Connor Clark & Lunn Investment Management Ltd. Has $7.05 Million Stake in HNI Co. (NYSE:HNI)

Connor Clark & Lunn Investment Management Ltd. lowered its holdings in shares of HNI Co. (NYSE:HNI) by 13.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,962 shares of the business services provider’s stock after selling 20,339 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.27% of HNI worth $7,051,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Eastern Bank acquired a new stake in shares of HNI during the 3rd quarter valued at about $27,000. Quest Partners LLC acquired a new stake in HNI during the second quarter valued at approximately $29,000. GAMMA Investing LLC grew its stake in shares of HNI by 51.6% in the 3rd quarter. GAMMA Investing LLC now owns 670 shares of the business services provider’s stock valued at $36,000 after purchasing an additional 228 shares during the period. Covestor Ltd raised its holdings in shares of HNI by 219.9% in the 3rd quarter. Covestor Ltd now owns 739 shares of the business services provider’s stock worth $40,000 after buying an additional 508 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of HNI by 4,746.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,181 shares of the business services provider’s stock worth $117,000 after buying an additional 2,136 shares during the period. Institutional investors own 75.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on HNI shares. StockNews.com upgraded HNI from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 31st. 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.

HNI Stock Performance

NYSE:HNI opened at $56.17 on Friday. The stock has a market capitalization of $2.69 billion, a P/E ratio of 21.62, a price-to-earnings-growth ratio of 1.56 and a beta of 0.85. HNI Co. has a 1 year low of $38.55 and a 1 year high of $57.59. The firm has a 50 day moving average of $53.16 and a 200-day moving average of $49.83. The company has a current ratio of 1.09, a quick ratio of 0.68 and a debt-to-equity ratio of 0.36.

HNI (NYSE:HNI) last posted its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.05. HNI had a return on equity of 19.29% and a net margin of 4.83%. The company had revenue of $672.20 million for the quarter, compared to analyst estimates of $712.75 million. During the same quarter in the previous year, the firm earned $0.93 earnings per share. The business’s revenue was down 5.5% on a year-over-year basis. As a group, sell-side analysts anticipate that HNI Co. will post 2.93 EPS for the current fiscal year.

HNI Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.35%. The ex-dividend date is Monday, November 18th. HNI’s payout ratio is presently 51.16%.

Insiders Place Their Bets

In related news, Director Miguel M. Calado sold 5,299 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $52.96, for a total value of $280,635.04. Following the completion of the transaction, the director now owns 31,159 shares in the company, valued at $1,650,180.64. The trade was a 14.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jeffrey D. Lorenger sold 9,447 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $53.42, for a total value of $504,658.74. Following the completion of the transaction, the chief executive officer now owns 296,892 shares in the company, valued at $15,859,970.64. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,030 shares of company stock valued at $908,630. Insiders own 3.36% of the company’s stock.

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.