HNI Corporation (NYSE:HNI) shares hit a new 52-week low on Friday . The stock traded as low as $35.40 and last traded at $35.32, with a volume of 158,410 shares changing hands. The stock had previously closed at $35.67.

Several brokerages have recently weighed in on HNI. BidaskClub cut shares of HNI Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, June 17th. Zacks Investment Research cut shares of HNI Corporation from a “hold” rating to a “sell” rating in a research report on Monday, April 24th. Finally, TheStreet cut shares of HNI Corporation from a “b-” rating to a “c+” rating in a research report on Tuesday, June 20th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $47.00.

The firm’s 50-day moving average is $38.48 and its 200 day moving average is $43.74. The stock has a market cap of $1.56 billion, a PE ratio of 25.40 and a beta of 1.41.

HNI Corporation (NYSE:HNI) last posted its quarterly earnings data on Monday, July 24th. The business services provider reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by $0.01. The company had revenue of $514.50 million for the quarter, compared to analyst estimates of $516.10 million. HNI Corporation had a net margin of 2.94% and a return on equity of 20.82%. The firm’s revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.68 EPS. Equities analysts expect that HNI Corporation will post $2.45 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be paid a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend is Wednesday, August 16th. HNI Corporation’s payout ratio is currently 81.43%.

In other HNI Corporation news, Chairman Stanley A. Askren sold 11,264 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $46.01, for a total value of $518,256.64. Following the sale, the chairman now directly owns 204,996 shares of the company’s stock, valued at approximately $9,431,865.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 5.16% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of the company. Airain ltd acquired a new stake in shares of HNI Corporation during the first quarter worth about $756,000. Schwab Charles Investment Management Inc. raised its stake in shares of HNI Corporation by 7.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 277,050 shares of the business services provider’s stock worth $12,770,000 after buying an additional 19,771 shares during the last quarter. Comerica Bank raised its stake in shares of HNI Corporation by 3.7% in the first quarter. Comerica Bank now owns 34,256 shares of the business services provider’s stock worth $1,618,000 after buying an additional 1,222 shares during the last quarter. Bank of Montreal Can raised its stake in shares of HNI Corporation by 27.2% in the first quarter. Bank of Montreal Can now owns 4,819 shares of the business services provider’s stock worth $222,000 after buying an additional 1,030 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of HNI Corporation during the first quarter worth about $516,000. 70.93% of the stock is currently owned by hedge funds and other institutional investors.

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About HNI Corporation

HNI Corporation is a provider of office furniture and hearth products. The Company’s office furniture products include panel-based and freestanding furniture systems, seating, storage and tables. The Company’s segments include office furniture and hearth products. The office furniture segment manufactures and markets a line 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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