Russell Investments Group Ltd. boosted its stake in shares of Herman Miller, Inc. (NASDAQ:MLHR) by 294.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 89,499 shares of the business services provider’s stock after purchasing an additional 66,821 shares during the period. Russell Investments Group Ltd. owned 0.15% of Herman Miller worth $4,118,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Advisor Group Inc. raised its stake in Herman Miller by 32.4% in the second quarter. Advisor Group Inc. now owns 1,596 shares of the business services provider’s stock valued at $71,000 after buying an additional 391 shares during the period. Robeco Institutional Asset Management B.V. bought a new stake in Herman Miller in the second quarter valued at approximately $79,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Herman Miller in the second quarter valued at approximately $95,000. US Bancorp DE raised its stake in Herman Miller by 34.1% in the second quarter. US Bancorp DE now owns 2,350 shares of the business services provider’s stock valued at $105,000 after buying an additional 597 shares during the period. Finally, Point72 Hong Kong Ltd raised its stake in Herman Miller by 260.9% in the second quarter. Point72 Hong Kong Ltd now owns 2,638 shares of the business services provider’s stock valued at $118,000 after buying an additional 1,907 shares during the period. 81.39% of the stock is owned by hedge funds and other institutional investors.
Several research firms have issued reports on MLHR. Sidoti upped their price objective on Herman Miller from $43.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Raymond James lowered Herman Miller from an “outperform” rating to a “market perform” rating in a research note on Monday, October 7th. ValuEngine lowered Herman Miller from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Zacks Investment Research upgraded Herman Miller from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a research note on Tuesday, September 24th. Finally, BidaskClub upgraded Herman Miller from a “sell” rating to a “hold” rating in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Herman Miller currently has a consensus rating of “Hold” and an average target price of $48.00.
Herman Miller (NASDAQ:MLHR) last announced its earnings results on Wednesday, September 18th. The business services provider reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.06. The company had revenue of $670.90 million for the quarter, compared to analyst estimates of $661.80 million. Herman Miller had a return on equity of 25.80% and a net margin of 6.62%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.69 earnings per share. Analysts forecast that Herman Miller, Inc. will post 3.41 EPS for the current year.
In other news, insider Gregory J. Bylsma sold 13,288 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $46.17, for a total transaction of $613,506.96. Following the transaction, the insider now owns 15,515 shares in the company, valued at $716,327.55. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.05% of the stock is currently owned by company insiders.
Herman Miller 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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