Bessemer Group Inc. raised its stake in shares of Herman Miller, Inc. (NASDAQ:MLHR) by 299.3% during the second quarter, Holdings Channel reports. The institutional investor owned 53,900 shares of the business services provider’s stock after buying an additional 40,400 shares during the period. Bessemer Group Inc.’s holdings in Herman Miller were worth $1,639,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Alpha Windward LLC boosted its position in shares of Herman Miller by 12.2% in the first quarter. Alpha Windward LLC now owns 15,960 shares of the business services provider’s stock valued at $504,000 after buying an additional 1,740 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Herman Miller by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 15,100 shares of the business services provider’s stock valued at $476,000 after buying an additional 300 shares in the last quarter. Legato Capital Management LLC boosted its position in shares of Herman Miller by 3,055.0% in the first quarter. Legato Capital Management LLC now owns 103,579 shares of the business services provider’s stock valued at $3,283,000 after buying an additional 100,296 shares in the last quarter. Nationwide Fund Advisors boosted its position in shares of Herman Miller by 10.3% in the first quarter. Nationwide Fund Advisors now owns 456,710 shares of the business services provider’s stock valued at $14,409,000 after buying an additional 42,645 shares in the last quarter. Finally, Speece Thorson Capital Group Inc. boosted its position in shares of Herman Miller by 2.9% in the first quarter. Speece Thorson Capital Group Inc. now owns 318,707 shares of the business services provider’s stock valued at $10,055,000 after buying an additional 9,132 shares in the last quarter. 84.67% of the stock is owned by institutional investors.

Shares of Herman Miller, Inc. (NASDAQ:MLHR) opened at 32.80 on Friday. The stock has a market capitalization of $1.96 billion, a PE ratio of 16.00 and a beta of 1.45. The stock’s 50 day moving average is $32.81 and its 200 day moving average is $31.79. Herman Miller, Inc. has a 52-week low of $26.99 and a 52-week high of $36.46.

Herman Miller (NASDAQ:MLHR) last released its quarterly earnings data on Wednesday, July 5th. The business services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.09. Herman Miller had a net margin of 5.44% and a return on equity of 22.94%. The company had revenue of $577.20 million during the quarter, compared to analyst estimates of $583.53 million. During the same quarter in the prior year, the business earned $0.56 earnings per share. The business’s quarterly revenue was down .9% compared to the same quarter last year. Equities research analysts expect that Herman Miller, Inc. will post $2.27 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Sunday, October 15th. Investors of record on Saturday, September 2nd will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.20%. This is a positive change from Herman Miller’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Wednesday, August 30th. Herman Miller’s dividend payout ratio (DPR) is presently 33.17%.

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Several equities analysts have commented on MLHR shares. Zacks Investment Research cut shares of Herman Miller from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. Sidoti began coverage on shares of Herman Miller in a research report on Tuesday, June 27th. They issued a “buy” rating and a $38.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Herman Miller has a consensus rating of “Hold” and a consensus target price of $38.00.

In related news, insider Andrew J. Lock sold 19,247 shares of the firm’s stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $33.47, for a total transaction of $644,197.09. Following the completion of the sale, the insider now directly owns 24,354 shares of the company’s stock, valued at approximately $815,128.38. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Hezron T. Lopez sold 2,312 shares of the firm’s stock in a transaction on Friday, July 21st. The shares were sold at an average price of $33.96, for a total transaction of $78,515.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 109,535 shares of company stock valued at $3,678,089. Company insiders own 1.91% of the company’s stock.

Herman Miller Company Profile

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Institutional Ownership by Quarter for Herman Miller (NASDAQ:MLHR)

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