Victory Capital Management Inc. Reduces Holdings in HNI Co. (NYSE:HNI)

Victory Capital Management Inc. trimmed its holdings in shares of HNI Co. (NYSE:HNI - Free Report) by 9.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 266,964 shares of the business services provider's stock after selling 28,101 shares during the quarter. Victory Capital Management Inc. owned approximately 0.57% of HNI worth $12,019,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Larson Financial Group LLC purchased a new position in HNI in the second quarter worth $1,286,000. Versor Investments LP lifted its stake in shares of HNI by 5.2% during the second quarter. Versor Investments LP now owns 8,100 shares of the business services provider's stock worth $365,000 after buying an additional 400 shares during the period. Hantz Financial Services Inc. acquired a new stake in shares of HNI during the second quarter worth $2,189,000. Arjuna Capital lifted its stake in shares of HNI by 1.6% during the second quarter. Arjuna Capital now owns 34,851 shares of the business services provider's stock worth $1,569,000 after buying an additional 534 shares during the period. Finally, Crossmark Global Holdings Inc. lifted its stake in shares of HNI by 6.4% during the second quarter. Crossmark Global Holdings Inc. now owns 7,249 shares of the business services provider's stock worth $326,000 after buying an additional 436 shares during the period. 75.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Jeffrey D. Lorenger sold 72,102 shares of the business's 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Jeffrey D. Lorenger sold 72,102 shares of the company's 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 completion of the sale, the chief executive officer now owns 296,892 shares of the company's stock, valued at approximately $14,642,713.44. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jeffrey D. Lorenger sold 16,450 shares of the company's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $53.09, for a total transaction of $873,330.50. Following the sale, the chief executive officer now directly owns 296,892 shares of the company's stock, valued at approximately $15,761,996.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 134,029 shares of company stock worth $6,766,593. Company insiders own 3.36% of the company's stock.

HNI Stock Performance

NYSE HNI traded up $0.89 on Friday, reaching $51.81. 230,504 shares of the company's stock traded hands, compared to its average volume of 248,536. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of 38.38, a P/E/G ratio of 1.32 and a beta of 0.85. The stock has a 50 day moving average price of $50.88 and a 200-day moving average price of $46.48. HNI Co. has a fifty-two week low of $32.11 and a fifty-two week high of $56.13. 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 (NYSE:HNI - Get Free Report) last posted its earnings results on Thursday, July 25th. The business services provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.18. The company had revenue of $623.70 million during the quarter, compared to the consensus estimate of $637.74 million. HNI had a net margin of 4.39% and a return on equity of 19.15%. The firm's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.55 earnings per share. Equities research analysts predict that HNI Co. will post 3.17 EPS for the current fiscal year.

HNI Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Friday, August 23rd were given a $0.33 dividend. The ex-dividend date was Friday, August 23rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.55%. HNI's dividend payout ratio (DPR) is currently 97.78%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on HNI. StockNews.com upgraded shares of HNI from a "buy" rating to a "strong-buy" rating in a research report on Thursday, August 15th. Benchmark boosted their target price on shares of HNI from $57.00 to $63.00 and gave the company a "buy" rating in a research report on Friday, July 26th.

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.