Public Sector Pension Investment Board Acquires 32,486 Shares of HNI Corporation $HNI

Key Points

• The Public Sector Pension Investment Board increased its stake in HNI Corporation by 27.3%, acquiring an additional 32,486 shares for a total of 151,555 shares valued at $6,721,000.
• Several analysts have set new price targets for HNI, with Longbow Research rating it as a "buy" with a target of $70.00, while Susquehanna has a "neutral" rating at $80.00.
• HNI announced a quarterly dividend of $0.34 per share, representing an annualized dividend of $1.36 and a yield of 3.1%, with the dividend payable on September 11th.

Public Sector Pension Investment Board boosted its position in HNI Corporation (NYSE:HNI - Free Report) by 27.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 151,555 shares of the business services provider's stock after acquiring an additional 32,486 shares during the quarter. Public Sector Pension Investment Board owned 0.33% of HNI worth $6,721,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC bought a new position in HNI in the first quarter valued at $8,309,000. Entropy Technologies LP purchased a new stake in HNI during the first quarter valued at about $239,000. Jefferies Financial Group Inc. purchased a new stake in HNI during the first quarter valued at about $365,000. Harbour Investments Inc. purchased a new stake in HNI during the first quarter valued at about $107,000. Finally, Federated Hermes Inc. purchased a new stake in HNI during the first quarter valued at about $26,000. Institutional investors own 75.26% of the company's stock.

Insider Transactions at HNI

In related news, 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 value of $100,000.00. Following the completion of the transaction, the director directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Dean Hagedorn sold 1,440 shares of the stock in a transaction dated 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 transaction, the insider directly owned 36,711 shares of the company's stock, valued at approximately $1,727,986.77. The trade was a 3.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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.

Wall Street Analyst Weigh In

HNI has been the subject of several analyst reports. 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 initiated coverage on shares of HNI in a research report on Friday, May 16th. They set a "buy" rating and a $70.00 price target for the company. Finally, Susquehanna initiated coverage on shares of HNI in a research report on Friday, May 16th. They set a "neutral" rating and a $80.00 price target for the company. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $75.00.

HNI Trading Up 1.2%

Shares of HNI stock traded up $0.53 during trading on Tuesday, reaching $44.15. 522,777 shares of the stock were exchanged, compared to its average volume of 388,500. 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's fifty day moving average is $48.78 and its 200 day moving average is $46.45. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 14.33, a price-to-earnings-growth ratio of 0.62 and a beta of 0.95. HNI Corporation has a 1 year low of $39.76 and a 1 year high of $58.42.

HNI (NYSE:HNI - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The business services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.86 by $0.25. HNI had a net margin of 5.73% and a return on equity of 20.08%. 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 prior year, the firm earned $0.79 earnings per share. HNI's revenue was up 7.0% on a year-over-year basis. As a group, equities research analysts expect that HNI Corporation will post 3.6 earnings per share for the current fiscal year.

HNI Dividend Announcement

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. This represents a $1.36 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Friday, August 22nd. HNI's dividend payout ratio is presently 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.