Herman Miller, Inc. (MLHR) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Herman Miller, Inc. (NASDAQ:MLHR) from a strong-buy rating to a hold rating in a research note released on Tuesday.
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. “
Several other equities analysts have also commented on the company. BidaskClub raised Herman Miller from a sell rating to a hold rating in a research report on Saturday, August 19th. Sidoti began coverage on Herman Miller in a research report on Tuesday, June 27th. They set a buy rating and a $38.00 price objective for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of Hold and an average price target of $38.00.
Shares of Herman Miller (NASDAQ MLHR) traded up 0.59% during mid-day trading on Tuesday, reaching $34.30. 196,572 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $33.42 and a 200 day moving average of $32.22. Herman Miller has a one year low of $26.99 and a one year high of $36.45. The firm has a market capitalization of $2.05 billion, a P/E ratio of 16.73 and a beta of 1.44.
Herman Miller (NASDAQ:MLHR) last announced its quarterly earnings data on Wednesday, July 5th. The business services provider reported $0.64 EPS for the quarter, beating the consensus estimate of $0.55 by $0.09. The business had revenue of $577.20 million during the quarter, compared to analyst estimates of $583.53 million. Herman Miller had a return on equity of 22.94% and a net margin of 5.44%. The company’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the firm posted $0.56 earnings per share. On average, analysts forecast that Herman Miller will post $2.27 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 15th. Shareholders of record on Saturday, September 2nd will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.72 annualized dividend and a yield of 2.11%. This is a positive change from Herman Miller’s previous quarterly dividend of $0.17. Herman Miller’s dividend payout ratio (DPR) is currently 35.12%.
In other Herman Miller news, CEO Brian C. Walker sold 14,000 shares of the firm’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $32.73, for a total transaction of $458,220.00. Following the completion of the transaction, the chief executive officer now owns 160,979 shares of the company’s stock, valued at $5,268,842.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian C. Walker sold 56,050 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $33.59, for a total value of $1,882,719.50. Following the transaction, the chief executive officer now directly owns 164,929 shares of the company’s stock, valued at approximately $5,539,965.11. The disclosure for this sale can be found here. Insiders have sold 123,535 shares of company stock valued at $4,136,309 in the last three months. Insiders own 1.91% of the company’s stock.
Several large investors have recently modified their holdings of the company. Sei Investments Co. increased its holdings in shares of Herman Miller by 0.6% during the second quarter. Sei Investments Co. now owns 4,426 shares of the business services provider’s stock valued at $135,000 after acquiring an additional 26 shares in the last quarter. Ronald Blue & Co. LLC increased its holdings in shares of Herman Miller by 1.4% during the second quarter. Ronald Blue & Co. LLC now owns 6,787 shares of the business services provider’s stock valued at $206,000 after acquiring an additional 91 shares in the last quarter. First Bank & Trust increased its holdings in shares of Herman Miller by 4.1% during the second quarter. First Bank & Trust now owns 3,999 shares of the business services provider’s stock valued at $121,000 after acquiring an additional 158 shares in the last quarter. Meadow Creek Investment Management LLC increased its holdings in shares of Herman Miller by 5.1% during the first quarter. Meadow Creek Investment Management LLC now owns 3,444 shares of the business services provider’s stock valued at $109,000 after acquiring an additional 168 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Herman Miller by 4.9% during the first quarter. Public Employees Retirement System of Ohio now owns 3,895 shares of the business services provider’s stock valued at $123,000 after acquiring an additional 181 shares in the last quarter. Hedge funds and other institutional investors own 84.15% of the company’s stock.
Herman Miller Company Profile
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