HNI Corp (NYSE:HNI) Expected to Post Quarterly Sales of $642.70 Million

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Wall Street brokerages expect HNI Corp (NYSE:HNI) to post sales of $642.70 million for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for HNI’s earnings, with estimates ranging from $639.00 million to $646.40 million. HNI reported sales of $611.12 million in the same quarter last year, which indicates a positive year over year growth rate of 5.2%. The company is expected to issue its next earnings report on Monday, October 28th.

According to Zacks, analysts expect that HNI will report full year sales of $2.29 billion for the current year, with estimates ranging from $2.28 billion to $2.29 billion. For the next fiscal year, analysts forecast that the firm will report sales of $2.37 billion, with estimates ranging from $2.35 billion to $2.38 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover HNI.

HNI (NYSE:HNI) last released its earnings results on Wednesday, July 24th. The business services provider reported $0.38 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.03). The company had revenue of $526.00 million during the quarter, compared to the consensus estimate of $551.13 million. HNI had a return on equity of 18.33% and a net margin of 4.02%. HNI’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 EPS.

Several equities research analysts have recently weighed in on the stock. Sidoti set a $45.00 target price on shares of HNI and gave the stock a “hold” rating in a research report on Friday, May 31st. Zacks Investment Research downgraded shares of HNI from a “hold” rating to a “sell” rating in a research report on Wednesday. ValuEngine downgraded shares of HNI from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Finally, TheStreet downgraded shares of HNI from a “b” rating to a “c+” rating in a research report on Monday, April 22nd. Two equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $45.00.

Several hedge funds and other institutional investors have recently bought and sold shares of HNI. Alpha Windward LLC raised its stake in shares of HNI by 11.4% in the 2nd quarter. Alpha Windward LLC now owns 12,900 shares of the business services provider’s stock valued at $439,000 after buying an additional 1,320 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of HNI by 283.2% in the 2nd quarter. SG Americas Securities LLC now owns 28,706 shares of the business services provider’s stock valued at $1,016,000 after buying an additional 21,214 shares in the last quarter. Strs Ohio raised its stake in shares of HNI by 3.4% in the 2nd quarter. Strs Ohio now owns 27,100 shares of the business services provider’s stock valued at $958,000 after buying an additional 900 shares in the last quarter. First Quadrant L P CA raised its stake in shares of HNI by 5,548.4% in the 2nd quarter. First Quadrant L P CA now owns 17,736 shares of the business services provider’s stock valued at $627,000 after buying an additional 17,422 shares in the last quarter. Finally, AE Wealth Management LLC acquired a new position in shares of HNI in the 2nd quarter valued at $236,000. 70.44% of the stock is owned by institutional investors and hedge funds.

HNI opened at $34.24 on Monday. The business has a 50-day moving average of $34.61. The company has a market cap of $1.47 billion, a P/E ratio of 14.98 and a beta of 1.25. HNI has a 1-year low of $32.79 and a 1-year high of $44.79. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.21 and a quick ratio of 0.75.

About HNI

HNI Corporation manufactures and sells office furniture and hearth products in the United States, Canada, China, Hong Kong, India, Mexico, Dubai, Singapore, and Taiwan. Its Office Furniture segment offers a range of commercial and home office furniture, which include storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions and panel systems, and other related products under the HON, Allsteel, Maxon, Gunlocke, HBF, OFM, Lamex, and HNI India brands.

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