Everett Harris & Co. CA Has $677,000 Stock Position in HNI Co. (NYSE:HNI)

Everett Harris & Co. CA cut its holdings in shares of HNI Co. (NYSE:HNI) by 37.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,000 shares of the business services provider’s stock after selling 9,000 shares during the quarter. Everett Harris & Co. CA’s holdings in HNI were worth $677,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of HNI. Norges Bank acquired a new stake in HNI during the fourth quarter worth about $13,368,000. Franklin Resources Inc. grew its holdings in shares of HNI by 20.0% during the 4th quarter. Franklin Resources Inc. now owns 1,237,003 shares of the business services provider’s stock worth $51,744,000 after purchasing an additional 206,419 shares in the last quarter. Intrinsic Edge Capital Management LLC bought a new stake in shares of HNI during the fourth quarter valued at approximately $3,906,000. Sapient Capital LLC acquired a new position in shares of HNI in the fourth quarter valued at $2,515,000. Finally, Vanguard Group Inc. lifted its position in HNI by 0.7% in the third quarter. Vanguard Group Inc. now owns 5,276,579 shares of the business services provider’s stock worth $182,728,000 after purchasing an additional 36,988 shares during the period. 75.26% of the stock is owned by institutional investors.

HNI Stock Performance

Shares of NYSE:HNI opened at $44.79 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.29 and a quick ratio of 0.77. The business’s fifty day moving average price is $44.76 and its two-hundred day moving average price is $43.26. HNI Co. has a fifty-two week low of $27.24 and a fifty-two week high of $47.60. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 33.23, a price-to-earnings-growth ratio of 1.21 and a beta of 0.86.

HNI (NYSE:HNI) last posted its earnings results on Monday, April 29th. The business services provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.19. HNI had a net margin of 2.57% and a return on equity of 17.75%. The business had revenue of $588.00 million for the quarter, compared to analyst estimates of $574.56 million. During the same quarter in the prior year, the firm earned $0.13 EPS. The firm’s quarterly revenue was up 22.7% compared to the same quarter last year. As a group, analysts predict that HNI Co. will post 3.1 EPS for the current fiscal year.

HNI Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a $0.33 dividend. This is an increase from HNI’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $1.32 annualized dividend and a yield of 2.95%. HNI’s payout ratio is presently 97.78%.

Insider Activity at HNI

In other news, CFO Marshall H. Bridges sold 8,551 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $45.50, for a total transaction of $389,070.50. Following the transaction, the chief financial officer now directly owns 76,674 shares in the company, valued at $3,488,667. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Marshall H. Bridges sold 8,551 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $45.50, for a total value of $389,070.50. Following the transaction, the chief financial officer now owns 76,674 shares in the company, valued at $3,488,667. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Larry B. Porcellato sold 1,796 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $46.00, for a total value of $82,616.00. Following the sale, the director now directly owns 39,100 shares of the company’s stock, valued at $1,798,600. The disclosure for this sale can be found here. Insiders sold 20,349 shares of company stock valued at $931,479 over the last ninety days. 3.36% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. StockNews.com cut shares of HNI from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 8th. Benchmark raised their price target on shares of HNI from $54.00 to $57.00 and gave the stock a “buy” rating in a research note on Wednesday, May 29th.

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.