Herman Miller Inc. (MLHR) Lowered to “Sell” at Zacks Investment Research
Herman Miller Inc. (NASDAQ:MLHR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued 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. “
Separately, BB&T Corp. downgraded shares of Herman Miller from a “buy” rating to a “hold” rating in a report on Friday, June 24th. They noted that the move was a valuation call.
Herman Miller (NASDAQ:MLHR) opened at 29.00 on Wednesday. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 12.61 and a beta of 1.41. The company’s 50-day moving average is $34.16 and its 200-day moving average is $31.77. Herman Miller has a 52-week low of $22.60 and a 52-week high of $36.46.
Herman Miller (NASDAQ:MLHR) last posted its quarterly earnings results on Wednesday, September 21st. The company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by $0.02. Herman Miller had a net margin of 6.07% and a return on equity of 26.03%. The business earned $598.60 million during the quarter. During the same period in the prior year, the firm posted $0.56 earnings per share. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, analysts expect that Herman Miller will post $2.18 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders of record on Saturday, September 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.34%. This is an increase from Herman Miller’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, August 31st. Herman Miller’s payout ratio is currently 29.57%.
In other Herman Miller news, SVP Michael F. Ramirez sold 2,676 shares of Herman Miller stock in a transaction on Friday, July 8th. The shares were sold at an average price of $31.00, for a total transaction of $82,956.00. Following the transaction, the senior vice president now directly owns 13,580 shares of the company’s stock, valued at approximately $420,980. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian C. Walker sold 8,000 shares of Herman Miller stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $33.69, for a total transaction of $269,520.00. Following the transaction, the chief executive officer now directly owns 179,299 shares in the company, valued at $6,040,583.31. The disclosure for this sale can be found here. Company insiders own 1.91% of the company’s stock.
A number of institutional investors have recently bought and sold shares of MLHR. Vanguard Group Inc. increased its position in Herman Miller by 5.3% in the second quarter. Vanguard Group Inc. now owns 5,406,011 shares of the company’s stock worth $161,584,000 after buying an additional 270,797 shares in the last quarter. BlackRock Fund Advisors increased its position in shares of Herman Miller by 2.7% in the second quarter. BlackRock Fund Advisors now owns 2,982,990 shares of the company’s stock worth $89,162,000 after buying an additional 77,517 shares during the period. JPMorgan Chase & Co. increased its position in shares of Herman Miller by 4.1% in the second quarter. JPMorgan Chase & Co. now owns 2,125,319 shares of the company’s stock worth $63,526,000 after buying an additional 83,978 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of Herman Miller by 2.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,115,078 shares of the company’s stock worth $63,220,000 after buying an additional 60,221 shares during the period. Finally, State Street Corp increased its position in shares of Herman Miller by 1.3% in the second quarter. State Street Corp now owns 2,009,901 shares of the company’s stock worth $60,074,000 after buying an additional 25,746 shares during the period. 81.15% of the stock is currently owned by hedge funds and other institutional investors.
About Herman Miller
Herman Miller, Inc, researches, designs, manufactures, and distributes interior furnishings, for use in various environments including office, healthcare, educational, and residential settings, and provides related services that support organizations and individuals all over the world. It operates in three segments: North American Furniture Solutions, which includes the operations associated with the design, manufacture, and sale of furniture products for work-related settings, including office, education, and healthcare environments, throughout the United States and Canada; ELA Furniture Solutions, which includes EMEA, Latin America, and Asia-Pacific.
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