Sidoti began coverage on shares of Herman Miller, Inc. (NASDAQ:MLHR) in a note issued to investors on Tuesday. The brokerage set a “buy” rating and a $38.00 price target on the business services provider’s stock. Sidoti’s price target indicates a potential upside of 28.81% from the stock’s current price.

A number of other brokerages have also commented on MLHR. Raymond James Financial, Inc. raised Herman Miller from an “underperform” rating to a “market perform” rating in a research report on Thursday, March 23rd. Zacks Investment Research raised Herman Miller from a “sell” rating to a “hold” rating in a research report on Wednesday, March 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $36.50.

Herman Miller (NASDAQ:MLHR) traded up 1.86% during midday trading on Tuesday, hitting $30.05. The stock had a trading volume of 373,389 shares. The company has a market capitalization of $1.80 billion, a PE ratio of 13.85 and a beta of 1.40. Herman Miller has a 52 week low of $26.99 and a 52 week high of $36.46. The company’s 50-day moving average price is $32.20 and its 200 day moving average price is $31.92.

The company also recently announced a quarterly dividend, which will be paid on Saturday, July 15th. Investors of record on Saturday, June 3rd will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Wednesday, May 31st. Herman Miller’s payout ratio is 31.34%.

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In related news, insider Andrew J. Lock sold 908 shares of the business’s stock in a transaction dated Thursday, March 30th. The stock was sold at an average price of $31.50, for a total value of $28,602.00. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Donald D. Goeman sold 10,011 shares of the business’s stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $33.85, for a total value of $338,872.35. Following the completion of the sale, the executive vice president now directly owns 12,973 shares of the company’s stock, valued at $439,136.05. The disclosure for this sale can be found here. Insiders sold a total of 37,107 shares of company stock valued at $1,224,525 over the last ninety days. 1.91% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of MLHR. BlackRock Inc. raised its stake in shares of Herman Miller by 22,901.9% in the first quarter. BlackRock Inc. now owns 6,090,451 shares of the business services provider’s stock worth $192,154,000 after buying an additional 6,063,973 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Herman Miller by 1.4% in the first quarter. Vanguard Group Inc. now owns 5,693,634 shares of the business services provider’s stock worth $179,635,000 after buying an additional 79,322 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Herman Miller by 9.8% in the first quarter. JPMorgan Chase & Co. now owns 2,733,007 shares of the business services provider’s stock worth $86,227,000 after buying an additional 244,532 shares in the last quarter. State Street Corp raised its stake in shares of Herman Miller by 0.8% in the first quarter. State Street Corp now owns 1,969,526 shares of the business services provider’s stock worth $62,139,000 after buying an additional 15,704 shares in the last quarter. Finally, LSV Asset Management raised its stake in shares of Herman Miller by 16.6% in the first quarter. LSV Asset Management now owns 1,642,708 shares of the business services provider’s stock worth $51,827,000 after buying an additional 234,133 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

About Herman Miller

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