Zacks: Analysts Expect Herman Miller, Inc. (NASDAQ:MLHR) Will Post Earnings of $0.87 Per Share

Wall Street brokerages expect Herman Miller, Inc. (NASDAQ:MLHR) to report earnings per share of $0.87 for the current quarter, Zacks reports. Two analysts have provided estimates for Herman Miller’s earnings. Herman Miller reported earnings per share of $0.75 in the same quarter last year, which suggests a positive year-over-year growth rate of 16%. The firm is expected to issue its next quarterly earnings report on Wednesday, December 18th.

According to Zacks, analysts expect that Herman Miller will report full-year earnings of $3.41 per share for the current fiscal year, with EPS estimates ranging from $3.40 to $3.42. For the next year, analysts forecast that the business will post earnings of $3.71 per share, with EPS estimates ranging from $3.70 to $3.71. Zacks’ earnings per share averages are an average based on a survey of sell-side research analysts that that provide coverage for Herman Miller.

Herman Miller (NASDAQ:MLHR) last released its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.06. Herman Miller had a return on equity of 25.80% and a net margin of 6.62%. The business had revenue of $670.90 million for the quarter, compared to the consensus estimate of $661.80 million. During the same quarter in the prior year, the business posted $0.69 EPS. The business’s revenue for the quarter was up 7.4% on a year-over-year basis.

Several research firms have recently commented on MLHR. ValuEngine cut Herman Miller from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Zacks Investment Research raised Herman Miller from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a report on Tuesday, September 24th. Raymond James cut Herman Miller from an “outperform” rating to a “market perform” rating in a report on Monday, October 7th. BidaskClub raised Herman Miller from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th. Finally, Sidoti raised their price target on Herman Miller from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $48.00.

Shares of MLHR traded up $0.19 during mid-day trading on Tuesday, reaching $47.77. The company’s stock had a trading volume of 242,700 shares, compared to its average volume of 384,103. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.35 and a quick ratio of 0.97. The company’s 50 day moving average is $45.83 and its 200 day moving average is $42.35. The stock has a market cap of $2.79 billion, a PE ratio of 16.08 and a beta of 1.67. Herman Miller has a 12-month low of $28.66 and a 12-month high of $49.40.

In other news, insider Gregory J. Bylsma sold 13,288 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $46.17, for a total value of $613,506.96. Following the completion of the sale, the insider now directly owns 15,515 shares of the company’s stock, valued at approximately $716,327.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.91% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Advisor Group Inc. raised its holdings in Herman Miller by 32.4% during the second quarter. Advisor Group Inc. now owns 1,596 shares of the business services provider’s stock worth $71,000 after purchasing an additional 391 shares during the last quarter. Robeco Institutional Asset Management B.V. acquired a new position in Herman Miller during the second quarter worth $79,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Herman Miller during the second quarter worth $95,000. US Bancorp DE raised its holdings in Herman Miller by 34.1% during the second quarter. US Bancorp DE now owns 2,350 shares of the business services provider’s stock worth $105,000 after purchasing an additional 597 shares during the last quarter. Finally, Point72 Hong Kong Ltd raised its holdings in Herman Miller by 260.9% during the second quarter. Point72 Hong Kong Ltd now owns 2,638 shares of the business services provider’s stock worth $118,000 after purchasing an additional 1,907 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

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.

Read More: Stock Symbols and CUSIP Explained

Get a free copy of the Zacks research report on Herman Miller (MLHR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Herman Miller (NASDAQ:MLHR)

Receive News & Ratings for Herman Miller Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Herman Miller and related companies with MarketBeat.com's FREE daily email newsletter.