Herman Miller (NASDAQ:MLHR) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Saturday, BidAskClub reports.

A number of other equities research analysts have also issued reports on the company. Zacks Investment Research lowered Herman Miller from a “buy” rating to a “hold” rating in a research note on Tuesday. Sidoti lowered Herman Miller from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 1st. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $39.50.

Shares of MLHR stock opened at $35.49 on Friday. Herman Miller has a 52-week low of $28.66 and a 52-week high of $40.65. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.48 and a quick ratio of 1.02. The company has a market cap of $2.15 billion, a P/E ratio of 15.43 and a beta of 1.51.

Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings results on Wednesday, March 20th. The business services provider reported $0.64 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.03. Herman Miller had a return on equity of 23.88% and a net margin of 5.81%. The firm had revenue of $619.00 million during the quarter, compared to analyst estimates of $622.43 million. During the same period last year, the company earned $0.50 EPS. Herman Miller’s quarterly revenue was up 7.0% compared to the same quarter last year. Research analysts expect that Herman Miller will post 2.86 EPS for the current year.

In other Herman Miller news, insider Gregory J. Bylsma sold 9,048 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $34.98, for a total transaction of $316,499.04. Following the transaction, the insider now directly owns 37,134 shares in the company, valued at approximately $1,298,947.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jeffrey L. Kurburski sold 3,108 shares of the firm’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $39.32, for a total value of $122,206.56. Following the transaction, the senior vice president now owns 9,557 shares in the company, valued at $375,781.24. The disclosure for this sale can be found here. Insiders have sold a total of 17,392 shares of company stock worth $642,857 over the last 90 days. 1.05% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Herman Miller during the 4th quarter worth $35,508,000. AQR Capital Management LLC increased its holdings in Herman Miller by 20.4% during the 1st quarter. AQR Capital Management LLC now owns 984,547 shares of the business services provider’s stock worth $34,567,000 after purchasing an additional 166,933 shares during the period. Northern Trust Corp increased its holdings in Herman Miller by 0.7% during the 1st quarter. Northern Trust Corp now owns 960,412 shares of the business services provider’s stock worth $33,788,000 after purchasing an additional 6,742 shares during the period. Geode Capital Management LLC increased its holdings in Herman Miller by 4.9% during the 1st quarter. Geode Capital Management LLC now owns 931,637 shares of the business services provider’s stock worth $32,774,000 after purchasing an additional 43,899 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Herman Miller by 7.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 571,648 shares of the business services provider’s stock worth $20,111,000 after purchasing an additional 41,994 shares during the period. Institutional investors own 81.23% of the company’s stock.

Herman Miller Company Profile

Herman Miller, Inc engages in the research, design, manufacture, and distribution of office furniture systems, seating products, other freestanding furniture elements, textiles, home furnishings, and related services in the United States and internationally. The company provides modular systems under the Canvas Office Landscape, Locale, Public Office Landscape, Layout Studio, Action Office, Ethospace, Arras, and Resolve names; seating products under the Embody, Aeron, Mirra2, Setu, Say, Verus, Celle, Equa, Taper, and Ergon names; and storage products under the Meridian and Tu names.

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