Hillsdale Investment Management Inc. Makes New $3.99 Million Investment in HNI Co. (NYSE:HNI)

Hillsdale Investment Management Inc. purchased a new position in HNI Co. (NYSE:HNI) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 88,340 shares of the business services provider’s stock, valued at approximately $3,987,000. Hillsdale Investment Management Inc. owned approximately 0.19% of HNI at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Edgestream Partners L.P. acquired a new stake in HNI during the 1st quarter worth about $4,267,000. Vanguard Group Inc. raised its holdings in HNI by 5.5% during the 1st quarter. Vanguard Group Inc. now owns 5,566,311 shares of the business services provider’s stock worth $251,208,000 after buying an additional 287,735 shares during the period. Jupiter Asset Management Ltd. raised its holdings in HNI by 184.7% during the 1st quarter. Jupiter Asset Management Ltd. now owns 102,330 shares of the business services provider’s stock worth $4,618,000 after buying an additional 66,387 shares during the period. Kingsview Wealth Management LLC acquired a new stake in HNI during the 1st quarter worth about $2,623,000. Finally, State Board of Administration of Florida Retirement System raised its holdings in HNI by 27.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 16,855 shares of the business services provider’s stock worth $761,000 after buying an additional 3,671 shares during the period. 75.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Benchmark boosted their price objective on HNI from $54.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th.

HNI Stock Up 2.9 %

Shares of HNI traded up $1.40 during trading hours on Monday, reaching $49.76. The company’s stock had a trading volume of 205,027 shares, compared to its average volume of 245,929. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of 36.86, a P/E/G ratio of 1.30 and a beta of 0.86. HNI Co. has a 1-year low of $27.92 and a 1-year high of $49.95. The company has a quick ratio of 0.77, a current ratio of 1.29 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average of $45.51 and a two-hundred day moving average of $43.73.

HNI (NYSE:HNI) last issued its earnings results on Monday, April 29th. The business services provider reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.19. The company had revenue of $588.00 million for the quarter, compared to the consensus estimate of $574.56 million. HNI had a return on equity of 17.75% and a net margin of 2.57%. The firm’s quarterly revenue was up 22.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.13 EPS. As a group, research analysts predict that HNI Co. will post 3.1 EPS for the current fiscal year.

HNI Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a $0.33 dividend. This is an increase from HNI’s previous quarterly dividend of $0.32. The ex-dividend date was Thursday, May 23rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.65%. HNI’s dividend payout ratio is currently 97.78%.

Insider Activity at HNI

In related news, VP Donna D. Meade sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $45.97, for a total value of $459,700.00. Following the completion of the sale, the vice president now owns 32,308 shares of the company’s stock, valued at approximately $1,485,198.76. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Larry B. Porcellato sold 1,796 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $46.00, for a total value of $82,616.00. Following the completion of the sale, the director now owns 39,100 shares of the company’s stock, valued at approximately $1,798,600. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Donna D. Meade sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $45.97, for a total value of $459,700.00. Following the sale, the vice president now directly owns 32,308 shares of the company’s stock, valued at approximately $1,485,198.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,966 shares of company stock valued at $1,685,119. 3.36% of the stock is owned by corporate insiders.

HNI Profile

HNI Corporation, together with its subsidiaries, engages in the manufacture, sale, and marketing of workplace furnishings and residential building products primarily in the United States and Canada. The company operates through two segments, Workplace Furnishings and Residential Building Products. The Workplace Furnishings segment offers a range of commercial and home office furniture, including panel-based and freestanding furniture systems, seating, storage, benching, tables, architectural products, and ancillary and hospitality products, as well as social collaborative items under the HON, Allsteel, Beyond, Gunlocke, HBF, HBF Textiles, HNI India, Kimball, National, Etc., Interwoven, David Edward, Kimball Hospitality, and D'style brands.