$694.75 Million in Sales Expected for Herman Miller, Inc. (NASDAQ:MLHR) This Quarter

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Equities analysts expect Herman Miller, Inc. (NASDAQ:MLHR) to post sales of $694.75 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Herman Miller’s earnings, with the lowest sales estimate coming in at $693.20 million and the highest estimate coming in at $696.30 million. Herman Miller reported sales of $652.60 million during the same quarter last year, which would suggest a positive year over year growth rate of 6.5%. The firm is scheduled to report its next earnings report on Wednesday, December 18th.

On average, analysts expect that Herman Miller will report full year sales of $2.72 billion for the current year. For the next year, analysts expect that the company will post sales of $2.83 billion, with estimates ranging from $2.82 billion to $2.84 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Herman Miller.

Herman Miller (NASDAQ:MLHR) last posted its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.06. Herman Miller had a return on equity of 25.80% and a net margin of 6.62%. The business had revenue of $670.90 million for the quarter, compared to analysts’ expectations of $661.80 million. During the same quarter last year, the firm earned $0.69 earnings per share. The business’s revenue was up 7.4% on a year-over-year basis.

Several research analysts have commented on the company. Sidoti raised their price objective on Herman Miller from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. Raymond James lowered Herman Miller from an “outperform” rating to a “market perform” rating in a research report on Monday, October 7th. BidaskClub raised Herman Miller from a “sell” rating to a “hold” rating in a research report on Tuesday, September 10th. Zacks Investment Research raised Herman Miller from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a research report on Tuesday, September 24th. Finally, ValuEngine lowered Herman Miller from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $48.00.

In other news, insider Gregory J. Bylsma sold 13,288 shares of Herman Miller stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $46.17, for a total transaction of $613,506.96. Following the sale, the insider now directly owns 15,515 shares of the company’s stock, valued at $716,327.55. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.91% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC increased its position in shares of Herman Miller by 26.5% during the second quarter. AQR Capital Management LLC now owns 1,245,464 shares of the business services provider’s stock worth $55,672,000 after acquiring an additional 260,917 shares during the last quarter. Northern Trust Corp increased its position in shares of Herman Miller by 0.5% during the second quarter. Northern Trust Corp now owns 965,130 shares of the business services provider’s stock worth $43,142,000 after acquiring an additional 4,718 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Herman Miller by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 930,725 shares of the business services provider’s stock worth $41,604,000 after acquiring an additional 27,008 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Herman Miller by 6.7% during the second quarter. Prudential Financial Inc. now owns 850,109 shares of the business services provider’s stock worth $38,000,000 after acquiring an additional 53,260 shares during the last quarter. Finally, APG Asset Management N.V. increased its position in shares of Herman Miller by 124.4% during the second quarter. APG Asset Management N.V. now owns 511,000 shares of the business services provider’s stock worth $20,058,000 after acquiring an additional 283,300 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Shares of MLHR stock traded up $0.19 during mid-day trading on Thursday, hitting $47.77. 242,700 shares of the company’s stock were exchanged, compared to its average volume of 384,103. The stock has a 50-day simple moving average of $45.83 and a two-hundred day simple moving average of $42.35. The company has a quick ratio of 0.97, a current ratio of 1.35 and a debt-to-equity ratio of 0.64. Herman Miller has a fifty-two week low of $28.66 and a fifty-two week high of $49.40. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 16.08 and a beta of 1.67.

Herman Miller Company Profile

Herman Miller, Inc engages in the research, design, manufacture, and distribution of office furniture systems, seating products, other freestanding furniture elements, textiles, home furnishings, and related services in the United States and internationally. The company provides modular systems under the Canvas Office Landscape, Locale, Public Office Landscape, Layout Studio, Action Office, Ethospace, Arras, and Resolve names; seating products under the Embody, Aeron, Mirra2, Setu, Say, Verus, Celle, Equa, Taper, and Ergon names; and storage products under the Meridian and Tu names.

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