Convergence Investment Partners LLC acquired a new stake in HNI Corporation (NYSE:HNI) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 11,870 shares of the company’s stock, valued at approximately $472,000.
Several other hedge funds have also modified their holdings of HNI. LS Investment Advisors LLC boosted its stake in shares of HNI Corporation by 5.6% in the third quarter. LS Investment Advisors LLC now owns 2,888 shares of the company’s stock valued at $115,000 after buying an additional 152 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of HNI Corporation during the second quarter valued at $140,000. First Midwest Bank Trust Division acquired a new stake in shares of HNI Corporation during the second quarter valued at $232,000. KCG Holdings Inc. acquired a new stake in shares of HNI Corporation during the second quarter valued at $248,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in shares of HNI Corporation during the third quarter valued at $271,000. 67.78% of the stock is currently owned by institutional investors.
Shares of HNI Corporation (NYSE:HNI) traded up 0.57% during mid-day trading on Wednesday, reaching $50.86. 234,050 shares of the company’s stock were exchanged. The stock has a market cap of $2.27 billion, a PE ratio of 21.64 and a beta of 1.44. HNI Corporation has a one year low of $30.58 and a one year high of $56.96. The company has a 50 day moving average price of $54.08 and a 200-day moving average price of $49.32.
HNI Corporation (NYSE:HNI) last posted its quarterly earnings data on Wednesday, October 19th. The company reported $0.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.03. The firm had revenue of $584.60 million for the quarter, compared to analysts’ expectations of $583.70 million. HNI Corporation had a net margin of 4.82% and a return on equity of 24.76%. The business’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the company posted $0.93 EPS. On average, analysts predict that HNI Corporation will post $2.65 EPS for the current year.
Several analysts recently weighed in on the stock. Raymond James Financial, Inc. cut shares of HNI Corporation from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 20th. Seaport Global Securities began coverage on shares of HNI Corporation in a research report on Friday, November 4th. They set a “neutral” rating on the stock. Sidoti began coverage on shares of HNI Corporation in a research report on Friday, January 6th. They set a “neutral” rating and a $59.00 price target on the stock. Finally, Zacks Investment Research cut shares of HNI Corporation from a “buy” rating to a “sell” rating in a research report on Wednesday, September 21st. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. HNI Corporation currently has a consensus rating of “Hold” and an average price target of $55.00.
About HNI Corporation
HNI Corporation is a provider of office furniture and hearth products. The Company manufactures and markets gas and wood burning fireplaces. It operates through two segments: office furniture and hearth products. Its office furniture segment manufactures and markets a range of metal and wood commercial and home office furniture, which includes storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions, and panel systems and other related products.
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