HNI (NYSE:HNI) PT Raised to $63.00

HNI (NYSE:HNI) had its target price raised by Benchmark from $57.00 to $63.00 in a report released on Friday morning, Benzinga reports. They currently have a buy rating on the business services provider’s stock.

HNI Price Performance

Shares of NYSE HNI opened at $54.39 on Friday. The stock has a market capitalization of $2.57 billion, a PE ratio of 40.29, a P/E/G ratio of 1.47 and a beta of 0.86. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.20 and a quick ratio of 0.73. The business has a fifty day moving average price of $45.93 and a two-hundred day moving average price of $44.04. HNI has a fifty-two week low of $27.92 and a fifty-two week high of $54.77.

HNI (NYSE:HNI) last posted its quarterly earnings results on Thursday, July 25th. The business services provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.18. HNI had a return on equity of 19.15% and a net margin of 4.39%. The company had revenue of $623.70 million during the quarter, compared to analysts’ expectations of $637.74 million. During the same quarter in the previous year, the firm earned $0.55 EPS. HNI’s revenue was up 10.7% on a year-over-year basis. As a group, equities analysts predict that HNI will post 3.1 earnings per share for the current fiscal year.

HNI Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.43%. This is a boost from HNI’s previous quarterly dividend of $0.32. HNI’s payout ratio is 97.78%.

Insider Transactions at HNI

In other news, CFO Marshall H. Bridges sold 4,138 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $53.50, for a total transaction of $221,383.00. Following the completion of the transaction, the chief financial officer now owns 78,346 shares of the company’s stock, valued at approximately $4,191,511. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other HNI news, CFO Marshall H. Bridges sold 4,138 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $53.50, for a total value of $221,383.00. Following the completion of the transaction, the chief financial officer now owns 78,346 shares of the company’s stock, valued at approximately $4,191,511. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Steven M. Bradford sold 5,976 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $53.15, for a total value of $317,624.40. Following the completion of the transaction, the vice president now directly owns 61,642 shares of the company’s stock, valued at approximately $3,276,272.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,080 shares of company stock valued at $2,224,126. Corporate insiders own 3.36% of the company’s stock.

Hedge Funds Weigh In On HNI

A number of institutional investors and hedge funds have recently bought and sold shares of HNI. Norges Bank acquired a new position in HNI in the 4th quarter worth about $13,368,000. Vanguard Group Inc. grew its position in shares of HNI by 5.5% in the 1st quarter. Vanguard Group Inc. now owns 5,566,311 shares of the business services provider’s stock valued at $251,208,000 after buying an additional 287,735 shares during the last quarter. Franklin Resources Inc. grew its position in shares of HNI by 20.0% in the 4th quarter. Franklin Resources Inc. now owns 1,237,003 shares of the business services provider’s stock valued at $51,744,000 after buying an additional 206,419 shares during the last quarter. Edgestream Partners L.P. bought a new stake in shares of HNI in the 1st quarter valued at about $4,267,000. Finally, Intrinsic Edge Capital Management LLC bought a new stake in shares of HNI in the 4th quarter valued at about $3,906,000. Institutional investors and hedge funds own 75.26% of the company’s stock.

HNI Company Profile

HNI Corporation, together with its subsidiaries, engages in the manufacture, sale, and marketing of workplace furnishings and residential building products primarily in the United States and Canada. The company operates through two segments, Workplace Furnishings and Residential Building Products. The Workplace Furnishings segment offers a range of commercial and home office furniture, including panel-based and freestanding furniture systems, seating, storage, benching, tables, architectural products, and ancillary and hospitality products, as well as social collaborative items under the HON, Allsteel, Beyond, Gunlocke, HBF, HBF Textiles, HNI India, Kimball, National, Etc., Interwoven, David Edward, Kimball Hospitality, and D'style brands.