HNI (NYSE:HNI) Stock Price Crosses Above 50-Day Moving Average – Here’s Why

HNI Corporation (NYSE:HNI) shares passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $47.34 and traded as high as $48.22. HNI shares last traded at $47.8640, with a volume of 784,189 shares traded.

Wall Street Analyst Weigh In

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

HNI Trading Up 2.3%

The company has a 50 day simple moving average of $47.36 and a two-hundred day simple moving average of $41.97. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.88 and a current ratio of 1.36. The firm has a market cap of $3.54 billion, a PE ratio of 544.62, a P/E/G ratio of 0.76 and a beta of 0.93.

HNI (NYSE:HNI) last announced its quarterly earnings data on Thursday, July 30th. The business services provider reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.23. The firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.48 billion. HNI had a return on equity of 13.66% and a net margin of 0.10%. The company’s revenue for the quarter was up 120.7% compared to the same quarter last year. During the same period last year, the business posted $1.11 earnings per share. Analysts expect that HNI Corporation will post 4.19 EPS for the current fiscal year.

HNI Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Friday, August 28th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.9%. The ex-dividend date was Friday, August 28th. HNI’s payout ratio is presently 1,555.56%.

Insider Transactions at HNI

In other HNI news, CEO Jeffrey Lorenger sold 45,850 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $47.55, for a total value of $2,180,167.50. Following the completion of the transaction, the chief executive officer directly owned 148,490 shares of the company’s stock, valued at approximately $7,060,699.50. The trade was a 23.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 95,138 shares of company stock worth $4,648,587 in the last three months. Insiders own 2.15% of the company’s stock.

Hedge Funds Weigh In On HNI

Several institutional investors have recently made changes to their positions in HNI. Burnham & Co LLC purchased a new position in shares of HNI in the 2nd quarter valued at about $4,024,000. Bank of America Corp DE acquired a new stake in HNI in the second quarter valued at approximately $15,724,000. Jupiter Topco LLC purchased a new stake in shares of HNI in the second quarter valued at approximately $1,289,000. Medina Value Partners LLC purchased a new stake in shares of HNI in the second quarter valued at approximately $10,242,319. Finally, Deutsche Bank AG acquired a new position in shares of HNI during the 2nd quarter worth approximately $2,994,000. 75.26% of the stock is owned by hedge funds and other institutional investors.

HNI Company Profile

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.