State Board of Administration of Florida Retirement System reduced its position in Herman Miller, Inc. (NASDAQ:MLHR) by 14.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 54,297 shares of the business services provider’s stock after selling 9,280 shares during the period. State Board of Administration of Florida Retirement System owned about 0.09% of Herman Miller worth $1,651,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Meadow Creek Investment Management LLC increased its position in shares of Herman Miller by 5.1% in the first quarter. Meadow Creek Investment Management LLC now owns 3,444 shares of the business services provider’s stock worth $109,000 after acquiring an additional 168 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Herman Miller by 4.9% in the first quarter. Public Employees Retirement System of Ohio now owns 3,895 shares of the business services provider’s stock worth $123,000 after acquiring an additional 181 shares in the last quarter. First Bank & Trust increased its position in shares of Herman Miller by 4.1% in the second quarter. First Bank & Trust now owns 3,999 shares of the business services provider’s stock worth $121,000 after acquiring an additional 158 shares in the last quarter. Glen Harbor Capital Management LLC increased its position in shares of Herman Miller by 5.1% in the first quarter. Glen Harbor Capital Management LLC now owns 4,182 shares of the business services provider’s stock worth $132,000 after acquiring an additional 204 shares in the last quarter. Finally, Sei Investments Co. increased its position in shares of Herman Miller by 0.6% in the second quarter. Sei Investments Co. now owns 4,426 shares of the business services provider’s stock worth $135,000 after acquiring an additional 26 shares in the last quarter. 84.15% of the stock is currently owned by institutional investors and hedge funds.

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Herman Miller, Inc. (MLHR) opened at 34.05 on Friday. The stock has a 50 day moving average of $33.42 and a 200 day moving average of $32.22. The stock has a market capitalization of $2.04 billion, a P/E ratio of 16.61 and a beta of 1.44. Herman Miller, Inc. has a 52-week low of $26.99 and a 52-week high of $36.45.

Herman Miller (NASDAQ:MLHR) last announced its quarterly earnings results on Wednesday, July 5th. The business services provider reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.09. The business had revenue of $577.20 million for the quarter, compared to the consensus estimate of $583.53 million. Herman Miller had a net margin of 5.44% and a return on equity of 22.94%. Herman Miller’s revenue for the quarter was down .9% on a year-over-year basis. During the same period last year, the company posted $0.56 EPS. On average, equities research analysts forecast that Herman Miller, Inc. will post $2.27 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Sunday, October 15th. Investors of record on Saturday, September 2nd will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.11%. This is an increase from Herman Miller’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Wednesday, August 30th. Herman Miller’s dividend payout ratio (DPR) is currently 35.12%.

In related news, CEO Brian C. Walker sold 56,050 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $33.59, for a total value of $1,882,719.50. Following the sale, the chief executive officer now directly owns 164,929 shares in the company, valued at approximately $5,539,965.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew J. Lock sold 19,247 shares of the 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 completion of the sale, the insider now owns 24,354 shares in the company, valued at $815,128.38. The disclosure for this sale can be found here. Insiders sold a total of 123,535 shares of company stock worth $4,136,309 over the last quarter. 1.91% of the stock is currently owned by corporate insiders.

Several research analysts have recently weighed in on MLHR shares. Zacks Investment Research downgraded shares of Herman Miller from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. BidaskClub raised shares of Herman Miller from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Finally, Sidoti started coverage on shares of Herman Miller in a research report on Tuesday, June 27th. They issued a “buy” rating and a $38.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. Herman Miller currently has an average rating of “Hold” and a consensus price target of $38.00.

Herman Miller Profile

Institutional Ownership by Quarter for Herman Miller (NASDAQ:MLHR)

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