BlackRock Inc. raised its stake in Herman Miller, Inc. (NASDAQ:MLHR) by 3.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,323,198 shares of the business services provider’s stock after acquiring an additional 195,666 shares during the quarter. BlackRock Inc. owned approximately 0.11% of Herman Miller worth $253,243,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MLHR. Neuberger Berman Group LLC acquired a new position in shares of Herman Miller in the third quarter worth $211,000. BerganKDV Wealth Management LLC acquired a new position in shares of Herman Miller in the fourth quarter worth $213,000. Ifrah Financial Services Inc. acquired a new position in shares of Herman Miller in the fourth quarter worth $224,000. UMB Bank N A MO acquired a new position in shares of Herman Miller in the fourth quarter worth $239,000. Finally, Associated Banc Corp acquired a new position in shares of Herman Miller in the third quarter worth $252,000. 82.72% of the stock is owned by institutional investors.
Several equities analysts recently commented on MLHR shares. Zacks Investment Research upgraded Herman Miller from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Friday, December 29th. Raymond James Financial upgraded Herman Miller from a “market perform” rating to an “outperform” rating and set a $43.00 target price for the company in a research note on Tuesday, December 26th. ValuEngine upgraded Herman Miller from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, BidaskClub upgraded Herman Miller from a “sell” rating to a “hold” rating in a research note on Thursday, December 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Herman Miller has an average rating of “Hold” and a consensus price target of $41.67.
Herman Miller (NASDAQ:MLHR) last released its earnings results on Wednesday, December 20th. The business services provider reported $0.57 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.57. The firm had revenue of $604.60 million during the quarter, compared to analyst estimates of $603.77 million. Herman Miller had a return on equity of 21.85% and a net margin of 5.36%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.54 earnings per share. equities analysts predict that Herman Miller, Inc. will post 2.35 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, April 15th. Investors of record on Saturday, March 3rd will be paid a $0.18 dividend. The ex-dividend date is Thursday, March 1st. This represents a $0.72 annualized dividend and a yield of 1.87%. Herman Miller’s payout ratio is currently 35.47%.
In related news, SVP Stephen C. Gane sold 8,601 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $41.00, for a total value of $352,641.00. Following the completion of the transaction, the senior vice president now directly owns 11,366 shares in the company, valued at $466,006. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian C. Walker sold 90,003 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now owns 226,389 shares of the company’s stock, valued at $8,211,129.03. The disclosure for this sale can be found here. Insiders sold 142,202 shares of company stock valued at $5,364,155 over the last quarter. Insiders own 1.91% of the company’s stock.
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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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