NEW YORK (Reuters) - Shares of HNI Corp. (HNI.N: Quote, Profile, Research) plunged more than 12 percent on Thursday, a day after the office furniture and hearth products maker lowered its first-quarter outlook.

The Muscatine, Iowa-based company forecast first-quarter office furniture revenue down 6 percent compared with previous expectations for flat results.

HNI cited weakness in the company's small and home office furniture market, but analyst Craig Kennison of Robert W. Baird said that softness could indicate similar problems in the future for the part of the business that is based on big, companywide contracts.

Shares of rival office furniture makers Steelcase Inc (SCS.N: Quote, Profile, Research), Herman Miller Inc (MLHR.O: Quote, Profile, Research) and Knoll Inc (KNL.N: Quote, Profile, Research) were also down on Thursday, contributing to the beating the industry's shares have taken in recent months.

The four firms' shares are down on average 48 percent from their respective year highs.

HNI's shares were down 8.32 percent at $25.45 during morning trade on the New York Stock Exchange.

(Reporting by Helen Chernikoff; Editing by Derek Caney)