Miguel M. Calado, a director of HNI Corp (NYSE:HNI), has sold a total of 5,299 shares of the company's common stock, according to a recent SEC filing. The transactions, which took place on August 28, 2024, resulted in a total sale value of approximately $280,621.
The shares were sold in multiple transactions at prices ranging from $52.60 to $53.22. Specifically, the weighted average prices for the shares sold were $52.93, $52.95, and $52.98. These sales were conducted under a pre-arranged 10b5-1 trading plan, which allows company insiders to set up a predetermined plan for buying or selling stocks at a time when they are not in possession of material non-public information.
After the sale, Calado's ownership in HNI Corp stands at 31,159.157 shares. It's worth noting that the reported total includes reinvested dividends of 20.012 shares acquired through a dividend reinvestment plan associated with the company's Director's Deferred Compensation Plan.
HNI Corp, headquartered in Muscatine, Iowa, specializes in the manufacturing of office furniture and hearth products. The company's stock is publicly traded and investors often pay close attention to insider transactions as they can provide valuable insights into the company's performance and insider perspectives.
In other recent news, HNI Corporation has reported a significant increase in its non-GAAP earnings per share (EPS) for the second quarter of fiscal year 2024, showing a rise of 44%. This growth was notably driven by the company's two major segments, Workplace Furnishings and Residential Building Products, which saw substantial year-over-year non-GAAP operating profit increases of 67% and 17% respectively. The successful merger with Kimball International was also highlighted, projected to deliver $50 million in cost synergies.
Benchmark analyst Reuben Garner has revised the price target for HNI Corp to $63.00 from the previous figure of $57.00, reiterating a Buy rating. This adjustment follows the company's strong quarterly performance, which saw both earnings before interest, taxes, depreciation, and amortization (EBITDA) and EPS exceed consensus expectations.
Benchmark anticipates that the second half of 2024 will see an increase in year-over-year sales for both of HNI's primary segments. This sales growth is expected to contribute to a record-setting full-year EPS for the company. The revised price target of $63 reflects the firm's confidence in HNI's earnings momentum and market position. These are recent developments that reflect HNI Corporation's strong financial position and strategic growth plans.
InvestingPro Insights
In light of the recent insider transactions at HNI Corp (NYSE:HNI), it is interesting to note that the company not only has a history of rewarding shareholders but also shows promising financial metrics. According to InvestingPro, HNI Corp boasts a high shareholder yield, which is a testament to its commitment to returning value to investors. This is further evidenced by the company's impressive streak of raising its dividend for 13 consecutive years, a sign of confidence in its financial health and future prospects. For those looking for stability in their investments, HNI has maintained dividend payments for an impressive 54 consecutive years.
From a financial standpoint, HNI Corp's market capitalization stands at $2.51 billion, indicating a substantial presence in its sector. The company's price-to-earnings (P/E) ratio is at 21.93, which aligns with its adjusted P/E ratio over the last twelve months as of Q2 2024 at 16.68. This favorable P/E ratio, in relation to near-term earnings growth, suggests that the company may be trading at a reasonable valuation when considering its growth trajectory. Additionally, HNI's revenue growth has been robust, with a 17.78% increase over the last twelve months as of Q2 2024, indicating strong business performance.
For investors seeking more in-depth analysis, InvestingPro offers additional tips on HNI Corp, including insights on earnings revisions, debt levels, and profitability predictions. There are 11 more InvestingPro Tips available, which can provide a comprehensive overview of the company's financial outlook and help investors make well-informed decisions.
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