Texas Permanent School Fund reduced its stake in Herman Miller, Inc. (NASDAQ:MLHR) by 7.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,408 shares of the business services provider’s stock after selling 3,251 shares during the quarter. Texas Permanent School Fund owned about 0.07% of Herman Miller worth $1,618,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. First Trust Advisors LP lifted its position in shares of Herman Miller by 8.8% in the third quarter. First Trust Advisors LP now owns 56,032 shares of the business services provider’s stock valued at $2,012,000 after acquiring an additional 4,528 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of Herman Miller by 8.4% in the third quarter. California Public Employees Retirement System now owns 138,056 shares of the business services provider’s stock valued at $4,956,000 after acquiring an additional 10,756 shares in the last quarter. Foster & Motley Inc. purchased a new position in Herman Miller during the fourth quarter worth about $786,000. Los Angeles Capital Management & Equity Research Inc. lifted its position in Herman Miller by 78.8% during the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 34,707 shares of the business services provider’s stock worth $1,246,000 after buying an additional 15,300 shares during the period. Finally, Prudential Financial Inc. lifted its position in Herman Miller by 31.8% during the third quarter. Prudential Financial Inc. now owns 1,556,300 shares of the business services provider’s stock worth $55,871,000 after buying an additional 375,520 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.
Shares of Herman Miller, Inc. (NASDAQ:MLHR) traded down $0.60 during trading hours on Friday, reaching $37.25. The company’s stock had a trading volume of 199,392 shares, compared to its average volume of 361,772. The firm has a market capitalization of $2,258.52, a price-to-earnings ratio of 18.44 and a beta of 1.34. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.33 and a quick ratio of 0.89. Herman Miller, Inc. has a 12 month low of $28.55 and a 12 month high of $41.85.
The company also recently declared a quarterly dividend, which will be paid on Sunday, April 15th. Shareholders of record on Saturday, March 3rd will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.72 annualized dividend and a yield of 1.93%. Herman Miller’s dividend payout ratio is presently 35.64%.
In other news, SVP Stephen C. Gane sold 30,988 shares of the stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $39.77, for a total value of $1,232,392.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian C. Walker sold 90,003 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $36.27, for a total value of $3,264,408.81. Following the completion of the sale, the chief executive officer now owns 226,389 shares of the company’s stock, valued at approximately $8,211,129.03. The disclosure for this sale can be found here. Insiders have sold 142,202 shares of company stock valued at $5,364,155 over the last 90 days. 1.91% of the stock is currently owned by insiders.
Several equities analysts recently weighed in on MLHR shares. ValuEngine downgraded Herman Miller from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. Zacks Investment Research downgraded Herman Miller from a “hold” rating to a “sell” rating in a research report on Wednesday, November 22nd. BidaskClub downgraded Herman Miller from a “hold” rating to a “sell” rating in a research report on Thursday, December 7th. Finally, Raymond James Financial upgraded Herman Miller from a “market perform” rating to an “outperform” rating and set a $43.00 target price on the stock in a research report on Tuesday, December 26th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Herman Miller currently has a consensus rating of “Buy” and an average target price of $41.67.
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Herman Miller Company Profile
Herman Miller, Inc is engaged in the research, design, manufacture, sale and distribution of office furniture systems, seating products, home furnishings and related services, among others. The Company’s segments include North American Furniture Solutions, which includes the design, manufacture and sale of furniture products for work-related settings, including office, education and healthcare environments, across the United States and Canada; EMEA, Latin America, and Asia Pacific (ELA) Furniture Solutions, which includes the operations associated with the design, manufacture, and sale of furniture products, primarily for work-related settings, in the Europe, Middle East and Africa (EMEA), Latin America and Asia-Pacific geographic regions, among others; Specialty segment, which includes the design, manufacture and sale of furniture products and textiles, and Consumer segment, which includes the sale of modern design furnishings and accessories to third-party retail distributors.
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