Kennedy Capital Management Inc. Cuts Stake in HNI Corp (NYSE:HNI)

Kennedy Capital Management Inc. lessened its holdings in HNI Corp (NYSE:HNI) by 18.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 122,043 shares of the business services provider’s stock after selling 28,293 shares during the quarter. Kennedy Capital Management Inc.’s holdings in HNI were worth $4,429,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. New York State Common Retirement Fund lifted its position in shares of HNI by 52.6% in the fourth quarter. New York State Common Retirement Fund now owns 148,200 shares of the business services provider’s stock worth $5,251,000 after purchasing an additional 51,100 shares in the last quarter. Bank of Montreal Can lifted its position in shares of HNI by 19.1% in the fourth quarter. Bank of Montreal Can now owns 5,052 shares of the business services provider’s stock worth $179,000 after purchasing an additional 811 shares in the last quarter. Stone Ridge Asset Management LLC lifted its position in shares of HNI by 62.7% in the fourth quarter. Stone Ridge Asset Management LLC now owns 37,850 shares of the business services provider’s stock worth $1,341,000 after purchasing an additional 14,591 shares in the last quarter. Hancock Whitney Corp bought a new stake in shares of HNI in the fourth quarter worth $1,525,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of HNI in the fourth quarter worth $2,470,000. 70.51% of the stock is currently owned by institutional investors and hedge funds.

NYSE HNI traded up $0.15 on Thursday, hitting $35.93. 4,207 shares of the stock were exchanged, compared to its average volume of 185,789. The company has a current ratio of 1.30, a quick ratio of 0.84 and a debt-to-equity ratio of 0.54. HNI Corp has a 52 week low of $32.79 and a 52 week high of $45.40. The firm has a market capitalization of $1.54 billion, a P/E ratio of 14.91 and a beta of 1.27.

HNI (NYSE:HNI) last posted its quarterly earnings results on Monday, April 22nd. The business services provider reported $0.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.01. HNI had a net margin of 4.12% and a return on equity of 18.89%. The firm had revenue of $479.50 million for the quarter, compared to analyst estimates of $485.33 million. During the same period in the prior year, the firm posted $0.10 earnings per share. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. On average, research analysts anticipate that HNI Corp will post 2.67 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 17th were given a dividend of $0.305 per share. This is a positive change from HNI’s previous quarterly dividend of $0.30. This represents a $1.22 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend was Thursday, May 16th. HNI’s dividend payout ratio is 50.62%.

HNI has been the topic of a number of research reports. Zacks Investment Research raised shares of HNI from a “sell” rating to a “hold” rating in a research report on Tuesday, June 4th. Seaport Global Securities reissued a “neutral” rating on shares of HNI in a research report on Wednesday, February 27th. Sidoti set a $45.00 price target on shares of HNI and gave the stock a “hold” rating in a research report on Friday, May 31st. Finally, TheStreet lowered shares of HNI from a “b” rating to a “c+” rating in a research report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $45.00.

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About HNI

HNI Corporation manufactures and sells office furniture and hearth products in the United States, Canada, China, Hong Kong, India, Mexico, Dubai, Singapore, and Taiwan. Its Office Furniture segment offers a range of commercial and home office furniture, which include storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions and panel systems, and other related products under the HON, Allsteel, Maxon, Gunlocke, HBF, OFM, Lamex, and HNI India brands.

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Institutional Ownership by Quarter for HNI (NYSE:HNI)

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