HNI Corporation (NYSE:HNI) Sees Large Decrease in Short Interest

HNI Corporation (NYSE:HNI) was the target of a large drop in short interest in January. As of January 30th, there was short interest totaling 1,252,722 shares, a drop of 29.3% from the January 15th total of 1,770,854 shares. Approximately 2.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 482,954 shares, the days-to-cover ratio is presently 2.6 days. Based on an average daily trading volume, of 482,954 shares, the days-to-cover ratio is presently 2.6 days. Approximately 2.8% of the shares of the stock are sold short.

HNI Trading Up 0.8%

Shares of HNI traded up $0.39 during mid-day trading on Friday, reaching $50.08. 713,029 shares of the company’s stock traded hands, compared to its average volume of 483,592. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.33 and a quick ratio of 0.85. The stock’s 50-day moving average is $45.36 and its two-hundred day moving average is $44.28. HNI has a 12 month low of $38.03 and a 12 month high of $53.29. The stock has a market cap of $2.30 billion, a P/E ratio of 16.80, a P/E/G ratio of 0.61 and a beta of 0.94.

Hedge Funds Weigh In On HNI

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

Analyst Ratings Changes

HNI has been the subject of a number of recent research reports. Weiss Ratings raised shares of HNI from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, February 3rd. Benchmark reissued a “buy” rating on shares of HNI in a research note on Friday, January 16th. Finally, Wall Street Zen lowered HNI from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 1st. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, HNI currently has an average rating of “Moderate Buy” and a consensus target price of $75.00.

About HNI

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.