HNI HNI Corp.
HNI Corp. is engaged in the manufacturing and trading of office furniture. It operates through two segments: Office Furniture and Hearth Products. The Office Furniture segment manufactures storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions and panel systems. The Hearth Products segment develops and markets gas, electric, wood and biomass burning fireplaces, inserts, stoves, facings and accessories. The company was founded by C. Maxwell Stanley, Clem Hanson and H. Wood Miller in 1944 and is headquartered in Muscatine, IA.
Company profile
Ticker
HNI
Exchange
Website
CEO
Jeffrey D. Lorenger
Employees
Incorporated in
Location
Fiscal year end
Industry (SEC)
Steelcase ...
Former names
Hon Industries Inc
SEC CIK
Corporate docs
IRS number
420617510
Calendar
25 Feb 20
7 Apr 20
28 Dec 20
News
Company financial data Financial data
| Quarter (USD) | Dec 19 | Sep 19 | Jun 19 | Mar 19 | |
|---|---|---|---|---|---|
| Revenue | 616.08M | 625.39M | 526.03M | 479.46M | |
| Net income | 47.6M | 46.08M | 15.81M | 1.02M | |
| Diluted EPS | 1.1 | 1.07 | 0.36 | 0.02 | |
| Net profit margin | 7.73% | 7.37% | 3.01% | 0.21% | |
| Operating income | 63.76M | 60.66M | 23.25M | 3.68M | |
| Net change in cash | -940K | 24.23M | |||
| Cash on hand | 52.07M | 53.01M | 28.78M | ||
| Cost of revenue | 382.19M | 387.72M | 333.44M | 309.84M |
Financial data from HNI earnings reports
Recent insider trades
| Date | Owner | Security | Transaction | Code | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|
| 3 Mar 20 | Larry B Porcellato | Common Stock | Sell | Dispose S | 33.34 | 1,000 | 33.34K | 45,902.496 |
| 24 Feb 20 | Donna D Meade | Common Stock | Grant | Aquire A | 0 | 483 | 0 | 9,790.61 |
| 24 Feb 20 | Kristin L Yates | Common Stock | Grant | Aquire A | 0 | 118 | 0 | 9,197.314 |
| 24 Feb 20 | Vincent P Berger | Common Stock | Grant | Aquire A | 0 | 1,866 | 0 | 18,497.34 |
| 24 Feb 20 | Steven M Bradford | Common Stock | Grant | Aquire A | 0 | 943 | 0 | 34,367.972 |
Institutional ownership Q4 2019
13F holders |
Current |
|---|---|
| Total holders | 185 |
| Opened positions | 29 |
| Closed positions | 22 |
| Increased positions | 58 |
| Reduced positions | 62 |
13F shares |
Current |
|---|---|
| Total value | 3.67B |
| Total shares | 30.84M |
| Total puts | 0 |
| Total calls | 0 |
| Total put/call ratio | – |
Largest owners |
Shares | Value |
|---|---|---|
| State Farm Mutual Automobile Insurance | 5.63M | $210.86M |
| BLK BlackRock | 5.03M | $188.6M |
| Vanguard | 4.21M | $157.62M |
| STT State Street | 1.39M | $52.06M |
| Dimensional Fund Advisors | 1.27M | $47.58M |
| Frontier Capital Management | 898.24K | $33.65M |
| NTRS Northern Trust | 722.49K | $27.07M |
| BK Bank Of New York Mellon | 714.93K | $26.78M |
| Norges Bank | 695.45K | $26.05M |
| Geode Capital Management | 575.08K | $21.54M |
Financial report summary
?Management Discussion
- Consolidated net sales for 2019 decreased 0.5 percent or $10.9 million compared to the prior year. The change was driven by a decrease in both the office furniture and hearth products segments. The decrease in office furniture was driven by lower sales in the office furniture supplies-driven business, partially offset by a small increase in the office furniture contract business. Included in the sales results for the office furniture contract business was a $23.1 million negative impact from closing and divesting small office furniture companies. The hearth products segment saw decreases in both the new construction and retail businesses.
- Consolidated net sales for 2018 increased 3.8 percent or $82.0 million compared to 2017. The change was driven by an increase in both the office furniture and hearth products segments. Office furniture segment sales increased in both the supplies-driven and contract businesses which were partially offset by a $57.6 million negative net impact of closing and divesting small office furniture companies. The hearth products segment saw increases in both the new construction and retail businesses.
- Gross profit as a percentage of net sales increased 10 basis points in 2019 compared to 2018 primarily driven by price realization and net productivity, offset by lower volume and higher input costs.
