Herman Miller, Inc. (MLHR) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Herman Miller, Inc. (NASDAQ:MLHR) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
According to Zacks, “Herman Miller & Co. is engaged primarily in the design, manufacture, and sale of furniture systems and furniture, and related products and services, for offices, and, to a lesser extent, for health-care facilities and other uses. 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. “
Separately, Raymond James Financial, Inc. raised Herman Miller from an underperform rating to a market perform rating in a research report on Thursday, March 23rd. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The company presently has an average rating of Hold and a consensus price target of $35.00.
Herman Miller (NASDAQ MLHR) opened at 32.70 on Tuesday. The stock’s 50 day moving average price is $32.43 and its 200 day moving average price is $32.04. The stock has a market capitalization of $1.96 billion, a PE ratio of 15.07 and a beta of 1.45. Herman Miller has a 1-year low of $26.99 and a 1-year high of $36.46.
Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings data on Wednesday, March 22nd. The business services provider reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.07. Herman Miller had a return on equity of 24.45% and a net margin of 5.95%. The business had revenue of $524.90 million for the quarter, compared to the consensus estimate of $530.50 million. During the same period last year, the business earned $0.46 EPS. The firm’s revenue was down 2.2% compared to the same quarter last year. Equities research analysts forecast that Herman Miller will post $2.08 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, July 15th. Shareholders of record on Saturday, June 3rd will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.08%. The ex-dividend date is Wednesday, May 31st. Herman Miller’s dividend payout ratio is currently 30.09%.
In other Herman Miller news, insider Andrew J. Lock sold 908 shares of Herman Miller stock in a transaction that occurred on Thursday, March 30th. The stock was sold at an average price of $31.50, for a total value of $28,602.00. Following the transaction, the insider now directly owns 29,029 shares of the company’s stock, valued at approximately $914,413.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Andrew J. Lock sold 15,966 shares of Herman Miller stock in a transaction that occurred on Friday, April 21st. The stock was sold at an average price of $32.05, for a total value of $511,710.30. Following the completion of the transaction, the insider now directly owns 38,966 shares in the company, valued at $1,248,860.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,107 shares of company stock worth $1,224,525. Company insiders own 1.91% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Two Sigma Investments LP acquired a new position in shares of Herman Miller during the fourth quarter valued at approximately $819,000. Dimensional Fund Advisors LP increased its position in shares of Herman Miller by 4.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,505,587 shares of the business services provider’s stock valued at $51,492,000 after buying an additional 59,254 shares in the last quarter. Allianz Asset Management AG increased its position in shares of Herman Miller by 253.0% in the fourth quarter. Allianz Asset Management AG now owns 39,454 shares of the business services provider’s stock valued at $1,349,000 after buying an additional 28,278 shares in the last quarter. GSA Capital Partners LLP increased its position in shares of Herman Miller by 48.9% in the fourth quarter. GSA Capital Partners LLP now owns 52,700 shares of the business services provider’s stock valued at $1,802,000 after buying an additional 17,300 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Herman Miller by 2.5% in the third quarter. Ameriprise Financial Inc. now owns 176,922 shares of the business services provider’s stock valued at $5,049,000 after buying an additional 4,302 shares in the last quarter. 82.71% of the stock is currently owned by institutional investors.
About Herman Miller
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