Brokerages forecast that Herman Miller, Inc. (NASDAQ:MLHR) will post sales of $662.35 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Herman Miller’s earnings, with the lowest sales estimate coming in at $662.10 million and the highest estimate coming in at $662.60 million. Herman Miller posted sales of $624.60 million in the same quarter last year, which suggests a positive year over year growth rate of 6%. The business is expected to report its next quarterly earnings report on Wednesday, September 18th.
According to Zacks, analysts expect that Herman Miller will report full year sales of $2.69 billion for the current financial year, with estimates ranging from $2.68 billion to $2.71 billion. For the next year, analysts expect that the business will post sales of $2.80 billion, with estimates ranging from $2.80 billion to $2.81 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Herman Miller.
Herman Miller (NASDAQ:MLHR) last announced its quarterly earnings results on Wednesday, June 26th. The business services provider reported $0.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.10. The business had revenue of $671.00 million for the quarter, compared to the consensus estimate of $657.23 million. Herman Miller had a return on equity of 25.20% and a net margin of 6.25%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $0.66 EPS.
MLHR traded down $0.61 on Thursday, reaching $41.29. 403,100 shares of the stock were exchanged, compared to its average volume of 360,052. The company’s 50-day moving average price is $44.42 and its 200 day moving average price is $38.79. Herman Miller has a fifty-two week low of $28.66 and a fifty-two week high of $46.29. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.48 and a quick ratio of 1.07. The firm has a market capitalization of $2.47 billion, a PE ratio of 13.90 and a beta of 1.63.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Saturday, August 31st will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.03%. This is a boost from Herman Miller’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, August 29th. Herman Miller’s dividend payout ratio is 26.60%.
In other Herman Miller news, insider Bruce Benedict Watson sold 33,133 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $44.38, for a total transaction of $1,470,442.54. Following the transaction, the insider now directly owns 28,140 shares in the company, valued at $1,248,853.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jeffrey L. Kurburski sold 3,442 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $45.52, for a total value of $156,679.84. Following the transaction, the senior vice president now owns 4,109 shares in the company, valued at $187,041.68. The disclosure for this sale can be found here. Insiders have sold 96,601 shares of company stock worth $4,329,094 over the last 90 days. 1.05% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the business. Advisor Group Inc. increased its holdings in shares of Herman Miller by 61.2% in the 4th quarter. Advisor Group Inc. now owns 1,314 shares of the business services provider’s stock valued at $40,000 after acquiring an additional 499 shares during the period. Bank of America Corp DE increased its position in shares of Herman Miller by 25.2% during the 4th quarter. Bank of America Corp DE now owns 268,057 shares of the business services provider’s stock worth $8,108,000 after purchasing an additional 53,981 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of Herman Miller by 4.9% during the 4th quarter. Thrivent Financial for Lutherans now owns 15,096 shares of the business services provider’s stock worth $457,000 after purchasing an additional 707 shares in the last quarter. Legal & General Group Plc increased its position in shares of Herman Miller by 22.5% during the 4th quarter. Legal & General Group Plc now owns 75,076 shares of the business services provider’s stock worth $2,271,000 after purchasing an additional 13,789 shares in the last quarter. Finally, Amalgamated Bank acquired a new stake in shares of Herman Miller during the 4th quarter worth about $277,000. Institutional investors own 80.85% of the company’s stock.
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.
Further Reading: What are Institutional Investors?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.