HNI Co. (NYSE:HNI) Shares Sold by Rhumbline Advisers

Rhumbline Advisers lessened its stake in HNI Co. (NYSE:HNI) by 1.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 140,311 shares of the business services provider’s stock after selling 2,356 shares during the quarter. Rhumbline Advisers owned 0.30% of HNI worth $6,317,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. FinTrust Capital Advisors LLC purchased a new position in HNI during the 4th quarter worth approximately $42,000. Daiwa Securities Group Inc. acquired a new position in HNI during the 1st quarter worth approximately $202,000. Hennion & Walsh Asset Management Inc. purchased a new position in shares of HNI during the 1st quarter worth approximately $245,000. Bailard Inc. acquired a new stake in shares of HNI in the 2nd quarter valued at approximately $248,000. Finally, Nations Financial Group Inc. IA ADV purchased a new stake in shares of HNI in the fourth quarter valued at approximately $238,000. 75.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at HNI

In related news, VP Steven M. Bradford sold 11,237 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.35, for a total value of $543,308.95. Following the completion of the sale, the vice president now owns 61,642 shares of the company’s stock, valued at approximately $2,980,390.70. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Larry B. Porcellato sold 2,000 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $48.01, for a total value of $96,020.00. Following the sale, the director now owns 39,725 shares in the company, valued at $1,907,197.25. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Steven M. Bradford sold 11,237 shares of HNI stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.35, for a total value of $543,308.95. Following the sale, the vice president now directly owns 61,642 shares in the company, valued at approximately $2,980,390.70. The disclosure for this sale can be found here. Insiders have sold a total of 134,029 shares of company stock valued at $6,766,593 in the last three months. 3.36% of the stock is currently owned by company insiders.

HNI Price Performance

Shares of HNI opened at $51.81 on Friday. HNI Co. has a 52 week low of $32.11 and a 52 week high of $56.13. The stock has a 50 day moving average of $50.88 and a 200-day moving average of $46.46. The company has a current ratio of 1.20, a quick ratio of 0.73 and a debt-to-equity ratio of 0.53. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of 38.38, a PEG ratio of 1.32 and a beta of 0.85.

HNI (NYSE:HNI) last posted its earnings results on Thursday, July 25th. The business services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.61 by $0.18. The firm had revenue of $623.70 million during the quarter, compared to analysts’ expectations of $637.74 million. HNI had a net margin of 4.39% and a return on equity of 19.15%. HNI’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.55 EPS. As a group, analysts forecast that HNI Co. will post 3.17 EPS for the current year.

HNI Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Friday, August 23rd were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend was Friday, August 23rd. HNI’s payout ratio is 97.78%.

Analysts Set New Price Targets

HNI has been the subject of several research reports. StockNews.com raised HNI from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 15th. Benchmark lifted their price target on HNI from $57.00 to $63.00 and gave the company a “buy” rating in a report on Friday, July 26th.

About HNI

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.