HNI (NYSE:HNI) Releases Quarterly Earnings Results, Beats Estimates By $0.23 EPS

HNI (NYSE:HNI) announced its quarterly earnings data on Tuesday. The business services provider reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.23, reports. The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.60 billion. HNI had a return on equity of 13.66% and a net margin of 0.10%. HNI’s revenue for the quarter was up 132.9% compared to the same quarter last year. During the same period last year, the firm posted $0.88 EPS.

HNI Trading Down 0.9%

Shares of NYSE:HNI traded down $0.44 during trading on Tuesday, reaching $49.23. 181,483 shares of the company traded hands, compared to its average volume of 656,811. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of 549.34, a P/E/G ratio of 0.75 and a beta of 0.93. HNI has a 52-week low of $28.93 and a 52-week high of $52.79. The company has a current ratio of 1.36, a quick ratio of 0.88 and a debt-to-equity ratio of 0.76. The business’s fifty day moving average is $47.38 and its 200-day moving average is $41.99.

HNI Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Friday, August 28th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, August 28th. HNI’s dividend payout ratio is 1,555.56%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of HNI in a research report on Thursday, October 22nd. Wells Fargo & Company set a $65.00 price objective on shares of HNI in a report on Wednesday, July 15th. Benchmark reaffirmed a “buy” rating on shares of HNI in a research note on Wednesday, July 15th. Finally, Wall Street Zen raised shares of HNI from a “hold” rating to a “buy” rating in a research note on Saturday, September 12th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, HNI currently has an average rating of “Moderate Buy” and a consensus price target of $65.00.

Insider Activity at HNI

In related news, CEO Jeffrey Lorenger sold 39,576 shares of HNI stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $50.09, for a total value of $1,982,361.84. Following the transaction, the chief executive officer directly owned 148,490 shares of the company’s stock, valued at $7,437,864.10. The trade was a 21.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 49,288 shares of company stock valued at $2,468,419 over the last quarter. 2.15% of the stock is owned by insiders.

About HNI

HNI Corporation (NYSE:HNI), headquartered in Muscatine, Iowa, is a workplace and residential building products company. Its businesses serve organizations, businesses, education and government customers, as well as residential consumers through office furnishings and hearth products.

HNI’s workplace furnishings portfolio includes desks, tables, seating, storage, collaborative products and related workplace solutions. Its brands include HON, Allsteel, HBF and Gunlocke, among others. The company sells products through dealers, retailers, e-commerce channels and other distribution partners, primarily serving customers in North America.

Through its hearth products business, HNI manufactures fireplaces, inserts, stoves and related products fueled by gas, wood and pellets.