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

Summit Global Investments decreased its position in HNI Co. (NYSE:HNI - Free Report) by 36.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,977 shares of the business services provider's stock after selling 9,285 shares during the quarter. Summit Global Investments' holdings in HNI were worth $805,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. Pacer Advisors Inc. acquired a new stake in shares of HNI in the 4th quarter worth $69,253,000. FMR LLC raised its stake in shares of HNI by 275.3% during the 3rd quarter. FMR LLC now owns 1,836,205 shares of the business services provider's stock worth $98,861,000 after buying an additional 1,346,999 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of HNI by 20.1% in the 4th quarter. Bank of New York Mellon Corp now owns 628,272 shares of the business services provider's stock valued at $31,646,000 after buying an additional 105,034 shares during the period. Barclays PLC raised its position in HNI by 216.7% in the third quarter. Barclays PLC now owns 93,131 shares of the business services provider's stock worth $5,015,000 after acquiring an additional 63,724 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in HNI by 54.4% in the third quarter. JPMorgan Chase & Co. now owns 136,923 shares of the business services provider's stock valued at $7,372,000 after acquiring an additional 48,237 shares during the period. Hedge funds and other institutional investors own 75.26% of the company's stock.

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Insider Activity

In related news, insider Brian Scott Smith sold 556 shares of HNI stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $49.90, for a total value of $27,744.40. Following the transaction, the insider now owns 14,394 shares of the company's stock, valued at approximately $718,260.60. This trade represents a 3.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.37% of the company's stock.

HNI Trading Up 2.9 %

HNI stock traded up $1.30 during midday trading on Thursday, reaching $45.53. 305,070 shares of the company's stock traded hands, compared to its average volume of 275,103. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.10 and a quick ratio of 0.68. HNI Co. has a fifty-two week low of $40.94 and a fifty-two week high of $58.42. The business has a 50-day moving average price of $47.52 and a two-hundred day moving average price of $50.93. The company has a market capitalization of $2.14 billion, a P/E ratio of 15.75, a PEG ratio of 1.14 and a beta of 0.90.

HNI (NYSE:HNI - Get Free Report) last announced its earnings results on Thursday, February 20th. The business services provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.13. HNI had a return on equity of 18.27% and a net margin of 5.52%. The business had revenue of $642.50 million for the quarter, compared to analyst estimates of $657.03 million. Equities research analysts forecast that HNI Co. will post 3.6 EPS for the current fiscal year.

HNI Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.32 annualized dividend and a yield of 2.90%. HNI's payout ratio is 45.67%.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of HNI from a "strong-buy" rating to a "buy" rating in a report on Friday, February 21st.

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.