manufactures and markets a broad line of commercial and home office furniture, which includes panel-based and freestanding furniture systems, seating, storage, tables, and architectural products.