HNI (NYSE:HNI) Raised to “Buy (B-)” at Weiss Ratings

HNI (NYSE:HNI) was upgraded by research analysts at Weiss Ratings from a “hold (c+)” rating to a “buy (b-)” rating in a research report issued on Wednesday,Weiss Ratings reports.

HNI Trading Down 0.7%

NYSE HNI opened at $45.48 on Wednesday. HNI has a 1-year low of $39.76 and a 1-year high of $58.42. The company has a current ratio of 1.46, a quick ratio of 0.93 and a debt-to-equity ratio of 0.56. The stock has a 50-day moving average of $45.38 and a 200-day moving average of $46.19. The firm has a market cap of $2.08 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 0.65 and a beta of 0.95.

HNI (NYSE:HNI) last released its earnings results on Thursday, July 24th. The business services provider reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.25. HNI had a return on equity of 20.08% and a net margin of 5.73%.The company had revenue of $667.10 million during the quarter, compared to analyst estimates of $646.49 million. During the same quarter in the previous year, the company posted $0.79 EPS. HNI’s revenue for the quarter was up 7.0% on a year-over-year basis. As a group, sell-side analysts forecast that HNI will post 3.6 EPS for the current year.

Insiders Place Their Bets

In other HNI news, Director Miguel M. Calado sold 1,743 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $53.00, for a total value of $92,379.00. Following the completion of the sale, the director owned 30,085 shares in the company, valued at approximately $1,594,505. This trade represents a 5.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 3.37% of the company’s stock.

Institutional Investors Weigh In On HNI

Several institutional investors and hedge funds have recently bought and sold shares of HNI. Federated Hermes Inc. purchased a new stake in HNI in the 1st quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of HNI by 88.5% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 705 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 331 shares during the period. GAMMA Investing LLC lifted its stake in shares of HNI by 44.1% in the 2nd quarter. GAMMA Investing LLC now owns 774 shares of the business services provider’s stock valued at $38,000 after purchasing an additional 237 shares during the period. Quarry LP lifted its stake in shares of HNI by 4,741.5% in the 1st quarter. Quarry LP now owns 1,985 shares of the business services provider’s stock valued at $88,000 after purchasing an additional 1,944 shares during the period. Finally, Allworth Financial LP lifted its stake in shares of HNI by 3,984.9% in the 1st quarter. Allworth Financial LP now owns 2,165 shares of the business services provider’s stock valued at $92,000 after purchasing an additional 2,112 shares during the period. Hedge funds and other institutional investors own 75.26% of the company’s stock.

HNI Company Profile

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.