Advisors Asset Management Inc. Sells 74,155 Shares of HNI Co. (NYSE:HNI)

Advisors Asset Management Inc. cut its position in HNI Co. (NYSE:HNI) by 64.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 41,183 shares of the business services provider’s stock after selling 74,155 shares during the period. Advisors Asset Management Inc. owned approximately 0.09% of HNI worth $2,217,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in HNI by 5.5% during the first quarter. Vanguard Group Inc. now owns 5,566,311 shares of the business services provider’s stock valued at $251,208,000 after purchasing an additional 287,735 shares during the period. Hantz Financial Services Inc. bought a new position in shares of HNI during the 2nd quarter valued at $2,189,000. Panagora Asset Management Inc. purchased a new position in shares of HNI in the 2nd quarter worth $2,148,000. Clifford Capital Partners LLC grew its holdings in shares of HNI by 14.6% in the second quarter. Clifford Capital Partners LLC now owns 291,535 shares of the business services provider’s stock worth $13,125,000 after acquiring an additional 37,155 shares during the period. Finally, Inspire Advisors LLC bought a new position in HNI in the second quarter valued at about $1,470,000. Institutional investors own 75.26% of the company’s stock.

HNI Price Performance

NYSE HNI opened at $56.17 on Monday. HNI Co. has a fifty-two week low of $38.55 and a fifty-two week high of $57.59. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.68 and a current ratio of 1.09. The company has a market capitalization of $2.68 billion, a PE ratio of 21.77, a price-to-earnings-growth ratio of 1.58 and a beta of 0.85. The business’s fifty day moving average is $53.25 and its 200 day moving average is $49.95.

HNI (NYSE:HNI) last announced its earnings results on Tuesday, October 29th. The business services provider reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.05. HNI had a net margin of 4.83% and a return on equity of 19.29%. The firm had revenue of $672.20 million for the quarter, compared to analysts’ expectations of $712.75 million. During the same period in the prior year, the company earned $0.93 EPS. The business’s revenue was down 5.5% compared to the same quarter last year. Sell-side analysts predict that HNI Co. will post 2.93 earnings per share for the current year.

HNI Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $1.32 annualized dividend and a yield of 2.35%. HNI’s payout ratio is currently 51.16%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of HNI from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 31st.

Insiders Place Their Bets

In related news, insider Brian Scott Smith sold 2,284 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.00, for a total transaction of $123,336.00. Following the completion of the transaction, the insider now directly owns 11,902 shares in the company, valued at $642,708. The trade was a 16.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Miguel M. Calado sold 5,299 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $52.96, for a total value of $280,635.04. Following the completion of the transaction, the director now directly owns 31,159 shares of the company’s stock, valued at approximately $1,650,180.64. This trade represents a 14.53 % decrease in their position. The disclosure for this sale can be found here. 3.36% of the stock is owned by company insiders.

HNI 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.