BlackRock Inc. Takes $431.74 Million Position in HNI Corporation $HNI

Key Points

• BlackRock acquired a new 10.68 million-share stake in HNI during the second quarter, worth approximately $431.7 million and representing 14.8% of the company. Institutional investors and hedge funds collectively own 75.26% of HNI.
• HNI reported quarterly EPS of $1.27, beating estimates of $1.04, while revenue rose 120.7% year over year to $1.47 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $65.
• HNI declared a quarterly dividend of $0.35 per share, equivalent to an annualized $1.40 dividend and a 2.8% yield. CEO Jeffrey Lorenger separately sold 45,850 shares under a pre-arranged Rule 10b5-1 trading plan.

BlackRock Inc. acquired a new position in HNI Corporation (NYSE:HNI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,684,086 shares of the business services provider's stock, valued at approximately $431,744,000. BlackRock Inc. owned about 14.80% of HNI as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of HNI. Royal Bank of Canada boosted its holdings in shares of HNI by 20.5% in the 1st quarter. Royal Bank of Canada now owns 8,642 shares of the business services provider's stock valued at $383,000 after acquiring an additional 1,472 shares during the last quarter. AQR Capital Management LLC lifted its position in HNI by 6.3% during the first quarter. AQR Capital Management LLC now owns 13,527 shares of the business services provider's stock valued at $600,000 after purchasing an additional 802 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in HNI by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,239 shares of the business services provider's stock valued at $1,252,000 after purchasing an additional 1,290 shares during the last quarter. Millennium Management LLC purchased a new stake in HNI in the first quarter valued at $10,666,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in HNI by 7.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,290 shares of the business services provider's stock worth $6,311,000 after purchasing an additional 9,730 shares during the period. Institutional investors and hedge funds own 75.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Weiss Ratings raised HNI from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, July 24th. Benchmark reiterated a "buy" rating on shares of HNI in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company set a $65.00 price target on HNI in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $65.00.

HNI Stock Up 1.7%

HNI opened at $49.85 on Wednesday. The company has a market cap of $3.60 billion, a PE ratio of 553.94, a price-to-earnings-growth ratio of 0.58 and a beta of 0.91. HNI Corporation has a twelve month low of $28.93 and a twelve month high of $52.79. The company has a 50-day moving average price of $42.93 and a 200 day moving average price of $39.47. The company has a quick ratio of 0.88, a current ratio of 1.36 and a debt-to-equity ratio of 0.76.

HNI (NYSE:HNI - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The business services provider reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.23. HNI had a return on equity of 13.66% and a net margin of 0.10%.The company had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.48 billion. During the same period in the previous year, the firm posted $1.11 EPS. HNI's revenue was up 120.7% compared to the same quarter last year. HNI has set its FY 2026 guidance at 4.150-4.330 EPS and its Q3 2026 guidance at 1.160-1.190 EPS. Sell-side analysts expect that HNI Corporation will post 4.24 earnings per share for the current fiscal year.

HNI Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 28th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.8%. HNI's payout ratio is currently 1,555.56%.

Insider Activity at HNI

In related news, CEO Jeffrey D. Lorenger sold 45,850 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $47.55, for a total transaction of $2,180,167.50. Following the completion of the sale, the chief executive officer directly owned 148,490 shares in the company, valued at approximately $7,060,699.50. The trade was a 23.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.15% of the company's stock.

About HNI

HNI Corporation, founded in 1944 as the Heating & Novelty Company and headquartered in Muscatine, Iowa, is a leading manufacturer of office furniture and hearth products. Over its history, the company has evolved from producing gas heaters into two primary business segments: Office Furniture and Hearth & Home. HNI's Office Furniture division operates under well-known brands such as The HON Company, Allsteel, Gunlocke and Kimball, offering a comprehensive portfolio of workstations, seating, tables, storage solutions and acoustic products tailored for corporate, education, healthcare and government markets.

In its Hearth & Home segment, HNI designs, manufactures and distributes fireplaces, stoves, fireplace inserts, logs and related accessories.

Want to see what other hedge funds are holding HNI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for HNI Corporation (NYSE:HNI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.