Hni Corp. has a market cap of $1.36 billion; its shares were traded at around $30.28 with a P/E ratio of 36.5 and P/S ratio of 0.8. The dividend yield of Hni Corp. stocks is 2.9%.Hedge Fund Gurus that owns HNI: Bruce Kovner of Caxton Associates. Mutual Fund and Other Gurus that owns HNI: First Pacific Advisors of First Pacific Advisors, LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:HNI Corporation (the “Corporation”, “we”, “us” or “our”) is an Iowa corporation incorporated in 1944. The Corporation is a provider of office furniture and hearth products. A broad office furniture product offering is sold to dealers, wholesalers, national office product distributors, end-user customers, and federal, state and local governments. Dealers and wholesalers are the major channels based on sales. Hearth products include a full array of gas, electric, wood and biomass burning fireplaces, inserts, stoves, facings and accessories. These products are sold through a national system of dealers and distributors, as well as Corporation-owned distribution and retail outlets. In fiscal 2010, the Corporation had net sales of $1.7 billion, of which approximately $1.4 billion or 83% was attributable to office furniture products and $0.3 billion or 17% was attributable to hearth products. Please refer to Operating Segment Information in the Notes to Consolidated Financial Statements for further information about operating segments.
The Corporation's product development efforts are primarily focused on developing end-user solutions that are relevant, differentiated and focused on quality, aesthetics, style, sustainable design and on reducing manufacturing costs. The Corporation accomplishes this through improving existing products, extending product lines, applying ergonomic research, improving manufacturing processes, applying alternative materials and providing engineering support and training to its operating units. The Corporation conducts its product development efforts at both the corporate and operating unit level. The Corporation invested approximately $21.8 million, $21.1 million and $27.8 million in product development during fiscal 2010, 2009 and 2008, respectively, and has budgeted $23 million for product development in fiscal 2011.
As of January 1, 2011, the Corporation had an order backlog of approximately $150.5 million, which will be filled in the ordinary course of business within the first few weeks of the fiscal year. This compares with $121.1 million as of January 2, 2010, and $130.8 million as of January 3, 2009. Backlog, in terms of percentage of net sales, was 8.9%, 7.3% and 5.3%, for fiscal 2010, 2009 and 2008, respectively. The Corporation’s products are typically manufactured and shipped within a few weeks following receipt of order. The dollar amount of the Corporation’s order backlog is, therefore, not considered by management to be a leading indicator of the Corporation’s expected sales in any particular fiscal period.
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