Herman Miller (NASDAQ:MLHR) Raised to “Hold” at BidaskClub
Several other analysts have also issued reports on MLHR. Raymond James upped their target price on Herman Miller from $41.00 to $48.00 and gave the stock an outperform rating in a report on Friday, June 28th. ValuEngine lowered Herman Miller from a buy rating to a hold rating in a report on Thursday, August 1st. Finally, Zacks Investment Research lowered Herman Miller from a buy rating to a hold rating in a report on Tuesday, September 3rd. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $49.00.
MLHR traded up $0.16 on Tuesday, hitting $44.40. 15,431 shares of the company were exchanged, compared to its average volume of 331,851. Herman Miller has a 12 month low of $28.66 and a 12 month high of $46.29. The company has a market cap of $2.59 billion, a PE ratio of 14.97 and a beta of 1.66. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.07 and a current ratio of 1.48. The stock’s fifty day moving average is $43.19 and its 200-day moving average is $39.65.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Saturday, August 31st will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Thursday, August 29th. This is a positive change from Herman Miller’s previous quarterly dividend of $0.20. Herman Miller’s dividend payout ratio is presently 28.28%.
In other Herman Miller news, insider Gregory J. Bylsma sold 10,717 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $44.19, for a total transaction of $473,584.23. Following the transaction, the insider now owns 21,181 shares of the company’s stock, valued at $935,988.39. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Bruce Benedict Watson sold 33,133 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $44.38, for a total value of $1,470,442.54. Following the transaction, the insider now directly owns 28,140 shares in the company, valued at approximately $1,248,853.20. The disclosure for this sale can be found here. Insiders have sold 96,601 shares of company stock worth $4,329,094 in the last quarter. 0.91% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. KBC Group NV increased its position in Herman Miller by 1,296.7% during the second quarter. KBC Group NV now owns 23,618 shares of the business services provider’s stock worth $1,056,000 after buying an additional 21,927 shares during the last quarter. Bridge City Capital LLC increased its position in Herman Miller by 0.5% during the second quarter. Bridge City Capital LLC now owns 78,019 shares of the business services provider’s stock worth $3,487,000 after buying an additional 383 shares during the last quarter. Geode Capital Management LLC increased its position in Herman Miller by 7.3% during the fourth quarter. Geode Capital Management LLC now owns 887,738 shares of the business services provider’s stock worth $26,853,000 after buying an additional 60,758 shares during the last quarter. Investors Research Corp increased its position in Herman Miller by 8.8% during the second quarter. Investors Research Corp now owns 3,700 shares of the business services provider’s stock worth $165,000 after buying an additional 300 shares during the last quarter. Finally, Laurion Capital Management LP acquired a new position in shares of Herman Miller in the first quarter valued at approximately $445,000. 81.17% of the stock is currently owned by hedge funds and other institutional investors.
Herman Miller Company Profile
Herman Miller, Inc engages in the research, design, manufacture, and distribution of office furniture systems, seating products, other freestanding furniture elements, textiles, home furnishings, and related services in the United States and internationally. The company provides modular systems under the Canvas Office Landscape, Locale, Public Office Landscape, Layout Studio, Action Office, Ethospace, Arras, and Resolve names; seating products under the Embody, Aeron, Mirra2, Setu, Say, Verus, Celle, Equa, Taper, and Ergon names; and storage products under the Meridian and Tu names.
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