State Farm Mutual Automobile Insurance Co. Trims Stock Position in HNI Corporation $HNI

Key Points

• State Farm Mutual Automobile Insurance Co. reduced its holdings in HNI Corporation by 6.9%, now owning 3,033,501 shares worth approximately $134.5 million.
• Various hedge funds have adjusted their stakes in HNI, with Wells Fargo increasing its position by 23.2% and Invesco boosting theirs by 35.1% during the fourth quarter.
• HNI recently announced a quarterly dividend of $0.34 per share, with a dividend yield of 3.1%, set to be paid on September 11th to stockholders of record on August 22nd.

State Farm Mutual Automobile Insurance Co. cut its holdings in HNI Corporation (NYSE:HNI - Free Report) by 6.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,033,501 shares of the business services provider's stock after selling 225,754 shares during the period. State Farm Mutual Automobile Insurance Co. owned 6.52% of HNI worth $134,536,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Federated Hermes Inc. acquired a new position in shares of HNI in the 1st quarter valued at $26,000. Caitong International Asset Management Co. Ltd raised its holdings in HNI by 88.5% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 705 shares of the business services provider's stock valued at $31,000 after buying an additional 331 shares during the period. Sterling Capital Management LLC lifted its position in HNI by 649.1% in the fourth quarter. Sterling Capital Management LLC now owns 809 shares of the business services provider's stock valued at $41,000 after buying an additional 701 shares during the last quarter. Allworth Financial LP lifted its position in HNI by 3,984.9% in the first quarter. Allworth Financial LP now owns 2,165 shares of the business services provider's stock valued at $92,000 after buying an additional 2,112 shares during the last quarter. Finally, Harbour Investments Inc. purchased a new position in HNI during the first quarter worth about $107,000. Institutional investors and hedge funds own 75.26% of the company's stock.

HNI Stock Down 0.5%

HNI stock traded down $0.2210 during mid-day trading on Wednesday, reaching $44.0090. The company had a trading volume of 803,084 shares, compared to its average volume of 803,909. The firm has a fifty day simple moving average of $48.62 and a 200 day simple moving average of $46.42. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.93 and a current ratio of 1.46. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 0.62 and a beta of 0.95. HNI Corporation has a fifty-two week low of $39.76 and a fifty-two week high of $58.42.

HNI (NYSE:HNI - Get Free Report) last released 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. HNI had a net margin of 5.73% and a return on equity of 20.08%. The firm had revenue of $667.10 million for the quarter, compared to analyst estimates of $646.49 million. During the same period in the prior year, the firm earned $0.79 earnings per share. The business's quarterly revenue was up 7.0% compared to the same quarter last year. Analysts forecast that HNI Corporation will post 3.6 earnings per share for the current fiscal year.

HNI Announces Dividend

The company 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 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, August 22nd. HNI's payout ratio is 44.16%.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on HNI shares. Wall Street Zen raised shares of HNI from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, May 13th. Longbow Research assumed 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 note on Friday, May 16th. They set a "neutral" rating and a $80.00 price target on the stock. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, HNI has a consensus rating of "Moderate Buy" and a consensus target price of $75.00.

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.