Invesco Ltd. Sells 320,677 Shares of HNI Corporation $HNI

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 holdings in shares of HNI Corporation (NYSE:HNI - Free Report) by 52.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 285,287 shares of the business services provider's stock after selling 320,677 shares during the quarter. Invesco Ltd. owned approximately 0.61% of HNI worth $12,652,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Federated Hermes Inc. bought a new position in shares of HNI during the first quarter valued at approximately $26,000. Allworth Financial LP raised its position 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 worth $92,000 after acquiring an additional 2,112 shares in the last quarter. Harbour Investments Inc. bought a new position in shares of HNI in the 1st quarter worth approximately $107,000. Tower Research Capital LLC TRC raised its position 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 worth $185,000 after acquiring an additional 2,470 shares in the last quarter. Finally, Meeder Asset Management Inc. raised 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 acquiring an additional 1,629 shares in the last quarter. Institutional investors own 75.26% of the company's stock.

Insider Transactions at HNI

In other HNI news, Director Miguel M. Calado sold 1,743 shares of the firm's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $53.00, for a total transaction of $92,379.00. Following the completion of the sale, the director directly owned 30,085 shares in the company, valued at approximately $1,594,505. This trade represents a 5.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Dean Hagedorn sold 1,440 shares of the firm's stock in a transaction dated 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 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 90 days, insiders have sold 5,383 shares of company stock valued at $270,818. 3.37% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

HNI Price Performance

Shares of NYSE HNI opened at $44.8380 on Friday. HNI Corporation has a fifty-two week low of $39.76 and a fifty-two week high of $58.42. The company has a 50 day simple moving average of $48.50 and a two-hundred day simple moving average of $46.35. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of 14.56, a P/E/G ratio of 0.63 and a beta of 0.95. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.93 and a current ratio of 1.46.

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

HNI Dividend Announcement

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

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