Herman Miller (MLHR) Upgraded to “Hold” by BidaskClub

BidaskClub upgraded shares of Herman Miller (NASDAQ:MLHR) from a sell rating to a hold rating in a research report report published on Friday.

Other analysts also recently issued research reports about the company. Zacks Investment Research upgraded Herman Miller from a sell rating to a hold rating in a research report on Thursday, March 29th. ValuEngine upgraded Herman Miller from a hold rating to a buy rating in a research report on Friday, February 2nd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $41.67.

NASDAQ:MLHR traded up $0.20 during mid-day trading on Friday, reaching $33.25. The stock had a trading volume of 307,260 shares, compared to its average volume of 334,304. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 14.50 and a beta of 1.42. Herman Miller has a one year low of $29.25 and a one year high of $41.85. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.59 and a quick ratio of 1.15.

Herman Miller (NASDAQ:MLHR) last released its earnings results on Wednesday, March 21st. The business services provider reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.01. The company had revenue of $578.40 million during the quarter, compared to the consensus estimate of $573.30 million. Herman Miller had a return on equity of 22.26% and a net margin of 5.55%. Herman Miller’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 EPS. sell-side analysts anticipate that Herman Miller will post 2.24 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Sunday, July 15th. Investors of record on Saturday, June 2nd will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, May 31st. This represents a $0.72 dividend on an annualized basis and a yield of 2.17%. Herman Miller’s payout ratio is 33.33%.

In other Herman Miller news, insider Gregory J. Bylsma sold 17,907 shares of Herman Miller stock in a transaction that occurred on Friday, May 4th. The stock was sold at an average price of $32.23, for a total value of $577,142.61. Following the transaction, the insider now directly owns 60,441 shares of the company’s stock, valued at approximately $1,948,013.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian C. Walker sold 125,000 shares of Herman Miller stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $37.98, for a total value of $4,747,500.00. Following the completion of the transaction, the chief executive officer now directly owns 20,701 shares in the company, valued at $786,223.98. The disclosure for this sale can be found here. 1.91% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in MLHR. Millennium Management LLC increased its stake in Herman Miller by 96.5% in the 4th quarter. Millennium Management LLC now owns 506,581 shares of the business services provider’s stock worth $20,289,000 after purchasing an additional 248,806 shares during the period. BlackRock Inc. increased its stake in Herman Miller by 3.2% in the 4th quarter. BlackRock Inc. now owns 6,323,198 shares of the business services provider’s stock worth $253,243,000 after purchasing an additional 195,666 shares during the period. LSV Asset Management increased its stake in Herman Miller by 7.7% in the 1st quarter. LSV Asset Management now owns 2,521,607 shares of the business services provider’s stock worth $80,565,000 after purchasing an additional 180,450 shares during the period. Ancora Advisors LLC purchased a new position in Herman Miller in the 1st quarter worth approximately $5,248,000. Finally, Guggenheim Capital LLC increased its stake in Herman Miller by 305.5% in the 4th quarter. Guggenheim Capital LLC now owns 213,203 shares of the business services provider’s stock worth $8,541,000 after purchasing an additional 160,623 shares during the period. 84.82% of the stock is currently owned by institutional investors and hedge funds.

Herman Miller Company Profile

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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