Herman Miller (MLHR) Rating Lowered to Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of Herman Miller (NASDAQ:MLHR) from a hold rating to a sell rating in a research report report published on Wednesday morning.
According to Zacks, “Herman Miller, Inc., is a major American manufacturer of office furniture, equipment and home furnishings. Herman Miller works for a better world by designing and developing award-winning furniture and related services and technologies that improve environment, whether it’s an office, hospital, school, home, an entire building, or the world at large. 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 MLHR. ValuEngine lowered Herman Miller from a buy rating to a hold rating in a research report on Thursday, November 9th. BidaskClub downgraded Herman Miller from a hold rating to a sell rating in a research note on Thursday, December 7th. Finally, Raymond James Financial upgraded Herman Miller from a market perform rating to an outperform rating and set a $43.00 price target on the stock in a research note on Tuesday, December 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $41.67.
Herman Miller (NASDAQ:MLHR) last announced its earnings results on Wednesday, December 20th. The business services provider reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. Herman Miller had a return on equity of 21.85% and a net margin of 5.36%. The firm had revenue of $604.60 million during the quarter, compared to analyst estimates of $603.77 million. During the same quarter in the prior year, the company earned $0.54 EPS. The business’s revenue was up 4.7% compared to the same quarter last year. research analysts expect that Herman Miller will post 2.35 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, April 15th. Investors of record on Saturday, March 3rd will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.96%. Herman Miller’s payout ratio is currently 35.47%.
In other Herman Miller news, VP Kevin J. Veltman sold 1,190 shares of the stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $40.28, for a total transaction of $47,933.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Stephen C. Gane sold 30,988 shares of the stock in a transaction on Friday, January 5th. The shares were sold at an average price of $39.77, for a total value of $1,232,392.76. The disclosure for this sale can be found here. Insiders sold a total of 142,202 shares of company stock worth $5,364,155 in the last 90 days. 1.91% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Delpha Capital Management LLC purchased a new stake in Herman Miller during the 4th quarter valued at $160,000. Neuberger Berman Group LLC purchased a new stake in Herman Miller during the 3rd quarter valued at $211,000. BerganKDV Wealth Management LLC purchased a new stake in Herman Miller during the 4th quarter valued at $213,000. BlueCrest Capital Management Ltd purchased a new stake in Herman Miller during the 4th quarter valued at $222,000. Finally, Ifrah Financial Services Inc. purchased a new stake in Herman Miller during the 4th quarter valued at $224,000. Institutional investors and hedge funds own 81.53% of the company’s stock.
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Herman Miller Company Profile
Herman Miller, Inc is engaged in the research, design, manufacture, sale and distribution of office furniture systems, seating products, home furnishings and related services, among others. The Company’s segments include North American Furniture Solutions, which includes the design, manufacture and sale of furniture products for work-related settings, including office, education and healthcare environments, across the United States and Canada; EMEA, Latin America, and Asia Pacific (ELA) Furniture Solutions, which includes the operations associated with the design, manufacture, and sale of furniture products, primarily for work-related settings, in the Europe, Middle East and Africa (EMEA), Latin America and Asia-Pacific geographic regions, among others; Specialty segment, which includes the design, manufacture and sale of furniture products and textiles, and Consumer segment, which includes the sale of modern design furnishings and accessories to third-party retail distributors.
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