Benchmark Lowers HNI (NYSE:HNI) Price Target to $65.00

HNI (NYSE:HNI) had its target price reduced by analysts at Benchmark from $75.00 to $65.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the business services provider’s stock. Benchmark’s target price would indicate a potential upside of 93.27% from the stock’s current price.

HNI has been the subject of several other reports. Weiss Ratings downgraded shares of HNI from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, March 5th. Wall Street Zen downgraded HNI from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, HNI presently has an average rating of “Moderate Buy” and a consensus price target of $71.67.

HNI Price Performance

HNI stock opened at $33.63 on Thursday. The company has a quick ratio of 0.82, a current ratio of 1.39 and a debt-to-equity ratio of 0.81. HNI has a 12 month low of $31.41 and a 12 month high of $53.29. The firm has a market cap of $2.40 billion, a P/E ratio of 82.03, a P/E/G ratio of 0.44 and a beta of 1.01. The company’s 50-day moving average price is $37.41 and its two-hundred day moving average price is $41.76.

HNI (NYSE:HNI) last issued its quarterly earnings results on Wednesday, May 6th. The business services provider reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.37 billion. HNI had a net margin of 0.04% and a return on equity of 13.17%. The firm’s quarterly revenue was up 124.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.44 EPS. On average, analysts anticipate that HNI will post 3.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On HNI

A number of hedge funds have recently modified their holdings of HNI. Triumph Capital Management acquired a new position in shares of HNI in the third quarter worth approximately $28,000. GAMMA Investing LLC increased its position in HNI by 59.9% during the 4th quarter. GAMMA Investing LLC now owns 1,223 shares of the business services provider’s stock valued at $51,000 after purchasing an additional 458 shares during the period. Versant Capital Management Inc raised its holdings in HNI by 433.7% during the 3rd quarter. Versant Capital Management Inc now owns 1,110 shares of the business services provider’s stock worth $52,000 after purchasing an additional 902 shares during the last quarter. Nations Financial Group Inc. IA ADV bought a new position in HNI during the 3rd quarter worth approximately $203,000. Finally, Equitable Trust Co. lifted its position in shares of HNI by 22.5% in the 3rd quarter. Equitable Trust Co. now owns 7,520 shares of the business services provider’s stock worth $352,000 after purchasing an additional 1,380 shares during the period. Institutional investors and hedge funds own 75.26% of the company’s stock.

HNI Company Profile

HNI Corporation, founded in 1944 as the Heating & Novelty Company and headquartered in Muscatine, Iowa, is a leading manufacturer of office furniture and hearth products. Over its history, the company has evolved from producing gas heaters into two primary business segments: Office Furniture and Hearth & Home. HNI’s Office Furniture division operates under well-known brands such as The HON Company, Allsteel, Gunlocke and Kimball, offering a comprehensive portfolio of workstations, seating, tables, storage solutions and acoustic products tailored for corporate, education, healthcare and government markets.

In its Hearth & Home segment, HNI designs, manufactures and distributes fireplaces, stoves, fireplace inserts, logs and related accessories.