HNI (NYSE:HNI) Releases Earnings Results, Beats Estimates By $0.05 EPS

HNI (NYSE:HNI) issued its quarterly earnings results on Tuesday. The business services provider reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.05, Briefing.com reports. HNI had a net margin of 4.83% and a return on equity of 19.29%. The company had revenue of $672.20 million during the quarter, compared to analyst estimates of $712.75 million. During the same quarter last year, the business posted $0.93 EPS. HNI’s quarterly revenue was down 5.5% compared to the same quarter last year. HNI updated its FY 2024 guidance to 1.080- EPS.

HNI Price Performance

HNI stock opened at $49.32 on Friday. The firm has a 50 day moving average of $52.56 and a 200-day moving average of $48.58. The firm has a market capitalization of $2.36 billion, a P/E ratio of 19.12, a price-to-earnings-growth ratio of 1.41 and a beta of 0.84. HNI has a 12 month low of $33.26 and a 12 month high of $56.13. The company has a current ratio of 1.09, a quick ratio of 0.73 and a debt-to-equity ratio of 0.36.

HNI Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Friday, August 23rd were paid a $0.33 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $1.32 annualized dividend and a yield of 2.68%. HNI’s dividend payout ratio is currently 51.16%.

Insiders Place Their Bets

In related news, insider Brian Scott Smith sold 2,284 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.00, for a total value of $123,336.00. Following the sale, the insider now directly owns 11,902 shares of the company’s stock, valued at $642,708. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Brian Scott Smith sold 2,284 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.00, for a total transaction of $123,336.00. Following the transaction, the insider now directly owns 11,902 shares in the company, valued at approximately $642,708. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeffrey D. Lorenger sold 72,102 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $49.32, for a total value of $3,556,070.64. Following the completion of the sale, the chief executive officer now owns 296,892 shares of the company’s stock, valued at $14,642,713.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,582 shares of company stock worth $5,597,281 in the last three months. 3.36% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on HNI. StockNews.com upgraded HNI from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Benchmark increased their target price on shares of HNI from $57.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, July 26th.

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.