HNI (NYSE:HNI) Stock Price Down 6.7% – Here’s What Happened

HNI Co. (NYSE:HNI)’s share price was down 6.7% during mid-day trading on Tuesday . The company traded as low as $48.04 and last traded at $48.35. Approximately 43,156 shares were traded during trading, a decline of 82% from the average daily volume of 244,709 shares. The stock had previously closed at $51.83.

Analyst Ratings Changes

A number of equities analysts have issued reports on HNI shares. Benchmark increased their price target on HNI from $57.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, July 26th. StockNews.com cut HNI from a “strong-buy” rating to a “buy” rating in a report on Sunday, October 13th.

HNI Trading Down 5.7 %

The business has a fifty day moving average of $52.64 and a 200-day moving average of $48.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.73 and a current ratio of 1.20. The company has a market capitalization of $2.31 billion, a P/E ratio of 35.82, a PEG ratio of 1.39 and a beta of 0.84.

HNI Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Friday, August 23rd were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend was Friday, August 23rd. HNI’s dividend payout ratio is currently 97.78%.

Insider Buying and Selling

In related news, CEO Jeffrey D. Lorenger sold 72,102 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $49.32, for a total value of $3,556,070.64. Following the transaction, the chief executive officer now directly owns 296,892 shares in the company, valued at $14,642,713.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other HNI news, Director Miguel M. Calado sold 5,299 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $52.96, for a total transaction of $280,635.04. Following the transaction, the director now directly owns 31,159 shares in the company, valued at approximately $1,650,180.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jeffrey D. Lorenger sold 72,102 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $49.32, for a total value of $3,556,070.64. Following the transaction, the chief executive officer now owns 296,892 shares in the company, valued at approximately $14,642,713.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,582 shares of company stock worth $5,597,281 in the last ninety days. Corporate insiders own 3.36% of the company’s stock.

Institutional Investors Weigh In On HNI

A number of hedge funds have recently made changes to their positions in HNI. Eastern Bank purchased a new stake in HNI in the 3rd quarter worth about $27,000. Quest Partners LLC purchased a new stake in HNI in the 2nd quarter worth about $29,000. GAMMA Investing LLC increased its holdings in HNI by 51.6% in the 3rd quarter. GAMMA Investing LLC now owns 670 shares of the business services provider’s stock worth $36,000 after acquiring an additional 228 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in HNI by 4,746.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,181 shares of the business services provider’s stock worth $117,000 after acquiring an additional 2,136 shares during the last quarter. Finally, Daiwa Securities Group Inc. purchased a new stake in HNI in the 1st quarter worth about $202,000. 75.26% of the stock is currently owned by institutional investors.

HNI Company 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.