HNI (NYSE:HNI) Issues Earnings Results

HNI (NYSE:HNI) posted its quarterly earnings data on Wednesday. The business services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.08), FiscalAI reports. HNI had a net margin of 5.46% and a return on equity of 20.33%. The firm’s quarterly revenue was up 38.3% on a year-over-year basis. During the same period last year, the company earned $0.87 earnings per share.

HNI Price Performance

HNI stock traded down $3.75 during trading on Wednesday, reaching $44.82. 179,201 shares of the company were exchanged, compared to its average volume of 505,373. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.85 and a current ratio of 1.33. The stock’s 50 day moving average price is $46.51 and its 200 day moving average price is $44.47. HNI has a 52-week low of $38.03 and a 52-week high of $53.29. The company has a market cap of $2.05 billion, a P/E ratio of 15.00, a PEG ratio of 0.60 and a beta of 0.94.

HNI Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 11th. Shareholders of record on Monday, March 2nd will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Monday, March 2nd. HNI’s payout ratio is presently 45.64%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on HNI. Benchmark reaffirmed a “buy” rating on shares of HNI in a report on Friday, January 16th. Weiss Ratings upgraded HNI from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, February 3rd. Finally, Wall Street Zen cut HNI from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 1st. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $75.00.

Hedge Funds Weigh In On HNI

Hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC acquired a new position in HNI in the 1st quarter valued at about $10,666,000. Jane Street Group LLC acquired a new position in shares of HNI in the first quarter valued at approximately $10,301,000. Entropy Technologies LP purchased a new position in shares of HNI during the third quarter valued at approximately $676,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in HNI by 7.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,290 shares of the business services provider’s stock worth $6,311,000 after acquiring an additional 9,730 shares during the last quarter. Finally, Intech Investment Management LLC grew its stake in HNI by 23.6% in the 1st quarter. Intech Investment Management LLC now owns 36,698 shares of the business services provider’s stock worth $1,628,000 after acquiring an additional 7,000 shares during the period. 75.26% of the stock is currently owned by hedge funds and other institutional investors.

HNI Company Profile

HNI Corporation, founded in 1944 as the Heating & Novelty Company and headquartered in Muscatine, Iowa, is a leading manufacturer of office furniture and hearth products. Over its history, the company has evolved from producing gas heaters into two primary business segments: Office Furniture and Hearth & Home. HNI’s Office Furniture division operates under well-known brands such as The HON Company, Allsteel, Gunlocke and Kimball, offering a comprehensive portfolio of workstations, seating, tables, storage solutions and acoustic products tailored for corporate, education, healthcare and government markets.

In its Hearth & Home segment, HNI designs, manufactures and distributes fireplaces, stoves, fireplace inserts, logs and related accessories.