Jane Street Group LLC Makes New Investment in HNI Corporation $HNI

Key Points

• Jane Street Group LLC acquired a new stake in HNI Corporation, purchasing 232,275 shares valued at approximately $10.3 million, representing 0.50% ownership of the company.
• HNI Corporation reported $1.11 earnings per share for the last quarter, exceeding analysts' expectations, and recorded a revenue increase of 7.0% year-over-year.
• The company's quarterly dividend of $0.34 will be paid on September 11th, reflecting a 3.0% dividend yield.

Jane Street Group LLC acquired a new stake in shares of HNI Corporation (NYSE:HNI - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 232,275 shares of the business services provider's stock, valued at approximately $10,301,000. Jane Street Group LLC owned about 0.50% of HNI at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Federated Hermes Inc. acquired a new position in shares of HNI during the first quarter valued at about $26,000. Caitong International Asset Management Co. Ltd grew its position in HNI by 88.5% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 705 shares of the business services provider's stock worth $31,000 after purchasing an additional 331 shares during the last quarter. Allworth Financial LP increased its stake in HNI by 3,984.9% during 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 first quarter worth $107,000. Finally, Meeder Asset Management Inc. lifted its stake in shares of HNI by 68.0% during the first 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 during the period. Institutional investors and hedge funds own 75.26% of the company's stock.

Insider Buying and Selling at HNI

In other HNI news, insider Jason Dean Hagedorn sold 1,440 shares of the company'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 completion of the transaction, the insider directly owned 36,711 shares in the company, valued at approximately $1,727,986.77. This represents a 3.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Miguel M. Calado sold 1,743 shares of the stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $53.00, for a total transaction of $92,379.00. Following the transaction, the director directly owned 30,085 shares in the company, valued at approximately $1,594,505. The trade was a 5.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,383 shares of company stock valued at $270,818. 3.37% of the stock is owned by insiders.

Analyst Ratings Changes

HNI has been the subject of a number of research analyst reports. Longbow Research initiated coverage on HNI in a research note on Friday, May 16th. They issued a "buy" rating and a $70.00 target price for the company. Susquehanna started coverage on HNI in a research report on Friday, May 16th. They issued a "neutral" rating and a $80.00 target price on the stock. Finally, Wall Street Zen raised shares of HNI from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.00.

HNI Stock Performance

HNI traded up $0.54 on Thursday, reaching $46.07. The stock had a trading volume of 306,746 shares, compared to its average volume of 410,086. The business's 50-day moving average price is $48.13 and its two-hundred day moving average price is $46.15. The company has a market cap of $2.11 billion, a P/E ratio of 14.98, a price-to-earnings-growth ratio of 0.63 and a beta of 0.94. HNI Corporation has a 12-month low of $39.76 and a 12-month high of $58.42. The company has a current ratio of 1.46, a quick ratio of 0.93 and a debt-to-equity ratio of 0.56.

HNI (NYSE:HNI - Get Free Report) last posted 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. The firm had revenue of $667.10 million for the quarter, compared to analysts' expectations of $646.49 million. HNI had a return on equity of 20.08% and a net margin of 5.73%.The company's quarterly revenue was up 7.0% on a year-over-year basis. During the same period last year, the firm earned $0.79 EPS. Sell-side analysts forecast that HNI Corporation will post 3.6 earnings per share for the current year.

HNI Announces Dividend

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

HNI 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.