Herman Miller Inc. (MLHR) Reaches New 1-Year High at $34.90
Shares of Herman Miller Inc. (NASDAQ:MLHR) reached a new 52-week high during trading on Monday . The stock traded as high as $34.90 and last traded at $34.89, with a volume of 101,483 shares trading hands. The stock had previously closed at $34.74.
Several analysts have recently commented on the company. Zacks Investment Research cut Herman Miller from a “buy” rating to a “hold” rating in a report on Tuesday, May 24th. BB&T Corp. cut Herman Miller from a “buy” rating to a “hold” rating in a report on Friday, June 24th. They noted that the move was a valuation call.
The company’s 50 day moving average is $32.64 and its 200-day moving average is $30.30. The firm has a market capitalization of $2.12 billion and a price-to-earnings ratio of 15.70.
Herman Miller (NASDAQ:MLHR) last announced its quarterly earnings data on Wednesday, June 22nd. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.04. During the same quarter last year, the company posted $0.47 EPS. The company had revenue of $582.60 million for the quarter, compared to analyst estimates of $568.55 million. Herman Miller’s revenue was up 5.8% on a year-over-year basis. Equities analysts anticipate that Herman Miller Inc. will post $2.31 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Saturday, September 3rd will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.92%. This is a positive change from Herman Miller’s previous quarterly dividend of $0.15.
In other news, SVP Michael F. Ramirez sold 2,676 shares of the stock in a transaction on Friday, July 8th. The stock was sold at an average price of $31.00, for a total value of $82,956.00. Following the completion of the sale, the senior vice president now owns 13,580 shares in the company, valued at $420,980. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian C. Walker sold 8,000 shares of the stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $33.69, for a total value of $269,520.00. Following the completion of the sale, the chief executive officer now owns 179,299 shares of the company’s stock, valued at approximately $6,040,583.31. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Herman Miller stock. Morgan Stanley increased its position in Herman Miller Inc. (NASDAQ:MLHR) by 32.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 661,262 shares of the company’s stock after buying an additional 162,938 shares during the period. Morgan Stanley owned approximately 1.10% of Herman Miller worth $18,978,000 as of its most recent SEC filing.
Herman Miller, Inc, researches, designs, manufactures, and distributes interior furnishings, for use in various environments including office, healthcare, educational, and residential settings, and provides related services that support organizations and individuals all over the world. It operates in three segments: North American Furniture Solutions, which includes the operations associated with the design, manufacture, and sale of furniture products for work-related settings, including office, education, and healthcare environments, throughout the United States and Canada; ELA Furniture Solutions, which includes EMEA, Latin America, and Asia-Pacific.
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