HNI (NYSE:HNI) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of HNI (NYSE:HNI) from a hold rating to a sell rating in a research report sent to investors on Tuesday, reports.

According to Zacks, “HNI Corporation provide products and solutions for the home and workplace environments. HNI is a leading global provider and designer of office furniture and the leading manufacturer and marketer of hearth products. HNI Corporation sell the broadest and deepest selection of quality office furniture solutions available to meet the needs of every customer through an extensive portfolio of well-known and trusted brands. HNI Corporation hearth products are the strongest, most respected brands in the industry and include a full array of gas, electric, wood and biomass burning fireplaces, inserts, stoves, facings and accessories. “

A number of other research firms have also issued reports on HNI. Sidoti set a $45.00 target price on shares of HNI and gave the company a hold rating in a report on Friday, May 31st. ValuEngine lowered shares of HNI from a hold rating to a sell rating in a report on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $45.00.

NYSE:HNI opened at $33.93 on Tuesday. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 15.16 and a beta of 1.23. The company has a current ratio of 1.21, a quick ratio of 0.75 and a debt-to-equity ratio of 0.54. The company’s 50-day moving average is $31.96 and its two-hundred day moving average is $34.91. HNI has a 12-month low of $29.90 and a 12-month high of $44.79.

HNI (NYSE:HNI) last released its earnings results on Wednesday, July 24th. The business services provider reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.03). The firm had revenue of $526.00 million during the quarter, compared to analysts’ expectations of $551.13 million. HNI had a net margin of 4.02% and a return on equity of 18.33%. HNI’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the company posted $0.44 earnings per share. On average, equities research analysts forecast that HNI will post 2.6 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 16th were issued a dividend of $0.305 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.22 annualized dividend and a dividend yield of 3.60%. HNI’s payout ratio is currently 50.62%.

Hedge funds have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale purchased a new position in shares of HNI during the 2nd quarter worth about $35,000. Panagora Asset Management Inc. purchased a new position in shares of HNI during the 2nd quarter worth about $38,000. Capital Investment Advisors LLC purchased a new position in shares of HNI during the 2nd quarter worth about $60,000. Point72 Hong Kong Ltd lifted its holdings in shares of HNI by 1,883.5% during the 2nd quarter. Point72 Hong Kong Ltd now owns 1,924 shares of the business services provider’s stock worth $68,000 after acquiring an additional 1,827 shares during the period. Finally, Nordea Investment Management AB purchased a new position in shares of HNI during the 1st quarter worth about $92,000. Institutional investors and hedge funds own 70.49% of the company’s stock.

HNI Company 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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