Larry B. Porcellato, a director at HNI Corp (NYSE:HNI), recently sold 2,000 shares of the company's common stock. The sale, conducted on December 4, was part of a pre-established trading plan under Rule 10b5-1. The transaction comes as the $2.69 billion market cap company has seen its stock surge 25.65% over the past six months. The shares were sold at a weighted average price of $56.955, with individual transaction prices ranging from $56.91 to $57.00. Following this transaction, Porcellato holds 37,880 shares, including 155 shares acquired through reinvested dividends under the company's Directors Deferred Compensation Plan. According to InvestingPro, HNI has maintained dividend payments for 54 consecutive years and currently receives a "GREAT" financial health score. For deeper insights into HNI's insider trading patterns and comprehensive analysis, investors can access the detailed Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, HNI Corporation has reported an 11% year-over-year increase in non-GAAP EPS to $1.03 in its third-quarter results, despite facing revenue challenges. The company anticipates a pause in demand for the fourth quarter, expecting profit declines compared to the previous year. However, HNI remains optimistic about the future, with initiatives in Mexico and synergies from the Kimball International acquisition projected to significantly contribute to EPS growth in 2025 and 2026.
Marshall Bridges, the current CFO, will transition to a part-time role, with VP Berger set to take his place. HNI has also demonstrated a strong financial position, with a gross leverage ratio of 1.1 times and over $11 million in share buybacks during the quarter.
Despite near-term economic concerns, HNI Corporation anticipates low- to mid-single-digit revenue declines in both Workplace Furnishings and Residential Building Products segments for the fourth quarter. The company is nonetheless positioned for success in 2025 and 2026, with free cash flow for the year expected to be between $180 million to $185 million. These recent developments highlight HNI Corporation's strategic planning and resilience amid market challenges.
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