HNI (NYSE:HNI) Posts Earnings Results, Beats Expectations By $0.06 EPS

HNI (NYSE:HNI) issued its earnings results on Tuesday. The business services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.06, Briefing.com reports. HNI had a net margin of 4.39% and a return on equity of 19.15%. The business had revenue of $672.20 million for the quarter, compared to the consensus estimate of $712.75 million. During the same period in the previous year, the company earned $0.93 earnings per share. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. HNI updated its FY 2024 guidance to 1.080- EPS.

HNI Stock Performance

Shares of NYSE HNI traded down $0.37 during trading hours on Wednesday, reaching $49.81. 122,829 shares of the stock were exchanged, compared to its average volume of 247,064. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of 36.82, a P/E/G ratio of 1.39 and a beta of 0.84. The stock’s fifty day simple moving average is $52.62 and its 200 day simple moving average is $48.57. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.73 and a current ratio of 1.20. HNI has a 52 week low of $33.26 and a 52 week high of $56.13.

HNI Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Friday, August 23rd were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date was Friday, August 23rd. HNI’s dividend payout ratio is presently 97.78%.

Insider Buying and Selling at HNI

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

Wall Street Analyst Weigh In

HNI has been the subject of several recent analyst reports. StockNews.com downgraded shares of HNI from a “strong-buy” rating to a “buy” rating in a research note on Sunday, October 13th. Benchmark boosted their target price on HNI from $57.00 to $63.00 and gave the stock a “buy” rating in a 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.