First Trust Advisors LP reduced its stake in Herman Miller (NASDAQ:MLHR) by 31.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 38,187 shares of the business services provider’s stock after selling 17,845 shares during the quarter. First Trust Advisors LP’s holdings in Herman Miller were worth $1,529,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in MLHR. Prudential Financial Inc. raised its position in shares of Herman Miller by 31.8% in the 3rd quarter. Prudential Financial Inc. now owns 1,556,300 shares of the business services provider’s stock valued at $55,871,000 after purchasing an additional 375,520 shares during the last quarter. LSV Asset Management raised its position in shares of Herman Miller by 8.1% in the 4th quarter. LSV Asset Management now owns 2,341,157 shares of the business services provider’s stock valued at $93,763,000 after purchasing an additional 174,996 shares during the last quarter. Vident Investment Advisory LLC purchased a new position in shares of Herman Miller in the 3rd quarter valued at approximately $2,954,000. Allianz Asset Management GmbH raised its position in shares of Herman Miller by 171.3% in the 3rd quarter. Allianz Asset Management GmbH now owns 112,352 shares of the business services provider’s stock valued at $4,034,000 after purchasing an additional 70,934 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. raised its position in shares of Herman Miller by 27.2% in the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 248,236 shares of the business services provider’s stock valued at $9,941,000 after purchasing an additional 53,054 shares during the last quarter. 82.62% of the stock is owned by hedge funds and other institutional investors.
In related news, CEO Brian C. Walker sold 90,003 shares of the 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 transaction, the chief executive officer now owns 226,389 shares in the company, valued at approximately $8,211,129.03. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Kevin J. Veltman sold 1,190 shares of the stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $40.28, for a total transaction of $47,933.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 267,202 shares of company stock worth $10,111,655. 1.91% of the stock is owned by corporate insiders.
Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings results on Wednesday, March 21st. The business services provider reported $0.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.01. Herman Miller had a net margin of 5.55% and a return on equity of 22.70%. The company had revenue of $578.40 million for the quarter, compared to the consensus estimate of $573.30 million. During the same quarter in the prior year, the company earned $0.39 EPS. Herman Miller’s quarterly revenue was up 10.2% on a year-over-year basis. research analysts anticipate 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. Investors of record on Saturday, March 3rd will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.72 annualized dividend and a yield of 2.35%. Herman Miller’s dividend payout ratio (DPR) is presently 33.65%.
Several equities analysts recently commented on MLHR shares. Raymond James Financial raised shares of Herman Miller from a “market perform” rating to an “outperform” rating and set a $43.00 price objective for the company in a research report on Tuesday, December 26th. BidaskClub raised shares of Herman Miller from a “hold” rating to a “buy” rating in a research report on Wednesday, December 27th. ValuEngine raised shares of Herman Miller from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Finally, Zacks Investment Research raised shares of Herman Miller from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Friday, December 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $41.67.
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Herman Miller 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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