Bank of New York Mellon Corp Reduces Stake in HNI Corporation (NYSE:HNI)

Bank of New York Mellon Corp decreased its position in shares of HNI Corporation (NYSE:HNI - Free Report) by 6.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 590,223 shares of the business services provider's stock after selling 38,049 shares during the period. Bank of New York Mellon Corp owned approximately 1.26% of HNI worth $26,176,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Summit Investment Advisors Inc. lifted its stake in HNI by 8.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,967 shares of the business services provider's stock worth $250,000 after purchasing an additional 376 shares during the last quarter. Graham Capital Management L.P. lifted its holdings in shares of HNI by 2.4% during the 4th quarter. Graham Capital Management L.P. now owns 16,873 shares of the business services provider's stock valued at $850,000 after purchasing an additional 395 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of HNI by 8.0% during the 4th quarter. Bank of Montreal Can now owns 9,401 shares of the business services provider's stock valued at $474,000 after purchasing an additional 700 shares during the last quarter. Sterling Capital Management LLC increased its position in shares of HNI by 649.1% in the 4th quarter. Sterling Capital Management LLC now owns 809 shares of the business services provider's stock valued at $41,000 after acquiring an additional 701 shares during the period. Finally, Diversified Trust Co grew its position in HNI by 9.2% during the 1st quarter. Diversified Trust Co now owns 9,447 shares of the business services provider's stock worth $419,000 after purchasing an additional 794 shares during the period. Hedge funds and other institutional investors own 75.26% of the company's stock.

HNI Price Performance

Shares of HNI stock traded down $0.75 during trading on Friday, hitting $50.93. 166,427 shares of the company's stock traded hands, compared to its average volume of 314,404. HNI Corporation has a twelve month low of $39.76 and a twelve month high of $58.42. The firm's fifty day moving average price is $48.53 and its 200 day moving average price is $46.76. The company has a market cap of $2.37 billion, a PE ratio of 18.12, a PEG ratio of 1.22 and a beta of 0.92. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.19 and a quick ratio of 0.73.

HNI (NYSE:HNI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The business services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.09. HNI had a net margin of 5.35% and a return on equity of 18.48%. The company had revenue of $599.80 million during the quarter, compared to the consensus estimate of $580.47 million. During the same quarter in the prior year, the firm earned $0.37 earnings per share. The firm's revenue was up 2.0% compared to the same quarter last year. Analysts forecast that HNI Corporation will post 3.6 earnings per share for the current year.

HNI Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Friday, May 23rd were given a $0.34 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.67%. This is an increase from HNI's previous quarterly dividend of $0.33. HNI's payout ratio is 48.40%.

Insider Buying and Selling at HNI

In other news, Director Miguel M. Calado sold 2,000 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $50.00, for a total value of $100,000.00. Following the transaction, the director owned 31,828 shares in the company, valued at approximately $1,591,400. This trade represents a 5.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Dean Hagedorn sold 1,440 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $47.07, for a total transaction of $67,780.80. Following the sale, the insider owned 36,711 shares in the company, valued at approximately $1,727,986.77. This trade represents a 3.77% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.37% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on HNI shares. Longbow Research initiated coverage on HNI in a research report on Friday, May 16th. They issued a "buy" rating and a $70.00 target price on the stock. Wall Street Zen raised HNI from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, Susquehanna started coverage on shares of HNI in a research report on Friday, May 16th. They set a "neutral" rating and a $80.00 price target for the company.

HNI Company Profile

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.