HNI Corp. (NYSE:HNI) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “HNI Corp has two reportable core operating segments: office furniture and hearth products. They are the second largest office furniture manufacturer in the United States and the nation’s leading manufacturer and marketer of gas- and wood-burning fireplaces. “

Separately, Raymond James Financial Inc. lowered HNI Corp. from an “outperform” rating to a “market perform” rating in a research note on Tuesday.

Shares of HNI Corp. (NYSE:HNI) opened at 41.59 on Wednesday. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of 16.55 and a beta of 1.40. The stock’s 50 day moving average price is $52.93 and its 200-day moving average price is $46.24. HNI Corp. has a 52 week low of $29.84 and a 52 week high of $56.96.

HNI Corp. (NYSE:HNI) last posted its earnings results on Thursday, July 21st. The company reported $0.68 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.03. HNI Corp. had a return on equity of 26.76% and a net margin of 5.06%. Equities analysts anticipate that HNI Corp. will post $2.72 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 19th were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend was Wednesday, August 17th. HNI Corp.’s dividend payout ratio is currently 43.82%.

In other HNI Corp. news, Director Ronald V. Waters sold 5,000 shares of the stock in a transaction dated Tuesday, September 20th. The stock was sold at an average price of $44.70, for a total value of $223,500.00. Following the sale, the director now owns 36,230 shares of the company’s stock, valued at approximately $1,619,481. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Stanley A. Askren sold 58,676 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $52.30, for a total value of $3,068,754.80. Following the completion of the sale, the chairman now directly owns 254,378 shares in the company, valued at approximately $13,303,969.40. The disclosure for this sale can be found here. 5.00% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the stock. Northwestern Mutual Investment Management Company LLC raised its stake in HNI Corp. by 0.6% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 7,661 shares of the company’s stock worth $356,000 after buying an additional 43 shares in the last quarter. State Treasurer State of Michigan raised its stake in HNI Corp. by 1.1% in the second quarter. State Treasurer State of Michigan now owns 17,840 shares of the company’s stock worth $829,000 after buying an additional 200 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in HNI Corp. by 0.8% in the second quarter. Public Employees Retirement System of Ohio now owns 27,449 shares of the company’s stock worth $1,276,000 after buying an additional 227 shares in the last quarter. Retirement Systems of Alabama raised its stake in HNI Corp. by 0.5% in the second quarter. Retirement Systems of Alabama now owns 57,241 shares of the company’s stock worth $2,661,000 after buying an additional 300 shares in the last quarter. Finally, Suntrust Banks Inc. raised its stake in HNI Corp. by 4.8% in the second quarter. Suntrust Banks Inc. now owns 7,318 shares of the company’s stock worth $340,000 after buying an additional 334 shares in the last quarter. 68.01% of the stock is currently owned by institutional investors.

HNI Corp. Company Profile

HNI Corporation is a provider of office furniture and hearth products. The Company manufactures and markets gas and wood burning fireplaces. It operates through two segments: office furniture and hearth products. Its office furniture segment manufactures and markets a range of metal and wood commercial and home office furniture, which includes storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions, and panel systems and other related products.

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