Zacks Investment Research cut shares of Herman Miller (NASDAQ:MLHR) from a hold rating to a sell rating in a research report report published on Wednesday.
According to Zacks, “Herman Miller, Inc., is a major American manufacturer of office furniture, equipment and home furnishings. Herman Miller works for a better world by designing and developing award-winning furniture and related services and technologies that improve environment, whether it’s an office, hospital, school, home, an entire building, or the world at large. 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 have also weighed in on the company. Raymond James Financial upgraded Herman Miller from a market perform rating to an outperform rating and set a $43.00 price target on the stock in a research note on Tuesday, December 26th. ValuEngine lowered Herman Miller from a buy rating to a hold rating in a research note on Thursday, November 9th. Finally, BidaskClub upgraded Herman Miller from a hold rating to a buy rating in a research note on Wednesday, December 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $41.67.
Herman Miller (NASDAQ:MLHR) last posted its earnings results on Wednesday, December 20th. The business services provider reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. Herman Miller had a return on equity of 21.85% and a net margin of 5.36%. The company had revenue of $604.60 million for the quarter, compared to analyst estimates of $603.77 million. During the same quarter in the previous year, the firm earned $0.54 earnings per share. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. research analysts predict that Herman Miller will post 2.35 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, April 15th. Stockholders of record on Saturday, March 3rd will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, March 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.01%. Herman Miller’s payout ratio is 35.64%.
In related news, SVP Stephen C. Gane sold 30,988 shares of the company’s stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $39.77, for a total value of $1,232,392.76. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Brian C. Walker sold 90,003 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $36.27, for a total value of $3,264,408.81. Following the completion of the sale, the chief executive officer now owns 226,389 shares in the company, valued at approximately $8,211,129.03. The disclosure for this sale can be found here. Insiders have sold 142,202 shares of company stock worth $5,364,155 in the last 90 days. Insiders own 1.91% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of MLHR. Delpha Capital Management LLC purchased a new stake in Herman Miller in the fourth quarter valued at approximately $160,000. Neuberger Berman Group LLC purchased a new stake in Herman Miller in the third quarter valued at approximately $211,000. BerganKDV Wealth Management LLC purchased a new stake in Herman Miller in the fourth quarter valued at approximately $213,000. BlueCrest Capital Management Ltd purchased a new stake in Herman Miller in the fourth quarter valued at approximately $222,000. Finally, Ifrah Financial Services Inc. purchased a new stake in Herman Miller in the fourth quarter valued at approximately $224,000. Hedge funds and other institutional investors own 81.53% of the company’s stock.
Herman Miller Company Profile
Herman Miller, Inc is engaged in the research, design, manufacture, sale and distribution of office furniture systems, seating products, home furnishings and related services, among others. The Company’s segments include North American Furniture Solutions, which includes the design, manufacture and sale of furniture products for work-related settings, including office, education and healthcare environments, across the United States and Canada; EMEA, Latin America, and Asia Pacific (ELA) Furniture Solutions, which includes the operations associated with the design, manufacture, and sale of furniture products, primarily for work-related settings, in the Europe, Middle East and Africa (EMEA), Latin America and Asia-Pacific geographic regions, among others; Specialty segment, which includes the design, manufacture and sale of furniture products and textiles, and Consumer segment, which includes the sale of modern design furnishings and accessories to third-party retail distributors.
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