Northern Trust Corp Buys 19,287 Shares of HNI Corporation $HNI

Key Points

• Northern Trust Corp increased its stake in HNI Corporation by 0.9%, owning 2,204,982 shares valued at approximately $97.79 million as reported in their recent SEC filing.
• HNI Corporation reported earnings per share of $1.11 for the last quarter, exceeding analyst expectations of $0.86, and had a revenue of $667.10 million, indicating a 7% year-over-year increase.
• The company declared a quarterly dividend of $0.34 per share, with a payout ratio of 44.16%, signifying a strong return to investors.

Northern Trust Corp lifted its holdings in HNI Corporation (NYSE:HNI - Free Report) by 0.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,204,982 shares of the business services provider's stock after buying an additional 19,287 shares during the quarter. Northern Trust Corp owned 4.74% of HNI worth $97,791,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the company. Wells Fargo & Company MN increased its stake in HNI by 23.2% during the fourth quarter. Wells Fargo & Company MN now owns 34,509 shares of the business services provider's stock worth $1,738,000 after acquiring an additional 6,497 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in HNI during the 4th quarter valued at approximately $245,000. Barclays PLC grew its stake in HNI by 4.6% during the 4th quarter. Barclays PLC now owns 97,460 shares of the business services provider's stock valued at $4,909,000 after purchasing an additional 4,329 shares in the last quarter. First Trust Advisors LP grew its position in shares of HNI by 273.3% in the 4th quarter. First Trust Advisors LP now owns 118,163 shares of the business services provider's stock worth $5,952,000 after acquiring an additional 86,513 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of HNI by 2.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,623,706 shares of the business services provider's stock worth $81,786,000 after acquiring an additional 43,249 shares in the last quarter. 75.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on HNI. Wall Street Zen raised HNI from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, May 13th. Longbow Research initiated coverage on HNI in a report on Friday, May 16th. They set a "buy" rating and a $70.00 price target on the stock. Finally, Susquehanna assumed coverage on HNI in a report on Friday, May 16th. They set a "neutral" rating and a $80.00 price target on the stock. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.00.

Insider Transactions at HNI

In related news, insider Jason Dean Hagedorn sold 1,440 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $47.07, for a total value of $67,780.80. Following the sale, the insider owned 36,711 shares in the company, valued at $1,727,986.77. This represents a 3.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Miguel M. Calado sold 2,000 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $50.00, for a total transaction of $100,000.00. Following the completion of the sale, the director owned 31,828 shares of the company's stock, valued at approximately $1,591,400. This trade represents a 5.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,383 shares of company stock worth $270,818 in the last three months. Insiders own 3.37% of the company's stock.

HNI Stock Performance

Shares of NYSE:HNI traded down $0.06 during trading on Friday, reaching $44.96. 424,811 shares of the stock were exchanged, compared to its average volume of 982,649. HNI Corporation has a 12 month low of $39.76 and a 12 month high of $58.42. The firm has a market cap of $2.06 billion, a PE ratio of 14.60, a PEG ratio of 0.63 and a beta of 0.95. The stock has a 50-day moving average price of $48.30 and a 200-day moving average price of $46.23. 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 issued its quarterly earnings results on Thursday, July 24th. The business services provider reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.25. HNI had a return on equity of 20.08% and a net margin of 5.73%.The business had revenue of $667.10 million during the quarter, compared to analysts' expectations of $646.49 million. During the same period in the previous year, the company posted $0.79 earnings per share. The firm's revenue for the quarter was up 7.0% compared to the same quarter last year. Research analysts expect that HNI Corporation will post 3.6 EPS for the current fiscal year.

HNI Dividend Announcement

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

About HNI

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.