Herman Miller Inc. (MLHR) Issues Q2 Earnings Guidance
Herman Miller Inc. (NASDAQ:MLHR) updated its second quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.52-0.56 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.59. The company issued revenue guidance of $580-600 million, compared to the consensus revenue estimate of $601.10 million.
A number of analysts have commented on the company. Zacks Investment Research cut Herman Miller from a hold rating to a sell rating in a research report on Tuesday, June 28th. BB&T Corp. cut Herman Miller from a buy rating to a hold rating in a research report on Friday, June 24th. They noted that the move was a valuation call.
Shares of Herman Miller Inc. (NASDAQ:MLHR) opened at 32.15 on Thursday. The stock has a market cap of $1.92 billion, a PE ratio of 14.23 and a beta of 1.41. Herman Miller Inc. has a 52-week low of $22.60 and a 52-week high of $36.46. The company’s 50 day moving average price is $34.55 and its 200 day moving average price is $31.69.
Herman Miller (NASDAQ:MLHR) last announced its earnings results on Wednesday, September 21st. The company reported $0.60 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by $0.02. Herman Miller had a return on equity of 26.76% and a net margin of 6.04%. The business had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $614.20 million. During the same quarter last year, the firm earned $0.56 earnings per share. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. On average, analysts anticipate that Herman Miller Inc. will post $2.31 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Saturday, September 3rd will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.12%. This is an increase from Herman Miller’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, August 31st. Herman Miller’s payout ratio is 30.09%.
In other Herman Miller news, CEO Brian C. Walker sold 25,951 shares of Herman Miller stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $32.85, for a total transaction of $852,490.35. Following the completion of the sale, the chief executive officer now owns 200,434 shares of the company’s stock, valued at approximately $6,584,256.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Michael F. Ramirez sold 2,676 shares of Herman Miller stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $31.00, for a total value of $82,956.00. Following the sale, the senior vice president now directly owns 13,580 shares of the company’s stock, valued at approximately $420,980. The disclosure for this sale can be found here. Corporate insiders own 1.91% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. boosted its stake in shares of Herman Miller by 2.9% in the second quarter. Ameritas Investment Partners Inc. now owns 14,067 shares of the company’s stock worth $420,000 after buying an additional 402 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Herman Miller by 0.9% in the second quarter. Thrivent Financial for Lutherans now owns 81,440 shares of the company’s stock worth $2,435,000 after buying an additional 740 shares in the last quarter. Profund Advisors LLC boosted its stake in shares of Herman Miller by 7.9% in the second quarter. Profund Advisors LLC now owns 11,268 shares of the company’s stock worth $337,000 after buying an additional 822 shares in the last quarter. Comerica Bank boosted its stake in shares of Herman Miller by 2.3% in the second quarter. Comerica Bank now owns 41,481 shares of the company’s stock worth $1,390,000 after buying an additional 940 shares in the last quarter. Finally, Martingale Asset Management L P boosted its stake in shares of Herman Miller by 9.1% in the second quarter. Martingale Asset Management L P now owns 15,567 shares of the company’s stock worth $466,000 after buying an additional 1,300 shares in the last quarter. 81.15% of the stock is owned by institutional investors.
Herman Miller Company Profile
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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