HNI Corp. (NYSE:HNI) updated its third quarter earnings guidance on Monday. The company provided earnings per share guidance of $0.74-0.79 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.95. The company issued revenue guidance of $631.50 million, compared to the consensus revenue estimate of prior $0.90-0.95.HNI Corp. also updated its FY16 guidance to $2.50 -2.70 EPS.
Separately, Raymond James Financial Inc. downgraded shares of HNI Corp. from an outperform rating to a market perform rating in a report on Tuesday.
Shares of HNI Corp. (NYSE:HNI) opened at 40.97 on Wednesday. The stock’s 50 day moving average is $53.59 and its 200-day moving average is $46.32. The stock has a market capitalization of $1.82 billion, a P/E ratio of 16.30 and a beta of 1.40. HNI Corp. has a one year low of $29.84 and a one year high of $56.96.
HNI Corp. (NYSE:HNI) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.03. HNI Corp. had a net margin of 5.06% and a return on equity of 26.76%. On average, equities research analysts expect that HNI Corp. will post $2.87 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 19th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend was Wednesday, August 17th. HNI Corp.’s dividend payout ratio (DPR) is 43.82%.
In related news, insider Donald T. Mead sold 26,343 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $54.60, for a total value of $1,438,327.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey D. Lorenger sold 36,483 shares of the company’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $52.20, for a total transaction of $1,904,412.60. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.
A number of large investors have recently bought and sold shares of HNI. KCG Holdings Inc. bought a new stake in HNI Corp. during the second quarter valued at $248,000. C M Bidwell & Associates Ltd. acquired a new stake in shares of HNI Corp. during the second quarter worth $299,000. Paloma Partners Management Co acquired a new stake in shares of HNI Corp. during the second quarter worth $305,000. Stevens Capital Management LP acquired a new stake in shares of HNI Corp. during the second quarter worth $343,000. Finally, Profund Advisors LLC increased its stake in shares of HNI Corp. by 11.9% in the second quarter. Profund Advisors LLC now owns 9,837 shares of the company’s stock worth $457,000 after buying an additional 1,046 shares during the last quarter. 68.01% of the stock is owned by institutional investors and hedge funds.
HNI Corp. Company Profile
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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