Herman Miller, Inc. (NASDAQ:MLHR) Upgraded by Zacks Investment Research to “Buy”
Herman Miller, Inc. (NASDAQ:MLHR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, July 11th. The brokerage currently has a $38.00 price objective on the business services provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.43% from the company’s current price.
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. “
Several other brokerages have also commented on MLHR. Raymond James Financial, Inc. upgraded shares of Herman Miller from an “underperform” rating to a “market perform” rating in a report on Thursday, March 23rd. Sidoti started coverage on shares of Herman Miller in a report on Tuesday, June 27th. They issued a “buy” rating and a $38.00 price objective for the company. Finally, UBS AG upgraded shares of Herman Miller from an “underperform” rating to a “market perform” rating in a report on Thursday, March 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $38.00.
Shares of Herman Miller (NASDAQ MLHR) opened at 33.80 on Tuesday. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 16.49 and a beta of 1.45. Herman Miller has a one year low of $26.99 and a one year high of $36.46. The stock’s 50 day moving average price is $32.30 and its 200 day moving average price is $31.69.
Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings data on Wednesday, July 5th. The business services provider reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.09. Herman Miller had a net margin of 5.44% and a return on equity of 22.94%. The business had revenue of $577.20 million during the quarter, compared to analyst estimates of $583.53 million. During the same period last year, the business posted $0.56 earnings per share. Herman Miller’s quarterly revenue was down .9% compared to the same quarter last year. On average, equities analysts anticipate that Herman Miller will post $2.27 earnings per share for the current fiscal year.
In related news, CEO Brian C. Walker sold 56,050 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $33.59, for a total transaction of $1,882,719.50. Following the completion of the sale, the chief executive officer now owns 164,929 shares of the company’s stock, valued at $5,539,965.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Lock sold 19,247 shares of the firm’s stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $33.47, for a total transaction of $644,197.09. Following the sale, the insider now directly owns 24,354 shares of the company’s stock, valued at approximately $815,128.38. The disclosure for this sale can be found here. Insiders have sold 109,535 shares of company stock valued at $3,678,089 in the last ninety days. Insiders own 1.91% of the company’s stock.
Several large investors have recently made changes to their positions in MLHR. BNP Paribas Arbitrage SA increased its stake in shares of Herman Miller by 732.6% in the second quarter. BNP Paribas Arbitrage SA now owns 137,820 shares of the business services provider’s stock valued at $4,190,000 after buying an additional 121,268 shares during the period. Legal & General Group Plc increased its stake in shares of Herman Miller by 17.1% in the second quarter. Legal & General Group Plc now owns 49,117 shares of the business services provider’s stock valued at $1,494,000 after buying an additional 7,162 shares during the period. Alps Advisors Inc. increased its stake in shares of Herman Miller by 1.5% in the second quarter. Alps Advisors Inc. now owns 17,470 shares of the business services provider’s stock valued at $531,000 after buying an additional 266 shares during the period. Trillium Asset Management LLC purchased a new stake in shares of Herman Miller during the second quarter valued at $2,584,000. Finally, Convergence Investment Partners LLC increased its stake in shares of Herman Miller by 14.7% in the second quarter. Convergence Investment Partners LLC now owns 18,856 shares of the business services provider’s stock valued at $573,000 after buying an additional 2,411 shares during the period. 84.47% of the stock is owned by institutional investors.
Herman Miller Company Profile
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