Clearbridge Investments LLC Buys 79,038 Shares of Herman Miller, Inc. (NASDAQ:MLHR)
Clearbridge Investments LLC lifted its stake in shares of Herman Miller, Inc. (NASDAQ:MLHR) by 60.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 209,410 shares of the business services provider’s stock after acquiring an additional 79,038 shares during the period. Clearbridge Investments LLC owned approximately 0.36% of Herman Miller worth $4,649,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bartlett & Co. LLC purchased a new position in Herman Miller in the 1st quarter worth $27,000. Advisors Asset Management Inc. raised its position in Herman Miller by 104.2% in the 4th quarter. Advisors Asset Management Inc. now owns 688 shares of the business services provider’s stock worth $29,000 after purchasing an additional 351 shares during the period. Advisor Group Holdings Inc. purchased a new position in Herman Miller in the 1st quarter worth $86,000. ETF Managers Group LLC raised its position in Herman Miller by 11.4% in the 1st quarter. ETF Managers Group LLC now owns 7,890 shares of the business services provider’s stock worth $180,000 after purchasing an additional 808 shares during the period. Finally, Csenge Advisory Group purchased a new position in Herman Miller in the 1st quarter worth $215,000. 82.70% of the stock is owned by institutional investors.
A number of brokerages recently commented on MLHR. BidaskClub upgraded shares of Herman Miller from a “sell” rating to a “hold” rating in a research report on Saturday, June 6th. Sidoti cut shares of Herman Miller from a “buy” rating to a “neutral” rating in a research report on Thursday, March 19th. Finally, Benchmark started coverage on shares of Herman Miller in a research report on Friday, May 22nd. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. Herman Miller has an average rating of “Hold” and a consensus target price of $49.00.
Herman Miller (NASDAQ:MLHR) last released its quarterly earnings data on Monday, June 29th. The business services provider reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.31. Herman Miller had a net margin of 7.86% and a return on equity of 25.22%. The firm had revenue of $475.70 million for the quarter, compared to analysts’ expectations of $446.47 million. During the same quarter in the previous year, the company earned $0.88 earnings per share. The company’s revenue for the quarter was down 29.1% compared to the same quarter last year.
In related news, Director Michael A. Volkema bought 25,000 shares of the business’s stock in a transaction dated Thursday, May 7th. The shares were purchased at an average price of $21.94 per share, with a total value of $548,500.00. Following the purchase, the director now owns 100,000 shares of the company’s stock, valued at approximately $2,194,000. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.05% of the company’s stock.
About Herman Miller
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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