Meeder Asset Management Inc. Sells 3,274 Shares of Herman Miller Inc. (MLHR)
Meeder Asset Management Inc. reduced its position in Herman Miller Inc. (NASDAQ:MLHR) by 12.7% during the second quarter, Holdings Channel reports. The institutional investor owned 22,544 shares of the company’s stock after selling 3,274 shares during the period. Meeder Asset Management Inc.’s holdings in Herman Miller were worth $674,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Royce & Associates LP increased its stake in Herman Miller by 95.9% in the first quarter. Royce & Associates LP now owns 1,124,590 shares of the company’s stock worth $34,739,000 after buying an additional 550,590 shares in the last quarter. Palisade Capital Management LLC NJ increased its stake in Herman Miller by 10.6% in the first quarter. Palisade Capital Management LLC NJ now owns 541,711 shares of the company’s stock worth $16,733,000 after buying an additional 51,942 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in Herman Miller during the first quarter worth $1,080,000. JPMorgan Chase & Co. increased its stake in Herman Miller by 11.8% in the first quarter. JPMorgan Chase & Co. now owns 2,041,341 shares of the company’s stock worth $63,056,000 after buying an additional 215,670 shares in the last quarter. Finally, BlackRock Group LTD increased its stake in Herman Miller by 9.7% in the first quarter. BlackRock Group LTD now owns 112,605 shares of the company’s stock worth $3,479,000 after buying an additional 9,977 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Herman Miller Inc. (NASDAQ:MLHR) traded down 0.60% during mid-day trading on Friday, reaching $34.92. 363,417 shares of the company traded hands. The firm has a 50 day moving average of $34.32 and a 200-day moving average of $31.43. The stock has a market capitalization of $2.09 billion, a PE ratio of 15.45 and a beta of 1.41. Herman Miller Inc. has a 52 week low of $22.60 and a 52 week high of $36.46.
Herman Miller (NASDAQ:MLHR) last released its earnings results on Wednesday, June 22nd. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.04. Herman Miller had a return on equity of 26.76% and a net margin of 6.04%. The business earned $582.60 million during the quarter, compared to the consensus estimate of $568.55 million. During the same period last year, the company earned $0.47 earnings per share. The business’s revenue for the quarter was up 5.8% compared to the same quarter last year. On average, equities research analysts expect that Herman Miller Inc. will post $2.31 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Saturday, September 3rd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.95%. This is an increase from Herman Miller’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, August 31st. Herman Miller’s dividend payout ratio (DPR) is 30.09%.
A number of research firms have recently weighed in on MLHR. BB&T Corp. downgraded shares of Herman Miller from a “buy” rating to a “hold” rating in a research report on Friday, June 24th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Herman Miller from a “buy” rating to a “hold” rating in a research report on Tuesday, May 24th.
In other news, CEO Brian C. Walker sold 8,000 shares of Herman Miller stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $33.69, for a total transaction of $269,520.00. Following the completion of the sale, the chief executive officer now directly owns 179,299 shares in the company, valued at $6,040,583.31. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Michael F. Ramirez sold 2,676 shares of Herman Miller stock in a transaction on Friday, July 8th. The stock was sold at an average price of $31.00, for a total value of $82,956.00. Following the sale, the senior vice president now owns 13,580 shares of the company’s stock, valued at $420,980. The disclosure for this sale can be found here. Insiders own 1.91% of the company’s stock.
About Herman Miller
Herman Miller, Inc, researches, designs, manufactures, and distributes interior furnishings, for use in various environments including office, healthcare, educational, and residential settings, and provides related services that support organizations and individuals all over the world. It operates in three segments: North American Furniture Solutions, which includes the operations associated with the design, manufacture, and sale of furniture products for work-related settings, including office, education, and healthcare environments, throughout the United States and Canada; ELA Furniture Solutions, which includes EMEA, Latin America, and Asia-Pacific.
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