HNI Corporation $HNI Position Reduced by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its holdings in HNI Corporation by 52.9%, selling 320,677 shares in the first quarter, leaving it with approximately 285,287 shares valued at $12.65 million.
• Other institutional investors, including Federated Hermes and Allworth Financial, have either initiated new positions or significantly increased their holdings in HNI.
• HNI Corporation reported earnings of $1.11 per share, surpassing analysts' estimates, and announced a quarterly dividend of $0.34 per share, yielding 3.0% annually.

Invesco Ltd. lessened its stake in HNI Corporation (NYSE:HNI - Free Report) by 52.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 285,287 shares of the business services provider's stock after selling 320,677 shares during the period. Invesco Ltd. owned 0.61% of HNI worth $12,652,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of HNI. Federated Hermes Inc. acquired a new position in HNI in the first quarter valued at $26,000. Allworth Financial LP increased its holdings in shares of HNI by 3,984.9% in the 1st quarter. Allworth Financial LP now owns 2,165 shares of the business services provider's stock valued at $92,000 after purchasing an additional 2,112 shares in the last quarter. Harbour Investments Inc. purchased a new position in shares of HNI in the 1st quarter valued at about $107,000. Tower Research Capital LLC TRC increased its holdings in shares of HNI by 205.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,670 shares of the business services provider's stock valued at $185,000 after purchasing an additional 2,470 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its position in shares of HNI by 68.0% in the 1st quarter. Meeder Asset Management Inc. now owns 4,026 shares of the business services provider's stock worth $179,000 after buying an additional 1,629 shares in the last quarter. Institutional investors and hedge funds own 75.26% of the company's stock.

Insider Buying and Selling

In other news, Director Miguel M. Calado sold 1,743 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $53.00, for a total value of $92,379.00. Following the completion of the sale, the director directly owned 30,085 shares of the company's stock, valued at approximately $1,594,505. This represents a 5.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jason Dean Hagedorn sold 1,440 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $47.07, for a total transaction of $67,780.80. Following the completion of the sale, the insider directly owned 36,711 shares of the company's stock, valued at approximately $1,727,986.77. This represents a 3.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,383 shares of company stock valued at $270,818. Company insiders own 3.37% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on HNI shares. Wall Street Zen upgraded shares of HNI from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Longbow Research began coverage on HNI in a research report on Friday, May 16th. They set a "buy" rating and a $70.00 target price on the stock. Finally, Susquehanna began coverage on HNI in a research report on Friday, May 16th. They set a "neutral" rating and a $80.00 price target for the company. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, HNI has a consensus rating of "Moderate Buy" and an average price target of $75.00.

HNI Stock Performance

HNI stock traded down $0.06 during midday trading on Friday, reaching $44.96. The company had a trading volume of 424,811 shares, compared to its average volume of 982,649. The company has a quick ratio of 0.93, a current ratio of 1.46 and a debt-to-equity ratio of 0.56. The stock has a 50 day moving average price of $48.30 and a 200 day moving average price of $46.23. HNI Corporation has a fifty-two week low of $39.76 and a fifty-two week high of $58.42. The firm has a market capitalization of $2.06 billion, a PE ratio of 14.60, a P/E/G ratio of 0.63 and a beta of 0.95.

HNI (NYSE:HNI - Get Free Report) last issued its earnings results on Thursday, July 24th. The business services provider reported $1.11 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.25. HNI had a return on equity of 20.08% and a net margin of 5.73%.The company had revenue of $667.10 million during the quarter, compared to the consensus estimate of $646.49 million. During the same period in the previous year, the firm posted $0.79 earnings per share. HNI's quarterly revenue was up 7.0% compared to the same quarter last year. Analysts anticipate that HNI Corporation will post 3.6 earnings per share for the current year.

HNI Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Friday, August 22nd will be paid a $0.34 dividend. The ex-dividend date is Friday, August 22nd. This represents a $1.36 annualized dividend and a dividend yield of 3.0%. HNI's dividend payout ratio (DPR) is presently 44.16%.

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.