$588.00 Million in Sales Expected for HNI Corporation (NYSE:HNI) This Quarter
Equities research analysts predict that HNI Corporation (NYSE:HNI) will report $588.00 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for HNI Corporation’s earnings, with the highest sales estimate coming in at $592.40 million and the lowest estimate coming in at $583.60 million. HNI Corporation posted sales of $584.63 million in the same quarter last year, which would indicate a positive year over year growth rate of 0.6%. The company is scheduled to announce its next earnings results on Wednesday, October 18th.
On average, analysts expect that HNI Corporation will report full-year sales of $588.00 million for the current fiscal year, with estimates ranging from $2.18 billion to $2.19 billion. For the next fiscal year, analysts anticipate that the business will post sales of $2.29 billion per share, with estimates ranging from $2.29 billion to $2.30 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow HNI Corporation.
HNI Corporation (NYSE:HNI) last announced its earnings results on Monday, July 24th. The business services provider reported $0.42 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by $0.01. The firm had revenue of $514.50 million during 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%. HNI Corporation’s revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the business earned $0.68 earnings per share.
Several research analysts have commented on HNI shares. TheStreet cut shares of HNI Corporation from a “b-” rating to a “c+” rating in a report on Tuesday, June 20th. Zacks Investment Research cut shares of HNI Corporation from a “hold” rating to a “sell” rating in a report on Monday, April 24th. Finally, BidaskClub cut shares of HNI Corporation from a “hold” rating to a “sell” rating in a report on Saturday, June 17th. Three investment 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 company currently has a consensus rating of “Hold” and an average target price of $47.00.
Shares of HNI Corporation (HNI) opened at 35.47 on Friday. The firm has a market capitalization of $1.56 billion, a P/E ratio of 25.48 and a beta of 1.41. HNI Corporation has a 52 week low of $35.02 and a 52 week high of $56.96. The firm has a 50-day moving average of $38.40 and a 200 day moving average of $43.64.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a $0.285 dividend. This represents a $1.14 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Wednesday, August 16th. HNI Corporation’s payout ratio is 81.43%.
In other news, Chairman Stanley A. Askren sold 11,264 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $46.01, for a total value of $518,256.64. Following the completion of the transaction, the chairman now owns 204,996 shares in the company, valued at approximately $9,431,865.96. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 5.16% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of HNI. Icon Advisers Inc. Co. bought a new position in shares of HNI Corporation during the first quarter valued at about $461,000. Swiss National Bank boosted its position in shares of HNI Corporation by 1.4% in the first quarter. Swiss National Bank now owns 73,100 shares of the business services provider’s stock valued at $3,369,000 after buying an additional 1,000 shares during the last quarter. Comerica Bank boosted its position 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 valued at $1,618,000 after buying an additional 1,222 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of HNI Corporation by 27.6% in the first quarter. Bank of New York Mellon Corp now owns 835,144 shares of the business services provider’s stock valued at $38,492,000 after buying an additional 180,778 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its position in shares of HNI Corporation by 3.1% in the first quarter. Great West Life Assurance Co. Can now owns 26,163 shares of the business services provider’s stock valued at $1,205,000 after buying an additional 791 shares during the last quarter. Institutional investors and hedge funds own 70.93% of the company’s stock.
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HNI Corporation Company Profile
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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