Zacks Investment Research Lowers Herman Miller, Inc. (MLHR) to Hold

Zacks Investment Research downgraded shares of Herman Miller, Inc. (NASDAQ:MLHR) from a buy rating to a hold rating in a research note published 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. “

Several other equities research analysts have also recently weighed in on the company. ValuEngine upgraded Herman Miller from a hold rating to a buy rating in a research note on Wednesday, September 27th. BidaskClub upgraded Herman Miller from a sell rating to a hold rating in a research note on Saturday, August 19th. Finally, Sidoti began coverage on Herman Miller in a research note on Tuesday, June 27th. They set a buy rating and a $38.00 target price for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $38.00.

Shares of Herman Miller (NASDAQ MLHR) traded down 0.56% during trading on Wednesday, hitting $35.45. 458,915 shares of the company traded hands. The company has a 50-day moving average of $34.29 and a 200-day moving average of $32.75. The stock has a market capitalization of $2.12 billion, a PE ratio of 17.73 and a beta of 1.46. Herman Miller has a 52-week low of $26.99 and a 52-week high of $37.00.

Herman Miller (NASDAQ:MLHR) last posted its earnings results on Thursday, September 21st. The business services provider reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. The firm had revenue of $580.30 million during the quarter, compared to analysts’ expectations of $578.27 million. Herman Miller had a return on equity of 22.02% and a net margin of 5.34%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.60 earnings per share. Equities analysts expect that Herman Miller will post $2.27 EPS for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 15th. Investors of record on Saturday, September 2nd will be paid a dividend of $0.18 per share. This is a boost from Herman Miller’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.72 annualized dividend and a yield of 2.03%. Herman Miller’s payout ratio is presently 36.00%.

In other Herman Miller news, SVP Hezron T. Lopez sold 5,353 shares of the business’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $34.85, for a total value of $186,552.05. Following the completion of the sale, the senior vice president now owns 5,353 shares in the company, valued at $186,552.05. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Hezron T. Lopez sold 2,312 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $33.96, for a total value of $78,515.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 181,942 shares of company stock valued at $6,163,421. 1.91% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Strs Ohio lifted its stake in Herman Miller by 6.2% in the second quarter. Strs Ohio now owns 13,700 shares of the business services provider’s stock valued at $416,000 after buying an additional 800 shares during the last quarter. Prudential Financial Inc. lifted its stake in Herman Miller by 20.8% in the second quarter. Prudential Financial Inc. now owns 1,180,780 shares of the business services provider’s stock valued at $35,895,000 after buying an additional 202,970 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Herman Miller in the second quarter valued at approximately $1,231,000. Schwab Charles Investment Management Inc. lifted its stake in Herman Miller by 10.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 346,148 shares of the business services provider’s stock valued at $10,921,000 after buying an additional 33,386 shares during the last quarter. Finally, Tudor Investment Corp ET AL lifted its stake in Herman Miller by 43.3% in the first quarter. Tudor Investment Corp ET AL now owns 25,593 shares of the business services provider’s stock valued at $807,000 after buying an additional 7,733 shares during the last quarter. Institutional investors own 83.96% of the company’s stock.

Herman Miller Company Profile

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