State Street Corp Acquires 20,717 Shares of HNI Co. (NYSE:HNI)

State Street Corp grew its holdings in HNI Co. (NYSE:HNI) by 1.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,876,542 shares of the business services provider’s stock after acquiring an additional 20,717 shares during the period. State Street Corp owned about 3.93% of HNI worth $101,033,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Eastern Bank purchased a new position in HNI in the 3rd quarter worth approximately $27,000. Quest Partners LLC bought a new stake in shares of HNI during the second quarter valued at approximately $29,000. GAMMA Investing LLC lifted its holdings in shares of HNI by 51.6% in the third quarter. GAMMA Investing LLC now owns 670 shares of the business services provider’s stock worth $36,000 after buying an additional 228 shares in the last quarter. Covestor Ltd boosted its position in shares of HNI by 219.9% during the third quarter. Covestor Ltd now owns 739 shares of the business services provider’s stock worth $40,000 after acquiring an additional 508 shares during the last quarter. Finally, Icon Wealth Advisors LLC purchased a new position in HNI during the third quarter valued at $84,000. Institutional investors own 75.26% of the company’s stock.

HNI Stock Performance

NYSE:HNI opened at $53.77 on Monday. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 20.84, a PEG ratio of 1.55 and a beta of 0.88. HNI Co. has a 1 year low of $39.95 and a 1 year high of $58.42. The stock’s 50 day simple moving average is $54.23 and its two-hundred day simple moving average is $51.08. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.09 and a quick ratio of 0.68.

HNI (NYSE:HNI) last posted its earnings results on Tuesday, October 29th. The business services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. The firm had revenue of $672.20 million during the quarter, compared to analyst estimates of $712.75 million. HNI had a net margin of 4.83% and a return on equity of 19.29%. HNI’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period last year, the firm posted $0.93 earnings per share. As a group, equities analysts anticipate that HNI Co. will post 2.93 earnings per share for the current fiscal year.

HNI Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend was Monday, November 18th. HNI’s dividend payout ratio is 51.16%.

Insider Activity at HNI

In related news, insider Brian Scott Smith sold 2,284 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.00, for a total transaction of $123,336.00. Following the sale, the insider now owns 11,902 shares in the company, valued at approximately $642,708. This represents a 16.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Larry B. Porcellato sold 2,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $56.95, for a total value of $113,900.00. Following the completion of the sale, the director now owns 37,880 shares of the company’s stock, valued at approximately $2,157,266. This represents a 5.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.36% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of HNI from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 31st.

HNI Company 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.