HNI Co. (NYSE:HNI) to Issue Dividend Increase – $0.34 Per Share

HNI Co. (NYSE:HNI) announced a quarterly dividend on Monday, May 12th, RTT News reports. Investors of record on Friday, May 23rd will be given a dividend of 0.34 per share by the business services provider on Wednesday, June 11th. This represents a $1.36 annualized dividend and a dividend yield of 2.88%. The ex-dividend date is Friday, May 23rd. This is a 3.0% increase from HNI’s previous quarterly dividend of $0.33.

HNI has raised its dividend payment by an average of 2.0% per year over the last three years and has increased its dividend annually for the last 15 consecutive years. HNI has a dividend payout ratio of 33.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect HNI to earn $4.01 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 33.9%.

HNI Trading Down 1.1%

Shares of HNI opened at $47.23 on Wednesday. The stock’s 50-day moving average price is $43.69 and its 200 day moving average price is $48.42. The company has a quick ratio of 0.68, a current ratio of 1.10 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 16.34, a P/E/G ratio of 1.14 and a beta of 0.91. HNI has a 12-month low of $39.76 and a 12-month high of $58.42.

HNI (NYSE:HNI) last posted its quarterly earnings results on Wednesday, May 7th. The business services provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.09. HNI had a net margin of 5.52% and a return on equity of 18.27%. The firm had revenue of $599.80 million for the quarter, compared to the consensus estimate of $580.47 million. During the same quarter in the previous year, the company earned $0.37 earnings per share. The business’s revenue was up 2.0% compared to the same quarter last year. As a group, research analysts predict that HNI will post 3.6 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on HNI shares. StockNews.com upgraded shares of HNI from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, May 13th. Susquehanna began coverage on HNI in a research report on Friday. They issued a “neutral” rating and a $80.00 price objective for the company. Finally, Longbow Research began coverage on HNI in a research note on Friday, May 16th. They issued a “buy” rating and a $70.00 price objective on the stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Royal Bank of Canada lifted its position in HNI by 20.5% during the 1st quarter. Royal Bank of Canada now owns 8,642 shares of the business services provider’s stock valued at $383,000 after purchasing an additional 1,472 shares during the period. AQR Capital Management LLC grew its stake in shares of HNI by 6.3% during the first quarter. AQR Capital Management LLC now owns 13,527 shares of the business services provider’s stock worth $600,000 after purchasing an additional 802 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in HNI by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,239 shares of the business services provider’s stock valued at $1,252,000 after purchasing an additional 1,290 shares during the last quarter. Intech Investment Management LLC lifted its stake in HNI by 23.6% in the first quarter. Intech Investment Management LLC now owns 36,698 shares of the business services provider’s stock valued at $1,628,000 after buying an additional 7,000 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in HNI by 7.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,290 shares of the business services provider’s stock worth $6,311,000 after buying an additional 9,730 shares during the last quarter. 75.26% of the stock is currently owned by institutional investors.

About HNI

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.