Zacks Investment Research upgraded shares of Herman Miller (NASDAQ:MLHR) from a sell rating to a hold rating in a research note published on Thursday 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. “
A number of other research analysts have also recently issued reports on the company. BidaskClub cut Herman Miller from a hold rating to a sell rating in a report on Thursday, December 7th. ValuEngine raised Herman Miller from a hold rating to a buy rating in a report on Monday, December 11th. Finally, Raymond James Financial raised Herman Miller from a market perform rating to an outperform rating and set a $43.00 price target for the company in a report on Tuesday, December 26th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $41.67.
Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings data on Wednesday, March 21st. The business services provider reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01. The company had revenue of $578.40 million during the quarter, compared to analysts’ expectations of $573.30 million. Herman Miller had a return on equity of 22.26% and a net margin of 5.55%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the business earned $0.39 earnings per share. sell-side analysts predict that Herman Miller will post 2.24 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, April 15th. Investors of record on Saturday, March 3rd will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.25%. Herman Miller’s dividend payout ratio is 33.33%.
In related news, SVP Stephen C. Gane sold 30,988 shares of Herman Miller stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $39.77, for a total value of $1,232,392.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian C. Walker sold 125,000 shares of Herman Miller stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $37.98, for a total value of $4,747,500.00. Following the completion of the transaction, the chief executive officer now directly owns 20,701 shares of the company’s stock, valued at $786,223.98. The disclosure for this sale can be found here. Insiders sold 267,202 shares of company stock valued at $10,111,655 over the last ninety days. 1.91% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in shares of Herman Miller by 3.2% in the fourth quarter. BlackRock Inc. now owns 6,323,198 shares of the business services provider’s stock valued at $253,243,000 after buying an additional 195,666 shares during the last quarter. LSV Asset Management raised its holdings in shares of Herman Miller by 8.1% in the fourth quarter. LSV Asset Management now owns 2,341,157 shares of the business services provider’s stock valued at $93,763,000 after buying an additional 174,996 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Herman Miller by 2.6% in the third quarter. Dimensional Fund Advisors LP now owns 1,603,814 shares of the business services provider’s stock worth $57,576,000 after purchasing an additional 40,467 shares during the period. Prudential Financial Inc. increased its position in Herman Miller by 31.8% in the third quarter. Prudential Financial Inc. now owns 1,556,300 shares of the business services provider’s stock worth $55,871,000 after purchasing an additional 375,520 shares during the period. Finally, Fuller & Thaler Asset Management Inc. increased its position in Herman Miller by 0.4% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,430,707 shares of the business services provider’s stock worth $57,300,000 after purchasing an additional 6,177 shares during the period. 82.74% of the stock is owned by institutional investors and hedge funds.
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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