Content analysis
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| Legalese | ||
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H.S. freshman V bad
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New words:
abroad, advertising, affordability, benching, certainty, collaborative, commenced, commencement, confirmed, departure, earlier, embedded, expertise, fee, flooding, foam, hindsight, implicit, Inline, Interbank, job, Kingdom, London, lounge, machine, manifest, Mississippi, modification, morale, notional, occasion, outbreak, Page, pandemic, peer, prevalence, professional, promotion, prototype, quick, realignment, recessionary, relocation, residential, residual, River, ROU, scenario, shown, strain, sublease, successor, surfaced, task, team, temporarily, unamortized, unclear, unexpected, unsatisfied, upholstery, viable, worth
Removed:
allocation, amendment, analyst, awaiting, BIFMA, BST, building, built, burning, Canadian, charitable, collect, considerable, COSO, dealership, decrement, deductible, deduction, distributed, donation, employer, exiting, fabric, feel, finalized, frequent, grew, institutional, instrument, internet, lacquer, life, longer, low, newly, outflow, pension, prepayment, principle, produced, proposal, recently, recovery, reevaluate, relation, resale, retrospective, retrospectively, review, shorter, split, stove, streamline, undiscounted, VCG, warehouse
Financial reports
10-K
2019 FY
Annual report
25 Feb 20
10-Q
2019 Q3
Quarterly report
29 Oct 19
10-Q
2019 Q2
Quarterly report
30 Jul 19
10-Q
2019 Q1
Quarterly report
30 Apr 19
10-K
2018 FY
Annual report
26 Feb 19
10-Q
2018 Q3
Quarterly report
30 Oct 18
10-Q
2018 Q2
Quarterly report
31 Jul 18
10-Q
2018 Q1
Quarterly report
1 May 18
10-K
2017 FY
Annual report
23 Feb 18
10-Q
2017 Q3
Quarterly report
31 Oct 17
Current reports
8-K
Other Events
6 Apr 20
8-K
Hni Corporation Reports Strong Profitability for Fourth Quarter Fiscal Year 2019
19 Feb 20
8-K
Hni Corporation Announces New Chairman of Board of Directors
12 Feb 20
8-K
Hni Corporation Reports Earnings
23 Oct 19
8-K
Hni Corporation Reports Earnings
24 Jul 19
8-K
Departure of Directors or Certain Officers
12 Jul 19
8-K
Departure of Directors or Certain Officers
6 Jun 19
8-K
Departure of Directors or Certain Officers
8 May 19
8-K
Hni Corporation Reports Earnings
22 Apr 19
8-K
Hni Corporation Reports Earnings
25 Feb 19
Registration and prospectus
S-8
Registration of securities for employees
9 May 17
S-8
Registration of securities for employees
25 Aug 15
S-8
Registration of securities for employees
15 Aug 13
S-8
Registration of securities for employees
11 Aug 10
S-8
Registration of securities for employees
11 Aug 10
S-8
Registration of securities for employees
11 Aug 10
S-8 POS
Registration of securities for employees (post-effective amendment)
11 Aug 10
15-12G
Securities registration termination
1 Dec 09
25-NSE
Exchange delisting
1 Dec 09
S-8
Registration of securities for employees
12 Jun 09
Proxies
DEFA14A
Additional proxy soliciting materials
26 Mar 20
DEF 14A
Definitive proxy
26 Mar 20
DEF 14A
Definitive proxy
22 Mar 19
DEFA14A
Additional proxy soliciting materials
22 Mar 19
DEFA14A
Additional proxy soliciting materials
20 Apr 18
DEF 14A
Definitive proxy
23 Mar 18
DEFA14A
Additional proxy soliciting materials
31 Mar 17
DEF 14A
Definitive proxy
24 Mar 17
DEF 14A
Definitive proxy
25 Mar 16
DEF 14A
Definitive proxy
23 Mar 15
Other
SD
Conflict minerals disclosure
31 May 19
SD
Conflict minerals disclosure
30 May 18
SD
Conflict minerals disclosure
30 May 17
SD
Conflict minerals disclosure
27 May 16
SD
Conflict minerals disclosure
1 Jun 15
SD
Conflict minerals disclosure
2 Jun 14
UPLOAD
Letter from SEC
6 Apr 12
CORRESP
Correspondence with SEC
29 Mar 12
UPLOAD
Letter from SEC
22 Mar 12
UPLOAD
Letter from SEC
6 May 11
Ownership
4
HNI / RONALD V WATERS ownership change
6 Mar 20
4
HNI / Larry B Porcellato ownership change
4 Mar 20
4
HNI / Donna D Meade ownership change
26 Feb 20
4
HNI / Kristin L Yates ownership change
26 Feb 20
4
HNI / Vincent P Berger ownership change
26 Feb 20
4
HNI / Steven M Bradford ownership change
26 Feb 20
4
HNI / Marshall H Bridges ownership change
26 Feb 20
4
HNI / Kurt A Tjaden ownership change
26 Feb 20
4
HNI / Jeffrey D Lorenger ownership change
26 Feb 20
4
HNI / MIGUEL M CALADO ownership change
21 Feb 20