HNI (NYSE:HNI) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of HNI (NYSE:HNI) from a hold rating to a sell rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “HNI Corporation provide products and solutions for the home and workplace environments. HNI is a leading global provider and designer of office furniture and the leading manufacturer and marketer of hearth products. HNI Corporation sell the broadest and deepest selection of quality office furniture solutions available to meet the needs of every customer through an extensive portfolio of well-known and trusted brands. HNI Corporation hearth products are the strongest, most respected brands in the industry and include a full array of gas, electric, wood and biomass burning fireplaces, inserts, stoves, facings and accessories. “

A number of other brokerages have also recently commented on HNI. TheStreet cut HNI from a b rating to a c+ rating in a research report on Monday, April 22nd. ValuEngine cut HNI from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Finally, Sidoti set a $45.00 price target on HNI and gave the stock a hold rating in a research report on Friday, May 31st. Two investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $45.00.

HNI stock traded down $0.73 during trading on Wednesday, reaching $32.14. The stock had a trading volume of 133,578 shares, compared to its average volume of 222,602. HNI has a 52 week low of $31.24 and a 52 week high of $44.79. The firm’s 50 day moving average is $34.11. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.75 and a current ratio of 1.21. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of 13.34 and a beta of 1.22.

HNI (NYSE:HNI) last posted its earnings results on Wednesday, July 24th. The business services provider reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.03). HNI had a net margin of 4.02% and a return on equity of 18.33%. The firm had revenue of $526.00 million during the quarter, compared to the consensus estimate of $551.13 million. During the same period in the prior year, the company posted $0.44 EPS. The firm’s revenue was down 3.2% compared to the same quarter last year. Research analysts predict that HNI will post 2.6 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 16th will be given a $0.305 dividend. This represents a $1.22 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date of this dividend is Thursday, August 15th. HNI’s payout ratio is 50.62%.

A number of institutional investors and hedge funds have recently modified their holdings of HNI. Bank of Montreal Can lifted its stake in shares of HNI by 94.1% during the 2nd quarter. Bank of Montreal Can now owns 8,662 shares of the business services provider’s stock worth $308,000 after acquiring an additional 4,199 shares during the last quarter. Panagora Asset Management Inc. bought a new stake in shares of HNI during the 2nd quarter worth approximately $38,000. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of HNI during the 2nd quarter worth approximately $1,850,000. Prudential Financial Inc. lifted its stake in shares of HNI by 5.9% during the 2nd quarter. Prudential Financial Inc. now owns 32,132 shares of the business services provider’s stock worth $1,137,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its stake in shares of HNI by 83.4% during the 2nd quarter. Acadian Asset Management LLC now owns 4,035 shares of the business services provider’s stock worth $143,000 after acquiring an additional 1,835 shares during the last quarter. Institutional investors and hedge funds own 70.33% of the company’s stock.

About HNI

HNI Corporation manufactures and sells office furniture and hearth products in the United States, Canada, China, Hong Kong, India, Mexico, Dubai, Singapore, and Taiwan. Its Office Furniture segment offers a range of commercial and home office furniture, which include storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions and panel systems, and other related products under the HON, Allsteel, Maxon, Gunlocke, HBF, OFM, Lamex, and HNI India brands.

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