Fintel reports that on August 9, 2023, Benchmark maintained coverage of HNI (NYSE:HNI) with a Buy recommendation.
Analyst Price Forecast Suggests 22.72% Upside
As of August 2, 2023, the average one-year price target for HNI is 35.70. The forecasts range from a low of 34.34 to a high of $37.80. The average price target represents an increase of 22.72% from its latest reported closing price of 29.09.
MUSCATINE, Iowa–(BUSINESS WIRE)–HNI Corporation (NYSE: HNI) today announced sales for the second quarter ended July 1, 2023 of $563.5 million and a net loss of $12.8 million. GAAP earnings per diluted share declined from $0.72 in the prior year to ($0.30) in the current year primarily due to transaction expenses related to the acquisition of Kimball International. When excluding acquisition expenses and select other items, non-GAAP net income per diluted share was $0.55, compared to $0.52 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.
On July 31, 2023, Victory Capital Management Inc. revealed in its latest Form 13F filing with the Securities and Exchange Commission (SEC) that it had increased its holdings in HNI Co. (NYSE:HNI) by a staggering 27.7% during the first quarter. This marked a significant boost for Victory Capital as it acquired an additional 100,407 shares of the business services provider’s stock, bringing its total ownership to 463,040 shares. The value of these shares amounted to an impressive $12,891,000 according to the most recent SEC filing.
In a surprising turn of events, research analysts at StockNews.com have chosen to downgrade their rating on HNI Corporation (NYSE:HNI) from a “buy” to a “hold.” The news, which was issued to investors on Sunday, has left many wondering about the implications for the future of this well-known furniture manufacturer.
Nordea Investment Management AB, a well-known institutional investor, has recently made a significant reduction in its holdings of HNI Co. (NYSE:HNI). According to the latest disclosure filed with the Securities & Exchange Commission, Nordea Investment Management AB now owns 24,818 shares of HNI’s stock, which is a decrease of 59.5% from the previous quarter. This represents an approximate value of $686,000.
MUSCATINE, Iowa – HNI has announced the completion of its acquisition of fellow office and contract furniture giant Kimball. HNI acquired Kimball early March for $455 million.
“The completion of the Kimball International acquisition represents a new chapter as we bring together two strong, successful companies with similar cultures and well-established families of brands,” said Jeff Lorenger, HNI CEO. “The combined companies will have an unmatched comprehensive product offering positioned to benefit from post-pandemic trends. I’m privileged to lead this talented team and look forward to the significant benefits we will deliver to our shareholders, members, dealers and customers.”
Victory Capital Management Inc., an investment management firm, recently announced that it has lowered its stake in HNI Corp. This business services provider is primarily involved in offering workplace furnishings and residential building products to its clients. The firm has two major operating segments – the Workplace Furnishing segment and the Residential Building Products segment.
Victory Capital Management Inc. lessened its stake in HNI Co. (NYSE:HNI) by 31.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 299,575 shares of the business services provider’s stock after selling 134,400 shares during the quarter. Victory Capital Management Inc. owned 0.72% of HNI worth $9,517,000 at the end of the most recent reporting period.
Texas Permanent School Fund decreased its holdings in shares of HNI Co. (NYSE:HNI) by 6.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,809 shares of the business services provider’s stock after selling 1,919 shares during the period. Texas Permanent School Fund owned about 0.07% of HNI worth $791,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
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JSA CONSULTANCY SERVICES
5a Wilmington Square, Clerkenwell,
London, WC1X 0ES, England
