Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Herman Miller Inc. (NASDAQ:MLHR) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,710 shares of the company’s stock, valued at approximately $320,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its position in Herman Miller by 11.8% in the first quarter. JPMorgan Chase & Co. now owns 2,041,341 shares of the company’s stock worth $63,056,000 after buying an additional 215,670 shares during the last quarter. State Street Corp increased its position in Herman Miller by 4.3% in the first quarter. State Street Corp now owns 1,984,155 shares of the company’s stock worth $61,288,000 after buying an additional 82,520 shares during the last quarter. Royce & Associates LP increased its position in Herman Miller by 6.0% in the second quarter. Royce & Associates LP now owns 1,192,500 shares of the company’s stock worth $35,644,000 after buying an additional 67,910 shares during the last quarter. Glenmede Trust Co. NA increased its position in Herman Miller by 5.8% in the second quarter. Glenmede Trust Co. NA now owns 1,113,711 shares of the company’s stock worth $33,287,000 after buying an additional 61,040 shares during the last quarter. Finally, Skyline Asset Management LP increased its position in Herman Miller by 25.4% in the first quarter. Skyline Asset Management LP now owns 695,600 shares of the company’s stock worth $21,487,000 after buying an additional 141,100 shares during the last quarter. Institutional investors and hedge funds own 81.15% of the company’s stock.
Herman Miller Inc. (NASDAQ:MLHR) traded down 1.10% on Wednesday, reaching $28.68. The company had a trading volume of 248,163 shares. The stock has a 50 day moving average of $34.16 and a 200 day moving average of $31.77. Herman Miller Inc. has a 12 month low of $22.60 and a 12 month high of $36.46. The firm has a market capitalization of $1.72 billion, a PE ratio of 12.47 and a beta of 1.41.
Herman Miller (NASDAQ:MLHR) last released its quarterly earnings results on Wednesday, September 21st. The company reported $0.60 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by $0.02. Herman Miller had a return on equity of 26.03% and a net margin of 6.07%. The business earned $598.60 million during the quarter. During the same quarter last year, the business posted $0.56 EPS. The business’s quarterly revenue was up 5.9% on a year-over-year basis. On average, analysts anticipate that Herman Miller Inc. will post $2.18 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Saturday, September 3rd will be paid a $0.17 dividend. This is a boost from Herman Miller’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, August 31st. This represents a $0.68 annualized dividend and a dividend yield of 2.34%. Herman Miller’s payout ratio is 29.57%.
A number of research analysts have recently commented on MLHR shares. Zacks Investment Research downgraded Herman Miller from a “hold” rating to a “sell” rating in a report on Wednesday. BB&T Corp. downgraded Herman Miller from a “buy” rating to a “hold” rating in a research note on Friday, June 24th. They noted that the move was a valuation call.
In other Herman Miller news, SVP Michael F. Ramirez sold 2,676 shares of the company’s stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $31.00, for a total transaction of $82,956.00. Following the sale, the senior vice president now owns 13,580 shares in the company, valued at $420,980. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian C. Walker sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $33.69, for a total value of $269,520.00. Following the sale, the chief executive officer now owns 179,299 shares in the company, valued at approximately $6,040,583.31. The disclosure for this sale can be found here. 1.91% of the stock is owned by corporate insiders.
Herman Miller Company Profile
Herman Miller, Inc, researches, designs, manufactures, and distributes interior furnishings, for use in various environments including office, healthcare, educational, and residential settings, and provides related services that support organizations and individuals all over the world. It operates in three segments: North American Furniture Solutions, which includes the operations associated with the design, manufacture, and sale of furniture products for work-related settings, including office, education, and healthcare environments, throughout the United States and Canada; ELA Furniture Solutions, which includes EMEA, Latin America, and Asia-Pacific.
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