Geode Capital Management LLC Purchases 7,553 Shares of HNI Co. (NYSE:HNI)

Geode Capital Management LLC boosted its holdings in shares of HNI Co. (NYSE:HNI) by 0.7% during the 3rd quarter, Holdings Channel reports. The fund owned 1,084,830 shares of the business services provider’s stock after buying an additional 7,553 shares during the period. Geode Capital Management LLC’s holdings in HNI were worth $58,419,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in HNI. Eastern Bank purchased a new stake in shares of HNI in the 3rd quarter worth approximately $27,000. Quest Partners LLC purchased a new stake in HNI during the second quarter worth $29,000. GAMMA Investing LLC boosted its position in HNI by 51.6% during the 3rd quarter. GAMMA Investing LLC now owns 670 shares of the business services provider’s stock valued at $36,000 after acquiring an additional 228 shares in the last quarter. Covestor Ltd boosted its position in HNI by 219.9% during the 3rd quarter. Covestor Ltd now owns 739 shares of the business services provider’s stock valued at $40,000 after acquiring an additional 508 shares in the last quarter. Finally, Icon Wealth Advisors LLC purchased a new position in shares of HNI in the 3rd quarter valued at $84,000. Hedge funds and other institutional investors own 75.26% of the company’s stock.

HNI Stock Up 1.4 %

Shares of HNI stock opened at $51.63 on Monday. The company has a quick ratio of 0.68, a current ratio of 1.09 and a debt-to-equity ratio of 0.36. The company has a market cap of $2.47 billion, a P/E ratio of 20.01, a PEG ratio of 1.55 and a beta of 0.88. The firm’s 50 day moving average price is $54.17 and its 200-day moving average price is $51.29. HNI Co. has a 52-week low of $39.95 and a 52-week high of $58.42.

HNI (NYSE:HNI) last released its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.05. The business had revenue of $672.20 million for the quarter, compared to analyst estimates of $712.75 million. HNI had a net margin of 4.83% and a return on equity of 19.29%. The business’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.93 earnings per share. On average, sell-side analysts predict that HNI Co. will post 2.93 EPS for the current fiscal year.

HNI Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend was Monday, November 18th. HNI’s dividend payout ratio is presently 51.16%.

Insider Transactions at HNI

In related news, Director Larry B. Porcellato sold 2,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $56.95, for a total value of $113,900.00. Following the completion of the transaction, the director now owns 37,880 shares in the company, valued at $2,157,266. This trade represents a 5.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Brian Scott Smith sold 2,284 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.00, for a total value of $123,336.00. Following the sale, the insider now owns 11,902 shares in the company, valued at approximately $642,708. The trade was a 16.10 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised HNI from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 31st.

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.