Herman Miller (MLHR) Downgraded by Zacks Investment Research to Hold

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Zacks Investment Research downgraded shares of Herman Miller (NASDAQ:MLHR) from a buy rating to a hold rating in a report published on Thursday.

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. “

MLHR has been the topic of a number of other reports. BidaskClub raised shares of Herman Miller from a sell rating to a hold rating in a research report on Tuesday, February 5th. Raymond James lowered their price objective on shares of Herman Miller from $43.00 to $40.00 and set an outperform rating on the stock in a research report on Friday, December 21st.

MLHR traded up $0.34 on Thursday, reaching $36.19. 3,832 shares of the company traded hands, compared to its average volume of 349,333. Herman Miller has a 52-week low of $28.66 and a 52-week high of $40.65. The company has a market capitalization of $2.11 billion, a PE ratio of 15.73 and a beta of 1.49. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.99 and a current ratio of 1.41.

Herman Miller (NASDAQ:MLHR) last announced its quarterly earnings data on Wednesday, December 19th. The business services provider reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.03. Herman Miller had a net margin of 5.53% and a return on equity of 23.25%. The firm had revenue of $652.60 million for the quarter, compared to the consensus estimate of $645.67 million. During the same period in the previous year, the firm posted $0.57 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. On average, equities analysts forecast that Herman Miller will post 2.76 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Saturday, March 2nd will be given a dividend of $0.1975 per share. This represents a $0.79 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Thursday, February 28th. Herman Miller’s payout ratio is presently 34.35%.

In related news, Director Douglas D. French sold 3,800 shares of the business’s stock in a transaction that occurred on Thursday, January 17th. The shares were sold at an average price of $33.06, for a total transaction of $125,628.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.05% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in MLHR. First Trust Advisors LP grew its position in Herman Miller by 6.8% in the third quarter. First Trust Advisors LP now owns 53,570 shares of the business services provider’s stock worth $2,057,000 after acquiring an additional 3,419 shares in the last quarter. Russell Investments Group Ltd. grew its position in Herman Miller by 51.1% in the third quarter. Russell Investments Group Ltd. now owns 34,269 shares of the business services provider’s stock worth $1,316,000 after acquiring an additional 11,591 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in Herman Miller by 5.3% in the third quarter. State Board of Administration of Florida Retirement System now owns 50,387 shares of the business services provider’s stock worth $1,935,000 after acquiring an additional 2,515 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. grew its position in Herman Miller by 4.4% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 51,591 shares of the business services provider’s stock worth $1,981,000 after acquiring an additional 2,190 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC grew its position in Herman Miller by 235.2% in the third quarter. O Shaughnessy Asset Management LLC now owns 6,822 shares of the business services provider’s stock worth $262,000 after acquiring an additional 4,787 shares in the last quarter. 80.78% of the stock is currently owned by hedge funds and other institutional investors.

Herman Miller Company Profile

Herman Miller, Inc engages in the provision of furnishings and related technologies and services. It operates through the following segments: North American Furniture Solutions, ELA Furniture Solutions, Specialty, Consumer, and Corporate. The North American Furniture Solutions segment involves in the design, manufacture, and sale of furniture products for work-related settings such as office, education, and healthcare environments.

See Also: Quiet Period Expirations

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