State of Alaska Department of Revenue Decreases Stake in HNI Co. (NYSE:HNI)

State of Alaska Department of Revenue cut its position in shares of HNI Co. (NYSE:HNI) by 3.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,901 shares of the business services provider’s stock after selling 868 shares during the period. State of Alaska Department of Revenue’s holdings in HNI were worth $1,448,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Jupiter Asset Management Ltd. increased its holdings in shares of HNI by 184.7% in the 1st quarter. Jupiter Asset Management Ltd. now owns 102,330 shares of the business services provider’s stock worth $4,618,000 after buying an additional 66,387 shares during the last quarter. Texas Permanent School Fund Corp grew its position in HNI by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 40,765 shares of the business services provider’s stock worth $1,840,000 after acquiring an additional 544 shares in the last quarter. Russell Investments Group Ltd. increased its stake in HNI by 30.4% during the first quarter. Russell Investments Group Ltd. now owns 47,936 shares of the business services provider’s stock worth $2,163,000 after acquiring an additional 11,168 shares during the last quarter. BNP Paribas Financial Markets raised its position in HNI by 86.6% during the first quarter. BNP Paribas Financial Markets now owns 35,859 shares of the business services provider’s stock valued at $1,618,000 after purchasing an additional 16,646 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in HNI during the third quarter valued at approximately $450,000. Hedge funds and other institutional investors own 75.26% of the company’s stock.

HNI Stock Performance

Shares of NYSE:HNI opened at $49.72 on Monday. The company has a current ratio of 1.09, a quick ratio of 0.73 and a debt-to-equity ratio of 0.36. HNI Co. has a 12 month low of $36.72 and a 12 month high of $56.13. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 19.27, a PEG ratio of 1.40 and a beta of 0.85. The firm’s 50-day moving average is $52.44 and its 200 day moving average is $48.74.

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

HNI Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Friday, August 23rd were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $1.32 annualized dividend and a dividend yield of 2.65%. HNI’s dividend payout ratio (DPR) is 51.16%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on HNI shares. StockNews.com upgraded HNI from a “buy” rating to a “strong-buy” rating in a report on Thursday. Benchmark lifted their price objective on shares of HNI from $57.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, July 26th.

Insider Activity

In other HNI news, CEO Jeffrey D. Lorenger sold 72,102 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $49.32, for a total value of $3,556,070.64. Following the transaction, the chief executive officer now directly owns 296,892 shares in the company, valued at $14,642,713.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Miguel M. Calado sold 5,299 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $52.96, for a total value of $280,635.04. Following the completion of the sale, the director now owns 31,159 shares in the company, valued at approximately $1,650,180.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jeffrey D. Lorenger sold 72,102 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $49.32, for a total transaction of $3,556,070.64. Following the completion of the sale, the chief executive officer now directly owns 296,892 shares of the company’s stock, valued at $14,642,713.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 110,582 shares of company stock valued at $5,597,281. 3.36% of the stock is currently owned by company insiders.

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.