HNI Corp. (NYSE:HNI) announced its earnings results on Wednesday. The company reported $0.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.03. The firm earned $584.60 million during the quarter, compared to analyst estimates of $583.70 million. HNI Corp. had a net margin of 5.06% and a return on equity of 26.76%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.93 EPS. HNI Corp. updated its FY16 guidance to $2.60-2.70 EPS.
HNI Corp. (NYSE:HNI) traded up 1.59% during trading on Wednesday, hitting $38.25. 263,619 shares of the stock were exchanged. HNI Corp. has a 52 week low of $29.84 and a 52 week high of $56.96. The firm has a market cap of $1.70 billion, a PE ratio of 15.22 and a beta of 1.50. The firm’s 50-day moving average is $45.40 and its 200 day moving average is $46.53.
In other news, Director Ronald V. Waters sold 5,000 shares of the firm’s stock in a transaction on Tuesday, September 20th. The shares were sold at an average price of $44.70, for a total transaction of $223,500.00. Following the completion of the transaction, the director now owns 36,230 shares of the company’s stock, valued at $1,619,481. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Donald T. Mead sold 26,343 shares of HNI Corp. stock in a transaction on Friday, August 26th. The stock was sold at an average price of $54.60, for a total transaction of $1,438,327.80. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the company. BlackRock Fund Advisors increased its position in shares of HNI Corp. by 3.5% in the second quarter. BlackRock Fund Advisors now owns 2,206,450 shares of the company’s stock worth $102,578,000 after buying an additional 75,273 shares in the last quarter. Zacks Investment Management purchased a new position in shares of HNI Corp. during the second quarter worth $1,591,000. BlackRock Institutional Trust Company N.A. increased its position in shares of HNI Corp. by 2.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,297,462 shares of the company’s stock worth $60,319,000 after buying an additional 25,803 shares in the last quarter. Comerica Bank increased its position in shares of HNI Corp. by 82.5% in the second quarter. Comerica Bank now owns 54,239 shares of the company’s stock worth $2,894,000 after buying an additional 24,511 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ purchased a new position in shares of HNI Corp. during the second quarter worth $953,000. 67.98% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on HNI shares. Raymond James Financial Inc. downgraded shares of HNI Corp. from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 20th. Zacks Investment Research downgraded shares of HNI Corp. from a “buy” rating to a “sell” rating in a research note on Wednesday, September 21st.
About HNI Corp.
HNI Corporation is a provider of office furniture and hearth products. The Company manufactures and markets gas and wood burning fireplaces. It operates through two segments: office furniture and hearth products. Its office furniture segment manufactures and markets a range of metal and wood commercial and home office furniture, which includes storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions, and panel systems and other related products.
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