Zacks Investment Research downgraded shares of Herman Miller, Inc. (NASDAQ:MLHR) from a strong-buy rating to a hold rating in a research report report published on Tuesday morning.
According to Zacks, “Herman Miller & Co. is engaged primarily in the design, manufacture, and sale of furniture systems and furniture, and related products and services, for offices, and, to a lesser extent, for health-care facilities and other uses. Through research, the company seeks to define and clarify customer needs and problems existing in its markets and to design, through innovation where feasible, products and systems as solutions to such problems. “
A number of other equities research analysts also recently weighed in on the company. BidaskClub raised Herman Miller from a sell rating to a hold rating in a research report on Saturday, August 19th. Sidoti initiated coverage on shares of Herman Miller in a research note on Tuesday, June 27th. They issued a buy rating and a $38.00 target price for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Herman Miller has an average rating of Hold and an average target price of $38.00.
Shares of Herman Miller (NASDAQ:MLHR) opened at 34.50 on Tuesday. The stock has a 50 day moving average price of $33.34 and a 200 day moving average price of $32.16. Herman Miller has a 12 month low of $26.99 and a 12 month high of $36.45. The stock has a market cap of $2.06 billion, a P/E ratio of 16.83 and a beta of 1.44.
Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings results on Wednesday, July 5th. The business services provider reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.09. The company had revenue of $577.20 million for the quarter, compared to the consensus estimate of $583.53 million. Herman Miller had a return on equity of 22.94% and a net margin of 5.44%. The firm’s revenue was down .9% compared to the same quarter last year. During the same period last year, the business posted $0.56 earnings per share. Equities analysts anticipate that Herman Miller will post $2.27 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Sunday, October 15th. Stockholders of record on Saturday, September 2nd will be issued a $0.18 dividend. This is a positive change from Herman Miller’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.72 annualized dividend and a dividend yield of 2.09%. Herman Miller’s payout ratio is 35.12%.
In other Herman Miller news, CEO Brian C. Walker sold 56,050 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $33.59, for a total transaction of $1,882,719.50. Following the sale, the chief executive officer now directly owns 164,929 shares of the company’s stock, valued at approximately $5,539,965.11. 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 14,000 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $32.73, for a total transaction of $458,220.00. Following the sale, the chief executive officer now directly owns 160,979 shares in the company, valued at $5,268,842.67. The disclosure for this sale can be found here. Insiders sold a total of 123,535 shares of company stock worth $4,136,309 over the last ninety days. 1.91% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of MLHR. Louisiana State Employees Retirement System raised its holdings in shares of Herman Miller by 2.0% in the 1st quarter. Louisiana State Employees Retirement System now owns 15,100 shares of the business services provider’s stock valued at $476,000 after purchasing an additional 300 shares during the period. Glen Harbor Capital Management LLC grew its stake in Herman Miller by 5.1% in the 1st quarter. Glen Harbor Capital Management LLC now owns 4,182 shares of the business services provider’s stock valued at $132,000 after buying an additional 204 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in Herman Miller by 1.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 20,987 shares of the business services provider’s stock valued at $662,000 after buying an additional 300 shares during the last quarter. Wells Fargo & Company MN grew its stake in Herman Miller by 4.1% in the 1st quarter. Wells Fargo & Company MN now owns 195,752 shares of the business services provider’s stock valued at $6,177,000 after buying an additional 7,627 shares during the last quarter. Finally, Great West Life Assurance Co. Can grew its stake in Herman Miller by 3.8% in the 1st quarter. Great West Life Assurance Co. Can now owns 35,223 shares of the business services provider’s stock valued at $1,111,000 after buying an additional 1,274 shares during the last quarter. 84.15% of the stock is currently owned by institutional investors.
Herman Miller Company Profile
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