HNI Corp (NYSE:HNI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.

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. “

Several other brokerages have also commented on HNI. Sidoti raised HNI Corp from a “neutral” rating to a “buy” rating in a research note on Tuesday, February 28th. Off Wall Street reaffirmed a “strong sell” rating and issued a $35.00 price target on shares of HNI Corp in a research note on Tuesday, February 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $48.33.

Shares of HNI Corp (NYSE:HNI) traded down 3.30% on Monday, hitting $45.42. The stock had a trading volume of 202,849 shares. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 24.16 and a beta of 1.44. The firm has a 50 day moving average price of $47.13 and a 200-day moving average price of $48.15. HNI Corp has a 52 week low of $36.79 and a 52 week high of $56.96.

HNI Corp (NYSE:HNI) last announced its quarterly earnings data on Wednesday, February 8th. The company reported $0.82 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.85 by $0.03. HNI Corp had a return on equity of 23.75% and a net margin of 3.88%. The firm had revenue of $581.30 million for the quarter, compared to analyst estimates of $581.50 million. During the same period in the previous year, the business posted $0.91 EPS. HNI Corp’s revenue for the quarter was down 2.6% compared to the same quarter last year. Analysts anticipate that HNI Corp will post $2.94 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, March 6th. Investors of record on Monday, February 27th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend was Thursday, February 23rd. HNI Corp’s dividend payout ratio is 58.51%.

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Hedge funds have recently made changes to their positions in the stock. TD Asset Management Inc. increased its position in shares of HNI Corp by 101.3% in the third quarter. TD Asset Management Inc. now owns 15,100 shares of the company’s stock valued at $601,000 after buying an additional 7,600 shares during the last quarter. State Treasurer State of Michigan increased its position in shares of HNI Corp by 0.6% in the third quarter. State Treasurer State of Michigan now owns 17,940 shares of the company’s stock valued at $714,000 after buying an additional 100 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in shares of HNI Corp during the third quarter valued at about $271,000. Aperio Group LLC increased its position in shares of HNI Corp by 23.4% in the third quarter. Aperio Group LLC now owns 11,118 shares of the company’s stock valued at $442,000 after buying an additional 2,105 shares during the last quarter. Finally, Mutual of America Capital Management LLC increased its position in shares of HNI Corp by 4.3% in the third quarter. Mutual of America Capital Management LLC now owns 34,146 shares of the company’s stock valued at $1,359,000 after buying an additional 1,401 shares during the last quarter. 67.13% of the stock is currently owned by institutional investors and hedge funds.

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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