Retirement Systems of Alabama lowered its stake in HNI Corporation (NYSE:HNI) by 1.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 56,783 shares of the business services provider’s stock after selling 729 shares during the period. Retirement Systems of Alabama owned 0.13% of HNI Corporation worth $2,617,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in HNI. Frontier Capital Management Co. LLC boosted its stake in HNI Corporation by 13.5% in the fourth quarter. Frontier Capital Management Co. LLC now owns 995,223 shares of the business services provider’s stock valued at $55,653,000 after buying an additional 118,408 shares in the last quarter. Norges Bank purchased a new stake in HNI Corporation during the fourth quarter valued at about $53,804,000. Principal Financial Group Inc. boosted its stake in HNI Corporation by 24.7% in the third quarter. Principal Financial Group Inc. now owns 700,074 shares of the business services provider’s stock valued at $27,863,000 after buying an additional 138,584 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in HNI Corporation by 13.2% in the third quarter. Ameriprise Financial Inc. now owns 127,227 shares of the business services provider’s stock valued at $5,064,000 after buying an additional 14,865 shares in the last quarter. Finally, Teachers Advisors LLC boosted its stake in HNI Corporation by 33.4% in the fourth quarter. Teachers Advisors LLC now owns 113,950 shares of the business services provider’s stock valued at $6,372,000 after buying an additional 28,524 shares in the last quarter. 70.61% of the stock is currently owned by institutional investors.
Shares of HNI Corporation (NYSE HNI) opened at 39.65 on Friday. The company has a 50 day moving average of $43.54 and a 200 day moving average of $47.79. The firm has a market capitalization of $1.75 billion, a PE 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 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. The company had revenue of $477.70 million for the quarter, compared to the consensus estimate of $470.07 million. HNI Corporation had a return on equity of 23.02% and a net margin of 3.60%. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 EPS. On average, analysts anticipate that HNI Corporation will post $2.87 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Stockholders of record on Friday, May 19th were issued a $0.285 dividend. This is an increase from HNI Corporation’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Wednesday, May 17th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.88%. HNI Corporation’s dividend payout ratio is currently 65.90%.
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HNI has been the topic of several analyst reports. Zacks Investment Research cut shares of HNI Corporation from a “hold” rating to a “sell” rating in a research note on Monday, April 24th. Sidoti raised shares of HNI Corporation from a “neutral” rating to a “buy” rating in a research report on Tuesday, February 28th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $47.00.
In related news, VP Steven M. Bradford sold 31,745 shares of the business’s stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $45.49, for a total value of $1,444,080.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Stanley A. Askren sold 11,264 shares of the business’s stock in a transaction that occurred on Monday, April 17th. The shares were sold at an average price of $46.01, for a total value of $518,256.64. The disclosure for this sale can be found here. Insiders sold a total of 65,537 shares of company stock worth $3,000,178 in the last quarter. 5.16% of the stock is owned by corporate insiders.
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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