Vince Martin
Long/short equity, value, gambling

HNI Corporation: $33 Still Is Too Expensive

I'm extremely surprised that shares of HNI Corporation (NYSE:HNI) didn't fall substantially after its Q4 earnings release earlier this month. Neither HNI's commentary nor sentiment seemed particularly bullish, and the company slashed 2016 EPS guidance, while at the same time widening its range of expectations. A disappointing quarter may already have been priced in: HNI shares had fallen ~30% since December 1. Meanwhile, company management insisted that the lower outlook was due to macro factors, and not due to any sort of operational problems or demand issues relative to peers. The problem is that not all of those peers are citing the same type of environment, and HNI's performance appears to be lagging - and yet its shares ...
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