State of New Jersey Common Pension Fund D lessened its holdings in shares of HNI Co. (NYSE:HNI – Get Rating) by 13.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 58,895 shares of the business services provider’s stock after selling 8,979 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.14% of HNI worth $2,182,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of HNI. Guardian Wealth Management Inc. acquired a new stake in HNI during the 4th quarter valued at approximately $27,000. Point72 Hong Kong Ltd acquired a new stake in HNI during the 4th quarter valued at approximately $63,000. Cornerstone Advisory LLC acquired a new stake in HNI during the 4th quarter valued at approximately $68,000. Parallel Advisors LLC grew its stake in HNI by 988.5% during the 1st quarter. Parallel Advisors LLC now owns 2,275 shares of the business services provider’s stock valued at $85,000 after purchasing an additional 2,066 shares in the last quarter. Finally, Profund Advisors LLC acquired a new stake in HNI during the 4th quarter valued at approximately $205,000. Institutional investors and hedge funds own 72.97% of the company’s stock.
HNI Price Performance
Shares of HNI opened at $34.02 on Thursday. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 20.37 and a beta of 0.86. HNI Co. has a 52 week low of $32.91 and a 52 week high of $44.50. The company has a current ratio of 1.27, a quick ratio of 0.81 and a debt-to-equity ratio of 0.56. The stock has a 50 day moving average of $35.75 and a 200-day moving average of $37.53.
HNI Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 8th. Investors of record on Friday, May 27th were issued a $0.32 dividend. This is an increase from HNI’s previous quarterly dividend of $0.31. The ex-dividend date was Thursday, May 26th. This represents a $1.28 annualized dividend and a dividend yield of 3.76%. HNI’s dividend payout ratio (DPR) is 76.65%.
Insider Buying and Selling
In related news, Director Larry B. Porcellato sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $36.10, for a total value of $54,150.00. Following the sale, the director now owns 43,018 shares of the company’s stock, valued at approximately $1,552,949.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.80% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the company. Sidoti lowered HNI from a “buy” rating to a “neutral” rating and set a $38.00 price objective for the company. in a research note on Monday. TheStreet upgraded HNI from a “c+” rating to a “b-” rating in a research report on Monday, June 27th. Finally, StockNews.com upgraded HNI from a “buy” rating to a “strong-buy” rating in a research report on Friday, July 29th.
HNI Corporation, together with its subsidiaries, manufactures and sells workplace furnishings and residential building products primarily in the United States. 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, tables, and architectural products under the HON, Allsteel, Beyond, Gunlocke, Maxon, HBF, OFM, Respawn, Lamex, and HNI India brands.
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