Herman Miller, Inc. (MLHR) Issues Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Herman Miller, Inc. (NASDAQ:MLHR) issued its quarterly earnings results on Wednesday. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.07. Herman Miller had a return on equity of 24.45% and a net margin of 5.95%. The company had revenue of $524.90 million for the quarter, compared to analyst estimates of $530.50 million. During the same quarter last year, the company posted $0.46 EPS. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. Herman Miller updated its Q4 guidance to $0.53-0.57 EPS.

Shares of Herman Miller (NASDAQ:MLHR) traded up 1.76% during mid-day trading on Wednesday, reaching $31.80. The company’s stock had a trading volume of 324,945 shares. Herman Miller has a 12 month low of $26.99 and a 12 month high of $36.46. The company has a 50-day moving average of $30.96 and a 200-day moving average of $31.09. The company has a market cap of $1.90 billion, a P/E ratio of 14.65 and a beta of 1.45.

Earnings History for Herman Miller (NASDAQ:MLHR)

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, July 15th. Shareholders of record on Saturday, June 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend is Wednesday, May 31st. Herman Miller’s dividend payout ratio is currently 30.09%.

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In other Herman Miller news, insider Andrew J. Lock sold 908 shares of the firm’s stock in a transaction on Thursday, March 30th. The shares were sold at an average price of $31.50, for a total value of $28,602.00. Following the completion of the transaction, the insider now owns 29,029 shares of the company’s stock, valued at $914,413.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Donald D. Goeman sold 4,111 shares of the firm’s stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $31.41, for a total transaction of $129,126.51. Following the completion of the transaction, the executive vice president now directly owns 7,029 shares of the company’s stock, valued at approximately $220,780.89. The disclosure for this sale can be found here. Insiders have sold 6,017 shares of company stock valued at $188,617 in the last three months. 1.91% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Oregon Public Employees Retirement Fund boosted its position in shares of Herman Miller by 4.1% in the third quarter. Oregon Public Employees Retirement Fund now owns 20,687 shares of the business services provider’s stock valued at $592,000 after buying an additional 812 shares during the period. Meeder Asset Management Inc. boosted its position in shares of Herman Miller by 106.7% in the third quarter. Meeder Asset Management Inc. now owns 46,607 shares of the business services provider’s stock valued at $1,334,000 after buying an additional 24,063 shares during the period. Acadian Asset Management LLC boosted its position in shares of Herman Miller by 91.2% in the third quarter. Acadian Asset Management LLC now owns 369,556 shares of the business services provider’s stock valued at $10,570,000 after buying an additional 176,277 shares during the period. Chicago Equity Partners LLC boosted its position in shares of Herman Miller by 23.1% in the third quarter. Chicago Equity Partners LLC now owns 65,860 shares of the business services provider’s stock valued at $1,884,000 after buying an additional 12,370 shares during the period. Finally, First Citizens Bank & Trust Co. raised its stake in Herman Miller by 1.7% in the third quarter. First Citizens Bank & Trust Co. now owns 11,494 shares of the business services provider’s stock valued at $329,000 after buying an additional 193 shares in the last quarter. 82.71% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages recently weighed in on MLHR. Zacks Investment Research upgraded Herman Miller from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research report on Tuesday, March 28th. Raymond James Financial, Inc. raised Herman Miller from an “underperform” rating to a “market perform” rating in a research note on Thursday, March 23rd. Finally, Cann downgraded Herman Miller from a “market perform” rating to an “underperform” rating in a research note on Tuesday, January 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $35.00.

Herman Miller Company Profile

5 Day Chart for NASDAQ:MLHR

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