In a recent transaction, Larry B. Porcellato, a director at HNI Corp (NYSE:HNI), sold 1,796 shares of the company's common stock. The sale was executed at a weighted average price of $46.00 to $46.01 per share, resulting in a total transaction value exceeding $82,000.
This disposal of shares took place on May 9, 2024, as reported in the latest SEC filings. Following the sale, Porcellato continues to hold 39,099.6016 shares in the company. It's worth noting that the shares owned following the transaction include reinvested dividends of 177.2489 shares acquired under the HNI Corporation Directors Deferred Compensation Plan.
Investors and the market often keep a close eye on insider transactions as they can provide insights into the company's performance and insiders' confidence in the firm's prospects. The detailed transactions, including the specific prices and number of shares sold at each price point within the provided range, are available upon request from HNI Corporation or the SEC.
HNI Corporation, headquartered in Muscatine, Iowa, specializes in office furniture and hearth products. The company has a history dating back to its former names such as Hon Industries Inc. and Home O Nize Co. before adopting its current name.
InvestingPro Insights
Following the recent insider transaction at HNI Corp, market participants may be interested in the company's financial health and performance metrics. According to InvestingPro data, HNI Corp has a market capitalization of $2.17 billion and is trading at a P/E ratio of 32.32. This P/E ratio might be seen as high, reflecting one of the InvestingPro Tips that HNI is trading at a high earnings multiple. However, when adjusted for the last twelve months as of Q1 2024, the P/E ratio appears more favorable at 16.63. This could suggest that the company's earnings potential is being recognized by the market.
Looking at the company's dividend history, HNI has maintained dividend payments for 54 consecutive years and has raised its dividend for 13 consecutive years, showcasing a strong commitment to returning value to shareholders. Moreover, the company's dividend yield as of the latest data stands at 2.79%, which could be appealing for income-focused investors.
InvestingPro Tips also indicate that analysts predict HNI Corp will be profitable this year and that net income is expected to grow. These insights, combined with a reported 73.57% one-year price total return, paint a picture of a company that has performed well in the market over the last year. Nevertheless, it is important to note that two analysts have revised their earnings downwards for the upcoming period, which could be a point of consideration for potential investors.
For those interested in delving deeper into HNI Corp's prospects and performance, InvestingPro offers additional insights. There are currently 6 more InvestingPro Tips available for HNI Corp, which can provide further analysis for a comprehensive investment decision. To access these tips and detailed metrics, visit InvestingPro at https://www.investing.com/pro/HNI. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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