Raymond James Financial Inc. cut shares of HNI Corp. (NYSE:HNI) from an outperform rating to a market perform rating in a research note issued to investors on Tuesday.

HNI Corp. (NYSE:HNI) opened at 41.59 on Tuesday. The company has a 50-day moving average of $52.93 and a 200 day moving average of $46.24. HNI Corp. has a 12 month low of $29.84 and a 12 month high of $56.96. The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of 16.55 and a beta of 1.40.

HNI Corp. (NYSE:HNI) last issued 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 net margin of 5.06% and a return on equity of 26.76%. On average, equities research analysts anticipate that HNI Corp. will post $2.72 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 19th were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.64%. The ex-dividend date was Wednesday, August 17th. HNI Corp.’s dividend payout ratio is presently 43.82%.

In other news, insider Jerald K. Dittmer sold 1,404 shares of the firm’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $53.50, for a total transaction of $75,114.00. Following the sale, the insider now directly owns 22,823 shares in the company, valued at approximately $1,221,030.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffrey D. Lorenger sold 36,483 shares of the firm’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $52.20, for a total transaction of $1,904,412.60. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of HNI Corp. during the fourth quarter valued at approximately $22,815,000. Deprince Race & Zollo Inc. increased its stake in shares of HNI Corp. by 850.3% in the second quarter. Deprince Race & Zollo Inc. now owns 321,692 shares of the company’s stock worth $14,955,000 after buying an additional 287,841 shares in the last quarter. Royal Bank of Canada increased its stake in shares of HNI Corp. by 846.6% in the second quarter. Royal Bank of Canada now owns 253,377 shares of the company’s stock worth $11,781,000 after buying an additional 226,609 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of HNI Corp. by 81.4% in the first quarter. Renaissance Technologies LLC now owns 426,000 shares of the company’s stock worth $16,686,000 after buying an additional 191,200 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of HNI Corp. by 5.5% in the second quarter. Vanguard Group Inc. now owns 3,410,797 shares of the company’s stock worth $158,568,000 after buying an additional 177,502 shares in the last quarter. Hedge funds and other institutional investors own 68.01% of the company’s stock.

About HNI Corp.

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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