Meeder Asset Management Inc. Sells 3,274 Shares of Herman Miller Inc. (MLHR)
Meeder Asset Management Inc. decreased its stake in Herman Miller Inc. (NASDAQ:MLHR) by 12.7% during the second quarter, Holdings Channel reports. The firm 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 filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in MLHR. Norges Bank acquired a new stake in Herman Miller during the fourth quarter valued at $20,053,000. 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 valued at $34,739,000 after buying an additional 550,590 shares during the period. Goldman Sachs Group Inc. increased its stake in Herman Miller by 111.9% in the first quarter. Goldman Sachs Group Inc. now owns 666,159 shares of the company’s stock valued at $20,578,000 after buying an additional 351,818 shares during the period. 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 valued at $63,056,000 after buying an additional 215,670 shares during the period. Finally, Skyline Asset Management LP increased its stake in Herman Miller by 25.4% in the first quarter. Skyline Asset Management LP now owns 695,600 shares of the company’s stock valued at $21,487,000 after buying an additional 141,100 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.
Herman Miller Inc. (NASDAQ:MLHR) traded down 0.60% during mid-day trading on Friday, hitting $34.92. The company had a trading volume of 363,417 shares. Herman Miller Inc. has a 52-week low of $22.60 and a 52-week high of $36.46. The company has a market capitalization of $2.09 billion, a P/E ratio of 15.45 and a beta of 1.41. The company has a 50-day moving average price of $34.32 and a 200 day moving average price of $31.43.
Herman Miller (NASDAQ:MLHR) last issued its earnings results on Wednesday, June 22nd. The company reported $0.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.04. The company earned $582.60 million during the quarter, compared to analysts’ expectations of $568.55 million. Herman Miller had a return on equity of 26.76% and a net margin of 6.04%. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.47 EPS. On average, analysts forecast that Herman Miller Inc. will post $2.31 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders of record on Saturday, September 3rd will be issued a $0.17 dividend. This is a boost from Herman Miller’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 1.95%. The ex-dividend date is Wednesday, August 31st. Herman Miller’s dividend payout ratio is presently 30.09%.
MLHR has been the subject of several recent research reports. BB&T Corp. downgraded Herman Miller from a “buy” rating to a “hold” rating in a report on Friday, June 24th. They noted that the move was a valuation call. Zacks Investment Research downgraded Herman Miller from a “hold” rating to a “sell” rating in a report on Tuesday, June 28th.
In other Herman Miller news, SVP Michael F. Ramirez sold 2,676 shares of the company’s 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 completion of the sale, the senior vice president now directly owns 13,580 shares in the company, valued at approximately $420,980. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Donald D. Goeman sold 8,361 shares of the company’s stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $31.50, for a total value of $263,371.50. The disclosure for this sale can be found here. 1.91% of the stock is owned by company insiders.
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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