Herman Miller, Inc. (MLHR) Downgraded to Hold at Zacks Investment Research
Herman Miller, Inc. (NASDAQ:MLHR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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. “
A number of other equities analysts have also issued reports on the stock. BidaskClub upgraded shares of Herman Miller from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Sidoti began coverage on shares of Herman Miller in a research note on Tuesday, June 27th. They set a “buy” rating and a $38.00 price target on the stock. Finally, ValuEngine raised shares of Herman Miller from a “hold” rating to a “buy” rating in a research note on Wednesday, September 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $38.00.
Shares of Herman Miller (NASDAQ MLHR) opened at 36.10 on Wednesday. The firm has a market cap of $2.16 billion, a P/E ratio of 18.05 and a beta of 1.46. Herman Miller has a 12-month low of $26.99 and a 12-month high of $37.00. The company has a 50-day moving average of $34.06 and a 200 day moving average of $32.67.
Herman Miller (NASDAQ:MLHR) last released its quarterly earnings results on Thursday, September 21st. The business services provider reported $0.57 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.57. Herman Miller had a return on equity of 22.02% and a net margin of 5.34%. The firm had revenue of $580.30 million during the quarter, compared to analysts’ expectations of $578.27 million. During the same period last year, the firm posted $0.60 EPS. The business’s revenue was down 3.1% on a year-over-year basis. Equities analysts predict that Herman Miller will post $2.27 EPS for the current year.
In other Herman Miller news, insider Andrew J. Lock sold 22,491 shares of the business’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $33.48, for a total transaction of $752,998.68. Following the completion of the sale, the insider now directly owns 24,354 shares of the company’s stock, valued at approximately $815,371.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew J. Lock sold 19,247 shares of the business’s stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $33.47, for a total value of $644,197.09. Following the sale, the insider now directly owns 24,354 shares of the company’s stock, valued at $815,128.38. The disclosure for this sale can be found here. Insiders have sold 181,942 shares of company stock worth $6,163,421 in the last ninety days. 1.91% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in MLHR. Public Employees Retirement System of Ohio boosted its stake in shares of Herman Miller by 406.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 19,714 shares of the business services provider’s stock valued at $599,000 after purchasing an additional 15,819 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Herman Miller by 0.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 131,872 shares of the business services provider’s stock worth $4,009,000 after buying an additional 1,008 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of Herman Miller during the 2nd quarter worth approximately $780,000. State Street Corp grew its position in shares of Herman Miller by 3.5% during the 2nd quarter. State Street Corp now owns 2,038,500 shares of the business services provider’s stock worth $61,971,000 after buying an additional 68,974 shares during the period. Finally, Gotham Asset Management LLC acquired a new stake in shares of Herman Miller during the 2nd quarter worth approximately $473,000. Institutional investors own 83.96% of the company’s stock.
Herman Miller Company Profile
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