$0.65 EPS Expected for Herman Miller, Inc. (MLHR) This Quarter
Wall Street brokerages expect Herman Miller, Inc. (NASDAQ:MLHR) to report earnings of $0.65 per share for the current quarter, Zacks reports. Two analysts have issued estimates for Herman Miller’s earnings. Herman Miller reported earnings of $0.57 per share in the same quarter last year, which indicates a positive year over year growth rate of 14%. The company is expected to announce its next quarterly earnings report on Wednesday, September 19th.
According to Zacks, analysts expect that Herman Miller will report full year earnings of $2.70 per share for the current fiscal year, with EPS estimates ranging from $2.50 to $2.90. For the next year, analysts forecast that the company will post earnings of $3.13 per share, with EPS estimates ranging from $2.91 to $3.35. Zacks’ EPS calculations are a mean average based on a survey of research analysts that cover Herman Miller.
Herman Miller (NASDAQ:MLHR) last released its earnings results on Monday, July 2nd. The business services provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.08. Herman Miller had a return on equity of 21.71% and a net margin of 5.38%. The company had revenue of $618.00 million during the quarter, compared to analyst estimates of $601.10 million. During the same quarter in the previous year, the company posted $0.64 EPS. Herman Miller’s revenue for the quarter was up 7.1% on a year-over-year basis.
In other Herman Miller news, CEO Brian C. Walker sold 30,362 shares of the company’s stock in a transaction that occurred on Friday, July 13th. The stock was sold at an average price of $38.77, for a total transaction of $1,177,134.74. Following the completion of the transaction, the chief executive officer now owns 34,406 shares of the company’s stock, valued at approximately $1,333,920.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Kevin J. Veltman sold 2,211 shares of the company’s stock in a transaction that occurred on Friday, July 27th. The shares were sold at an average price of $37.67, for a total value of $83,288.37. The disclosure for this sale can be found here. Insiders have sold a total of 268,807 shares of company stock valued at $10,258,904 in the last ninety days. 1.91% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MLHR. BlackRock Inc. raised its position in shares of Herman Miller by 5.5% in the 2nd quarter. BlackRock Inc. now owns 6,934,391 shares of the business services provider’s stock worth $235,074,000 after acquiring an additional 364,047 shares in the last quarter. LSV Asset Management raised its position in shares of Herman Miller by 8.1% in the 2nd quarter. LSV Asset Management now owns 2,724,676 shares of the business services provider’s stock worth $92,366,000 after acquiring an additional 203,069 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Herman Miller by 8.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,830,749 shares of the business services provider’s stock worth $62,063,000 after acquiring an additional 143,622 shares in the last quarter. Vulcan Value Partners LLC raised its position in shares of Herman Miller by 28.2% in the 2nd quarter. Vulcan Value Partners LLC now owns 1,174,053 shares of the business services provider’s stock worth $39,800,000 after acquiring an additional 258,238 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Herman Miller by 14.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 537,119 shares of the business services provider’s stock worth $18,209,000 after acquiring an additional 69,497 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ MLHR traded up $0.40 during midday trading on Monday, reaching $37.70. The company had a trading volume of 470,200 shares, compared to its average volume of 395,978. Herman Miller has a one year low of $29.95 and a one year high of $41.85. The company has a current ratio of 1.56, a quick ratio of 1.17 and a debt-to-equity ratio of 0.41. The firm has a market cap of $2.27 billion, a PE ratio of 16.39 and a beta of 1.46.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Saturday, September 1st will be given a dividend of $0.198 per share. This is a positive change from Herman Miller’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $0.79 dividend on an annualized basis and a yield of 2.10%. Herman Miller’s dividend payout ratio is presently 31.30%.
About Herman Miller
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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