Herman Miller (NASDAQ:MLHR) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Herman Miller (NASDAQ:MLHR) posted its earnings results on Tuesday. The business services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.01), MarketWatch Earnings reports. Herman Miller had a net margin of 7.03% and a return on equity of 24.38%. The business had revenue of $789.70 million during the quarter, compared to analyst estimates of $648.20 million. During the same quarter in the prior year, the business earned $1.24 earnings per share. The firm’s revenue was up 26.0% compared to the same quarter last year.

NASDAQ MLHR traded down $2.46 on Thursday, reaching $37.66. 1,935,776 shares of the stock traded hands, compared to its average volume of 659,151. The firm’s fifty day simple moving average is $42.14 and its 200 day simple moving average is $43.83. The company has a quick ratio of 1.35, a current ratio of 1.78 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.22 billion, a price-to-earnings ratio of 12.85 and a beta of 1.31. Herman Miller has a 12 month low of $30.22 and a 12 month high of $51.24.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Saturday, August 28th will be paid a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend is Thursday, August 26th. Herman Miller’s payout ratio is currently 22.52%.

Separately, Benchmark lowered their target price on Herman Miller from $61.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday.

In other news, CTO Jeffrey L. Kurburski sold 4,446 shares of the firm’s stock in a transaction on Wednesday, July 21st. The stock was sold at an average price of $45.25, for a total transaction of $201,181.50. Following the completion of the sale, the chief technology officer now directly owns 11,532 shares of the company’s stock, valued at approximately $521,823. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Bruce Benedict Watson sold 7,388 shares of the firm’s stock in a transaction on Monday, July 12th. The stock was sold at an average price of $47.00, for a total value of $347,236.00. Following the sale, the director now directly owns 43,752 shares of the company’s stock, valued at $2,056,344. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,933 shares of company stock valued at $1,075,692. 1.19% of the stock is currently owned by corporate insiders.

An institutional investor recently raised its position in Herman Miller stock. Morgan Stanley grew its holdings in Herman Miller, Inc. (NASDAQ:MLHR) by 1,245.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 517,768 shares of the business services provider’s stock after purchasing an additional 479,274 shares during the period. Morgan Stanley owned approximately 0.88% of Herman Miller worth $24,408,000 as of its most recent SEC filing. Institutional investors own 94.60% of the company’s stock.

Herman Miller Company Profile

Herman Miller, Inc engages in the research, design, manufacture, and distribution of interior furnishings for use in various environments including office, healthcare, educational, and residential settings. It operates through the following segments: North America Contract, International Contract, Retail, and Corporate.

Further Reading: What is the quiet period?

Earnings History for Herman Miller (NASDAQ:MLHR)

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