Herman Miller, Inc. (MLHR) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Herman Miller, Inc. (NASDAQ:MLHR) from a strong-buy rating to a hold rating in a research note released on Tuesday morning.

According to Zacks, “Herman Miller & Co. is engaged primarily in the design, manufacture, and sale of furniture systems and furniture, and related products and services, for offices, and, to a lesser extent, for health-care facilities and other uses. Through research, the company seeks to define and clarify customer needs and problems existing in its markets and to design, through innovation where feasible, products and systems as solutions to such problems. “

Several other brokerages also recently issued reports on MLHR. Sidoti started coverage on shares of Herman Miller in a research report on Tuesday, June 27th. They set a buy rating and a $38.00 price target on the stock. BidaskClub upgraded shares of Herman Miller from a sell rating to a hold rating in a research report on Saturday, August 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. The stock has an average rating of Hold and an average price target of $38.00.

Shares of Herman Miller (NASDAQ:MLHR) opened at 34.60 on Tuesday. The company has a 50-day moving average of $33.44 and a 200 day moving average of $32.25. The company has a market capitalization of $2.07 billion, a P/E ratio of 16.88 and a beta of 1.44. Herman Miller has a 12 month low of $26.99 and a 12 month high of $36.45.

Herman Miller (NASDAQ:MLHR) last posted its earnings results on Wednesday, July 5th. The business services provider reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.09. Herman Miller had a net margin of 5.44% and a return on equity of 22.94%. The business had revenue of $577.20 million for the quarter, compared to analyst estimates of $583.53 million. During the same quarter in the prior year, the firm earned $0.56 EPS. The firm’s quarterly revenue was down .9% compared to the same quarter last year. Analysts forecast that Herman Miller will post $2.27 EPS for the current year.

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The business also recently declared a quarterly dividend, which will be paid on Sunday, October 15th. Investors of record on Saturday, September 2nd will be given a dividend of $0.18 per share. This is an increase from Herman Miller’s previous quarterly dividend of $0.17. The ex-dividend date is Wednesday, August 30th. This represents a $0.72 annualized dividend and a yield of 2.08%. Herman Miller’s dividend payout ratio is 35.12%.

In related news, insider Andrew J. Lock sold 19,247 shares of the company’s stock in a transaction dated Tuesday, July 11th. The shares were sold at an average price of $33.47, for a total transaction of $644,197.09. Following the transaction, the insider now owns 24,354 shares in the company, valued at approximately $815,128.38. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Andrew J. Lock sold 22,491 shares of the company’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $33.48, for a total transaction of $752,998.68. Following the transaction, the insider now owns 24,354 shares in the company, valued at approximately $815,371.92. The disclosure for this sale can be found here. In the last quarter, insiders have sold 123,535 shares of company stock worth $4,136,309. 1.91% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Meadow Creek Investment Management LLC lifted its position in Herman Miller by 5.1% during the 1st quarter. Meadow Creek Investment Management LLC now owns 3,444 shares of the business services provider’s stock worth $109,000 after buying an additional 168 shares in the last quarter. Riverhead Capital Management LLC lifted its position in Herman Miller by 67.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,694 shares of the business services provider’s stock worth $112,000 after buying an additional 1,494 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in Herman Miller by 4.9% during the 1st quarter. Public Employees Retirement System of Ohio now owns 3,895 shares of the business services provider’s stock worth $123,000 after buying an additional 181 shares in the last quarter. First Bank & Trust lifted its position in Herman Miller by 4.1% during the 2nd quarter. First Bank & Trust now owns 3,999 shares of the business services provider’s stock worth $121,000 after buying an additional 158 shares in the last quarter. Finally, Glen Harbor Capital Management LLC lifted its position in Herman Miller by 5.1% during the 1st quarter. Glen Harbor Capital Management LLC now owns 4,182 shares of the business services provider’s stock worth $132,000 after buying an additional 204 shares in the last quarter. Institutional investors and hedge funds own 84.15% of the company’s stock.

About Herman Miller

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