Summit Global Investments Sells 9,285 Shares of HNI Co. (NYSE:HNI)

Summit Global Investments cut its holdings in HNI Co. (NYSE:HNI) by 36.8% during the fourth quarter, HoldingsChannel reports. The firm owned 15,977 shares of the business services provider’s stock after selling 9,285 shares during the period. Summit Global Investments’ holdings in HNI were worth $805,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Smartleaf Asset Management LLC increased its stake in shares of HNI by 85.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 561 shares of the business services provider’s stock worth $28,000 after purchasing an additional 258 shares during the period. Icon Wealth Advisors LLC bought a new position in shares of HNI in the third quarter worth about $84,000. Vestcor Inc bought a new position in HNI during the fourth quarter valued at about $176,000. Longboard Asset Management LP bought a new position in HNI during the fourth quarter valued at about $213,000. Finally, Cibc World Markets Corp bought a new position in HNI during the fourth quarter valued at about $224,000. 75.26% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Brian Scott Smith sold 556 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $49.90, for a total value of $27,744.40. Following the sale, the insider now directly owns 14,394 shares in the company, valued at approximately $718,260.60. This represents a 3.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 3.37% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered HNI from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 21st.

HNI Trading Down 1.0 %

Shares of HNI opened at $43.29 on Monday. HNI Co. has a 12-month low of $40.94 and a 12-month high of $58.42. 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 $2.04 billion, a price-to-earnings ratio of 14.98, a P/E/G ratio of 1.14 and a beta of 0.90. The stock’s 50-day moving average price is $47.66 and its 200 day moving average price is $51.03.

HNI (NYSE:HNI) last issued its quarterly earnings results on Thursday, February 20th. The business services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.13. HNI had a return on equity of 18.27% and a net margin of 5.52%. The firm had revenue of $642.50 million for the quarter, compared to analyst estimates of $657.03 million. As a group, research analysts predict that HNI Co. will post 3.6 earnings per share for the current year.

HNI Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were paid a $0.33 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.32 annualized dividend and a dividend yield of 3.05%. HNI’s dividend payout ratio is currently 45.67%.

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.