Panagora Asset Management Inc. Has $2.75 Million Stock Holdings in HNI Corporation $HNI

Key Points

• Panagora Asset Management Inc. significantly reduced its stake in HNI Corporation by 75%, selling 186,399 shares and retaining 62,012 shares valued at approximately $2.75 million at the end of the last quarter.
• HNI Corporation beat analysts' expectations by reporting $1.11 earnings per share in its latest quarterly earnings, surpassing an estimate of $0.86, and recorded revenue of $667.1 million.
• The company is set to pay a quarterly dividend of $0.34 per share on September 11th, representing an annualized yield of 3.0% and a dividend payout ratio of 44.16%.

Panagora Asset Management Inc. reduced its stake in HNI Corporation (NYSE:HNI - Free Report) by 75.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 62,012 shares of the business services provider's stock after selling 186,399 shares during the period. Panagora Asset Management Inc. owned 0.13% of HNI worth $2,750,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in HNI. Evergreen Capital Management LLC lifted its holdings in shares of HNI by 4.2% in the first quarter. Evergreen Capital Management LLC now owns 8,033 shares of the business services provider's stock valued at $356,000 after purchasing an additional 325 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of HNI by 88.5% in the first quarter. Caitong International Asset Management Co. Ltd now owns 705 shares of the business services provider's stock valued at $31,000 after purchasing an additional 331 shares in the last quarter. Graham Capital Management L.P. lifted its holdings in shares of HNI by 2.4% in the fourth quarter. Graham Capital Management L.P. now owns 16,873 shares of the business services provider's stock valued at $850,000 after purchasing an additional 395 shares in the last quarter. Federated Hermes Inc. bought a new stake in shares of HNI in the first quarter valued at about $26,000. Finally, Diversified Trust Co lifted its holdings in shares of HNI by 9.2% in the first quarter. Diversified Trust Co now owns 9,447 shares of the business services provider's stock valued at $419,000 after purchasing an additional 794 shares in the last quarter. 75.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms 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. 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 on the stock. Finally, Susquehanna assumed 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. 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 stock currently has an average rating of "Moderate Buy" and an average target price of $75.00.

Insider Buying and Selling

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

HNI Stock Performance

Shares of NYSE HNI traded up $0.39 during trading hours on Friday, reaching $46.62. 597,906 shares of the stock were exchanged, compared to its average volume of 701,833. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of 15.14, a P/E/G ratio of 0.66 and a beta of 0.94. 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 Corporation has a 52 week low of $39.76 and a 52 week high of $58.42. The stock's fifty day simple moving average is $48.00 and its 200 day simple moving average is $46.08.

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

HNI Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Friday, August 22nd will be paid a dividend of $0.34 per share. The ex-dividend date is Friday, August 22nd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.9%. HNI's dividend payout ratio (DPR) is 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.