HNI Corporation (NYSE:HNI) Shares Sold by Bank of America Corp DE

Bank of America Corp DE decreased its stake in shares of HNI Corporation (NYSE:HNI) by 12.1% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 85,877 shares of the business services provider’s stock after selling 11,865 shares during the period. Bank of America Corp DE owned about 0.19% of HNI Corporation worth $3,958,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. boosted its position in HNI Corporation by 22,922.7% in the first quarter. BlackRock Inc. now owns 4,523,960 shares of the business services provider’s stock valued at $208,510,000 after buying an additional 4,504,310 shares during the period. Vanguard Group Inc. boosted its position in HNI Corporation by 6.9% in the first quarter. Vanguard Group Inc. now owns 3,870,218 shares of the business services provider’s stock valued at $178,379,000 after buying an additional 251,212 shares during the period. Dimensional Fund Advisors LP boosted its position in HNI Corporation by 1.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,059,270 shares of the business services provider’s stock valued at $48,820,000 after buying an additional 17,867 shares during the period. Frontier Capital Management Co. LLC boosted its position in HNI Corporation by 3.1% in the first quarter. Frontier Capital Management Co. LLC now owns 1,026,015 shares of the business services provider’s stock valued at $47,289,000 after buying an additional 30,792 shares during the period. Finally, Principal Financial Group Inc. boosted its position in HNI Corporation by 29.2% in the first quarter. Principal Financial Group Inc. now owns 964,292 shares of the business services provider’s stock valued at $44,445,000 after buying an additional 217,977 shares during the period. 70.69% of the stock is currently owned by institutional investors.

HNI Corporation (HNI) traded up 1.1672% during trading on Friday, reaching $36.4202. The company’s stock had a trading volume of 16,124 shares. The firm has a market cap of $1.60 billion, a P/E ratio of 26.1639 and a beta of 1.41. The stock’s 50 day moving average is $39.21 and its 200-day moving average is $44.32. HNI Corporation has a 52 week low of $35.55 and a 52 week high of $56.96.

HNI Corporation (NYSE:HNI) last announced its quarterly earnings results on Monday, July 24th. The business services provider reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by $0.01. HNI Corporation had a return on equity of 20.82% and a net margin of 2.94%. The business had revenue of $514.50 million during the quarter, compared to the consensus estimate of $516.10 million. During the same quarter last year, the company earned $0.68 earnings per share. The firm’s revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts forecast that HNI Corporation will post $2.45 earnings per share for the current fiscal year.

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HNI has been the topic of several research analyst reports. TheStreet cut HNI Corporation from a “b-” rating to a “c+” rating in a research note on Tuesday, June 20th. Zacks Investment Research cut HNI Corporation from a “hold” rating to a “sell” rating in a research note on Monday, April 24th. Finally, BidaskClub cut HNI Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $47.00.

In other HNI Corporation news, Chairman Stanley A. Askren sold 11,264 shares of the stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $46.01, for a total value of $518,256.64. Following the completion of the sale, the chairman now directly owns 204,996 shares in the company, valued at $9,431,865.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.16% of the stock is owned by corporate insiders.

About HNI Corporation

HNI Corporation is a provider of office furniture and hearth products. The Company’s office furniture products include panel-based and freestanding furniture systems, seating, storage and tables. The Company’s segments include office furniture and hearth products. The office furniture segment manufactures and markets a line of metal and wood commercial and home office furniture, which includes storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions, and panel systems and other related products.