Herman Miller, Inc. (NASDAQ:MLHR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

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 research analysts have also issued reports on the company. ValuEngine lowered Herman Miller from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. BidaskClub raised Herman Miller from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $38.00.

Herman Miller (NASDAQ:MLHR) opened at $35.00 on Wednesday. Herman Miller has a 12 month low of $28.55 and a 12 month high of $37.00. The company has a market capitalization of $2,080.00, a price-to-earnings ratio of 15.96 and a beta of 1.46. The company has a quick ratio of 0.86, a current ratio of 1.30 and a debt-to-equity ratio of 0.33.

Herman Miller (NASDAQ:MLHR) last announced its earnings results on Thursday, September 21st. The business services provider reported $0.57 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.57. The business had revenue of $580.30 million during the quarter, compared to analyst estimates of $578.27 million. Herman Miller had a return on equity of 22.02% and a net margin of 5.34%. Herman Miller’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the company earned $0.60 EPS. sell-side analysts predict that Herman Miller will post 2.32 earnings per share for the current fiscal year.

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In related news, CEO Brian C. Walker sold 14,000 shares of Herman Miller stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $34.80, for a total value of $487,200.00. Following the sale, the chief executive officer now owns 160,979 shares of the company’s stock, valued at approximately $5,602,069.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Stephen C. Gane sold 10,686 shares of Herman Miller stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $36.01, for a total transaction of $384,802.86. Following the completion of the sale, the senior vice president now directly owns 21,985 shares in the company, valued at approximately $791,679.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 85,789 shares of company stock worth $2,955,741. Insiders own 1.91% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Riverhead Capital Management LLC raised its holdings in Herman Miller by 67.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,694 shares of the business services provider’s stock valued at $112,000 after acquiring an additional 1,494 shares during the period. First Bank & Trust raised its holdings in Herman Miller by 4.1% during the 2nd 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 during the period. Public Employees Retirement System of Ohio raised its holdings in Herman Miller by 4.9% during the 1st 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 during the period. Sei Investments Co. raised its holdings in Herman Miller by 0.6% during the 2nd 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 during the period. Finally, LS Investment Advisors LLC raised its holdings in Herman Miller by 17.5% during the 2nd quarter. LS Investment Advisors LLC now owns 4,802 shares of the business services provider’s stock valued at $146,000 after acquiring an additional 714 shares during the period. 82.12% of the stock is currently owned by institutional investors.

About Herman Miller

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