Wall Street brokerages forecast that Herman Miller, Inc. (NASDAQ:MLHR) will announce $577.40 million in sales for the current quarter, Zacks reports. Two analysts have issued estimates for Herman Miller’s earnings, with the highest sales estimate coming in at $577.50 million and the lowest estimate coming in at $577.30 million. Herman Miller reported sales of $598.60 million during the same quarter last year, which would suggest a negative year over year growth rate of 3.5%. The business is scheduled to announce its next quarterly earnings results on Wednesday, September 20th.
On average, analysts expect that Herman Miller will report full year sales of $577.40 million for the current year, with estimates ranging from $2.31 billion to $2.33 billion. For the next year, analysts expect that the firm will post sales of $2.42 billion per share, with estimates ranging from $2.41 billion to $2.44 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Herman Miller.
Herman Miller (NASDAQ:MLHR) last announced its earnings results on Wednesday, July 5th. The business services provider reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $583.53 million. During the same quarter last year, the firm earned $0.56 earnings per share. Herman Miller’s quarterly revenue was down .9% on a year-over-year basis.
MLHR has been the subject of several research reports. Zacks Investment Research lowered shares of Herman Miller from a “buy” rating to a “hold” rating in a report on Tuesday, May 30th. Sidoti initiated coverage on shares of Herman Miller in a report on Tuesday, June 27th. They issued a “buy” rating and a $38.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $38.00.
In other Herman Miller news, EVP Donald D. Goeman sold 10,011 shares of the company’s stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $33.85, for a total value of $338,872.35. Following the completion of the transaction, the executive vice president now directly owns 12,973 shares in the company, valued at approximately $439,136.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew J. Lock sold 19,247 shares of the company’s stock in a transaction on Tuesday, July 11th. The stock was sold at an average price of $33.47, for a total transaction of $644,197.09. Following the completion of the transaction, the insider now owns 24,354 shares of the company’s stock, valued at $815,128.38. The disclosure for this sale can be found here. Insiders sold a total of 72,421 shares of company stock valued at $2,436,353 over the last 90 days. Company insiders own 1.91% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Guggenheim Capital LLC raised its position in shares of Herman Miller by 380.3% in the fourth quarter. Guggenheim Capital LLC now owns 57,449 shares of the business services provider’s stock valued at $1,965,000 after buying an additional 45,489 shares during the period. Norges Bank bought a new position in shares of Herman Miller during the fourth quarter valued at approximately $28,479,000. Alpha Windward LLC raised its position in shares of Herman Miller by 12.2% in the first quarter. Alpha Windward LLC now owns 15,960 shares of the business services provider’s stock valued at $504,000 after buying an additional 1,740 shares during the last quarter. Louisiana State Employees Retirement System raised its position in shares of Herman Miller by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 15,100 shares of the business services provider’s stock valued at $476,000 after buying an additional 300 shares during the last quarter. Finally, Legato Capital Management LLC raised its position in shares of Herman Miller by 3,055.0% in the first quarter. Legato Capital Management LLC now owns 103,579 shares of the business services provider’s stock valued at $3,283,000 after buying an additional 100,296 shares during the last quarter. Institutional investors and hedge funds own 84.26% of the company’s stock.
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Shares of Herman Miller (NASDAQ:MLHR) opened at 33.40 on Friday. The firm has a 50-day moving average of $32.22 and a 200 day moving average of $31.65. Herman Miller has a 1-year low of $26.99 and a 1-year high of $36.46. The company has a market capitalization of $2.00 billion, a P/E ratio of 16.29 and a beta of 1.44.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 15th. Shareholders of record on Saturday, September 2nd will be issued a $0.18 dividend. The ex-dividend date is Wednesday, August 30th. This is a positive change from Herman Miller’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 2.16%. Herman Miller’s dividend payout ratio is 33.17%.
About Herman Miller
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