Herman Miller, Inc. (MLHR) Shares Sold by Bank of New York Mellon Corp
Bank of New York Mellon Corp trimmed its stake in Herman Miller, Inc. (NASDAQ:MLHR) by 2.3% during the fourth quarter, Holdings Channel reports. The fund owned 912,324 shares of the business services provider’s stock after selling 21,483 shares during the period. Bank of New York Mellon Corp’s holdings in Herman Miller were worth $36,538,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BerganKDV Wealth Management LLC purchased a new position in Herman Miller in the fourth quarter valued at about $213,000. Ifrah Financial Services Inc. purchased a new position in Herman Miller in the fourth quarter valued at about $224,000. Neuberger Berman Group LLC purchased a new position in Herman Miller in the third quarter valued at about $211,000. UMB Bank N A MO purchased a new position in Herman Miller in the fourth quarter valued at about $239,000. Finally, LS Investment Advisors LLC boosted its stake in Herman Miller by 44.7% in the fourth quarter. LS Investment Advisors LLC now owns 6,891 shares of the business services provider’s stock valued at $276,000 after acquiring an additional 2,130 shares during the last quarter. Hedge funds and other institutional investors own 82.72% of the company’s stock.
Shares of Herman Miller, Inc. (MLHR) opened at $38.45 on Wednesday. Herman Miller, Inc. has a 12-month low of $28.55 and a 12-month high of $41.85. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.33 and a quick ratio of 0.89. The stock has a market cap of $2,290.00, a P/E ratio of 18.94 and a beta of 1.40.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, April 15th. Stockholders of record on Saturday, March 3rd will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Thursday, March 1st. Herman Miller’s dividend payout ratio (DPR) is currently 35.47%.
A number of research analysts have weighed in on MLHR shares. Zacks Investment Research cut shares of Herman Miller from a “hold” rating to a “sell” rating in a research note on Wednesday, November 22nd. BidaskClub cut shares of Herman Miller from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. ValuEngine raised shares of Herman Miller from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Finally, Raymond James Financial raised shares of Herman Miller from a “market perform” rating to an “outperform” rating and set a $43.00 price target on the stock in a research report on Tuesday, December 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Herman Miller has a consensus rating of “Hold” and a consensus price target of $41.67.
In other news, SVP Stephen C. Gane sold 30,988 shares of the business’s stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $39.77, for a total value of $1,232,392.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Brian C. Walker sold 90,003 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $36.27, for a total transaction of $3,264,408.81. Following the completion of the sale, the chief executive officer now directly owns 226,389 shares in the company, valued at approximately $8,211,129.03. The disclosure for this sale can be found here. In the last three months, insiders sold 267,202 shares of company stock worth $10,111,655. Insiders own 1.91% of the company’s stock.
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Herman Miller Profile
Herman Miller, Inc is engaged in the research, design, manufacture, sale and distribution of office furniture systems, seating products, home furnishings and related services, among others. The Company’s segments include North American Furniture Solutions, which includes the design, manufacture and sale of furniture products for work-related settings, including office, education and healthcare environments, across the United States and Canada; EMEA, Latin America, and Asia Pacific (ELA) Furniture Solutions, which includes the operations associated with the design, manufacture, and sale of furniture products, primarily for work-related settings, in the Europe, Middle East and Africa (EMEA), Latin America and Asia-Pacific geographic regions, among others; Specialty segment, which includes the design, manufacture and sale of furniture products and textiles, and Consumer segment, which includes the sale of modern design furnishings and accessories to third-party retail distributors.
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