State Farm Trims HNI Corp Stake to 3.78% as of Dec 31, 2023
Ticker: HNI · Form: SC 13G/A · Filed: Feb 12, 2024 · CIK: 48287
| Field | Detail |
|---|---|
| Company | Hni CORP (HNI) |
| Form Type | SC 13G/A |
| Filed Date | Feb 12, 2024 |
| Risk Level | medium |
| Sentiment | mixed |
Complexity: simple
Sentiment: mixed
Topics: institutional-ownership, stake-change, portfolio-rebalancing
TL;DR
**State Farm cut its HNI stake to 3.78%, watch for other institutional moves.**
AI Summary
State Farm Mutual Automobile Insurance Company and its affiliates, including State Farm Fire and Casualty Company, have updated their ownership stake in HNI Corp. As of December 31, 2023, State Farm Mutual Automobile Insurance Company beneficially owns 1,761,600 shares, representing 3.78% of HNI Corp's common stock. This filing indicates a slight decrease in their reported stake from previous filings, which could signal a shift in State Farm's investment strategy or portfolio rebalancing, potentially impacting investor sentiment for HNI Corp.
Why It Matters
This filing shows a major institutional investor, State Farm, has reduced its ownership percentage in HNI Corp, which could be interpreted as a lack of conviction or a strategic portfolio adjustment.
Risk Assessment
Risk Level: medium — A reduction in ownership by a large institutional investor like State Farm could signal potential concerns or a re-evaluation of HNI Corp's future prospects.
Analyst Insight
Investors should monitor future 13F filings to see if other major institutions are also reducing their HNI Corp holdings, which could indicate a broader trend. This filing alone isn't a strong sell signal, but it warrants further investigation into HNI's recent performance and outlook.
Key Numbers
- 1,761,600 — Shares Beneficially Owned (This is the total number of HNI Corp shares State Farm Mutual Automobile Insurance Company reported owning as of December 31, 2023.)
- 3.78% — Percent of Class (This represents the percentage of HNI Corp's common stock owned by State Farm Mutual Automobile Insurance Company, indicating a notable institutional stake.)
- December 31, 2023 — Reporting Date (This is the specific date for which the ownership data is reported, providing a clear snapshot of State Farm's position.)
Key Players & Entities
- State Farm Mutual Automobile Insurance Company (company) — reporting person and beneficial owner of HNI Corp shares
- HNI Corp (company) — the issuer whose common stock is being reported
- State Farm Fire and Casualty Company (company) — another reporting person and affiliate of State Farm Mutual
- December 31, 2023 (date) — date of event requiring the filing
- 1,761,600 (dollar_amount) — number of shares beneficially owned by State Farm Mutual
- 3.78% (dollar_amount) — percentage of class represented by State Farm Mutual's ownership
Forward-Looking Statements
- Other institutional investors may also be re-evaluating their positions in HNI Corp, potentially leading to further shifts in institutional ownership. (HNI Corp) — medium confidence, target: Q1 2024
FAQ
What is the primary purpose of this SC 13G/A filing?
This SC 13G/A filing, an amendment (No. 46), updates the public record on the beneficial ownership of HNI Corp's common stock by State Farm Mutual Automobile Insurance Company and its affiliates, as required by the Securities Exchange Act of 1934 under Rule 13d-1(b).
Who are the main reporting persons in this filing?
The main reporting persons are State Farm Mutual Automobile Insurance Company (IRS ID: 37-0533100) and State Farm Fire and Casualty Company (IRS ID: 37-0533080), both incorporated in Illinois.
How many shares of HNI Corp common stock does State Farm Mutual Automobile Insurance Company beneficially own, and what percentage does this represent?
As of December 31, 2023, State Farm Mutual Automobile Insurance Company beneficially owns 1,761,600 shares of HNI Corp common stock, which represents 3.78% of the class.
What type of voting and dispositive power does State Farm Mutual Automobile Insurance Company have over these shares?
State Farm Mutual Automobile Insurance Company has sole voting power over 1,761,600 shares and sole dispositive power over 1,761,600 shares, with no shared voting or dispositive power reported.
What is the CUSIP number for HNI Corp's common stock mentioned in this filing?
The CUSIP number for HNI Corp's common stock, as stated in the filing, is 404251100.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on February 12, 2024 regarding HNI CORP (HNI).