Herman Miller Inc. (MLHR) Reaches New 1-Year High at $34.12
Herman Miller Inc. (NASDAQ:MLHR) reached a new 52-week high during trading on Tuesday . The stock traded as high as $34.12 and last traded at $33.77, with a volume of 146,166 shares changing hands. The stock had previously closed at $33.74.
Several equities research analysts have commented on the stock. Zacks Investment Research lowered shares of Herman Miller from a “hold” rating to a “sell” rating in a report on Tuesday, June 28th. BB&T Corp. lowered shares of 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 stock has a market cap of $2.02 billion and a price-to-earnings ratio of 14.95. The stock has a 50 day moving average of $32.13 and a 200-day moving average of $29.98.
Herman Miller (NASDAQ:MLHR) last announced its quarterly earnings data on Wednesday, June 22nd. The company reported $0.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.04. The firm earned $582.60 million during the quarter, compared to analyst estimates of $568.55 million. Herman Miller’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.47 earnings per share. On average, equities research analysts predict that Herman Miller Inc. will post $2.31 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Saturday, September 3rd will be issued a $0.17 dividend. This is a boost from Herman Miller’s previous quarterly dividend of $0.15. 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 2.01%.
In related news, CEO Brian C. Walker sold 25,951 shares of Herman Miller stock in a transaction on Friday, July 29th. The shares were sold at an average price of $32.85, for a total transaction of $852,490.35. Following the sale, the chief executive officer now directly owns 200,434 shares in the company, valued at approximately $6,584,256.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michael F. Ramirez sold 2,676 shares of Herman Miller stock in a transaction on Friday, July 8th. The stock was sold at an average price of $31.00, for a total transaction of $82,956.00. Following the sale, the senior vice president now owns 13,580 shares in the company, valued at $420,980. The disclosure for this sale can be found here.
A number of large investors recently made changes to their positions in MLHR. California Public Employees Retirement System raised its stake in shares of Herman Miller by 12.7% in the fourth quarter. California Public Employees Retirement System now owns 151,600 shares of the company’s stock valued at $4,351,000 after buying an additional 17,100 shares in the last quarter. Schroder Investment Management Group raised its stake in shares of Herman Miller by 11.2% in the fourth quarter. Schroder Investment Management Group now owns 674,952 shares of the company’s stock valued at $19,371,000 after buying an additional 68,076 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Herman Miller by 32.7% in the fourth quarter. Morgan Stanley now owns 661,262 shares of the company’s stock valued at $18,978,000 after buying an additional 162,938 shares in the last quarter.
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.