Bank of New York Mellon Corp Increases Position in HNI Co. (NYSE:HNI)

Bank of New York Mellon Corp lifted its holdings in HNI Co. (NYSE:HNI) by 20.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 628,272 shares of the business services provider’s stock after purchasing an additional 105,034 shares during the period. Bank of New York Mellon Corp owned about 1.31% of HNI worth $31,646,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Farther Finance Advisors LLC increased its stake in HNI by 4,746.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,181 shares of the business services provider’s stock worth $117,000 after buying an additional 2,136 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of HNI by 1.9% in the third quarter. Principal Financial Group Inc. now owns 238,465 shares of the business services provider’s stock valued at $12,839,000 after purchasing an additional 4,358 shares in the last quarter. Summit Global Investments lifted its holdings in HNI by 2.1% in the third quarter. Summit Global Investments now owns 25,262 shares of the business services provider’s stock valued at $1,360,000 after acquiring an additional 522 shares during the last quarter. Covestor Ltd lifted its holdings in HNI by 219.9% in the third quarter. Covestor Ltd now owns 739 shares of the business services provider’s stock valued at $40,000 after acquiring an additional 508 shares during the last quarter. Finally, Crossmark Global Holdings Inc. lifted its holdings in HNI by 8.5% in the third quarter. Crossmark Global Holdings Inc. now owns 7,865 shares of the business services provider’s stock valued at $423,000 after acquiring an additional 616 shares during the last quarter. Hedge funds and other institutional investors own 75.26% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com cut HNI from a “strong-buy” rating to a “buy” rating in a report on Friday, February 21st.

Insider Activity

In related news, insider Brian Scott Smith sold 556 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $49.90, for a total value of $27,744.40. Following the transaction, the insider now owns 14,394 shares of the company’s stock, valued at $718,260.60. This represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 3.36% of the company’s stock.

HNI Stock Up 0.5 %

NYSE:HNI opened at $45.07 on Friday. The company has a quick ratio of 0.68, a current ratio of 1.10 and a debt-to-equity ratio of 0.36. The stock’s fifty day moving average is $48.67 and its two-hundred day moving average is $51.69. HNI Co. has a 52 week low of $40.94 and a 52 week high of $58.42. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 15.60, a price-to-earnings-growth ratio of 1.14 and a beta of 0.90.

HNI (NYSE:HNI) last released its quarterly earnings results on Thursday, February 20th. The business services provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.13. The company had revenue of $642.50 million for the quarter, compared to analysts’ expectations of $657.03 million. HNI had a return on equity of 18.27% and a net margin of 5.52%. Research analysts anticipate that HNI Co. will post 3.6 EPS for the current year.

HNI Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend was Monday, February 24th. HNI’s payout ratio is currently 45.67%.

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.