First Citizens Bank & Trust Co. bought a new position in shares of Herman Miller, Inc. (NASDAQ:MLHR) during the fourth quarter, Holdings Channel reports. The fund bought 7,678 shares of the business services provider’s stock, valued at approximately $308,000.

Other hedge funds have also recently modified their holdings of the company. Amalgamated Bank raised its stake in shares of Herman Miller by 4.1% in the 2nd quarter. Amalgamated Bank now owns 8,566 shares of the business services provider’s stock valued at $260,000 after acquiring an additional 336 shares during the period. Franklin Resources Inc. raised its stake in shares of Herman Miller by 4.0% in the 2nd quarter. Franklin Resources Inc. now owns 12,474 shares of the business services provider’s stock valued at $379,000 after acquiring an additional 474 shares during the period. M&T Bank Corp raised its stake in shares of Herman Miller by 3.0% in the 2nd quarter. M&T Bank Corp now owns 16,211 shares of the business services provider’s stock valued at $493,000 after acquiring an additional 475 shares during the period. Thrivent Financial For Lutherans raised its stake in shares of Herman Miller by 1.7% in the 2nd quarter. Thrivent Financial For Lutherans now owns 42,260 shares of the business services provider’s stock valued at $1,284,000 after acquiring an additional 720 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Herman Miller by 0.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 131,872 shares of the business services provider’s stock valued at $4,009,000 after acquiring an additional 1,008 shares during the period. 82.39% of the stock is currently owned by institutional investors.

Shares of Herman Miller, Inc. (MLHR) opened at $40.55 on Friday. The stock has a market cap of $2,420.00, a P/E ratio of 19.98 and a beta of 1.48. Herman Miller, Inc. has a 52 week low of $28.55 and a 52 week high of $40.90. The company has a quick ratio of 0.89, a current ratio of 1.33 and a debt-to-equity ratio of 0.32.

Herman Miller (NASDAQ:MLHR) last released its quarterly earnings results on Wednesday, December 20th. The business services provider reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. The business had revenue of $604.60 million for the quarter, compared to the consensus estimate of $603.77 million. Herman Miller had a net margin of 5.36% and a return on equity of 21.85%. The business’s revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 EPS. sell-side analysts anticipate that Herman Miller, Inc. will post 2.35 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Saturday, December 2nd will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend is Thursday, November 30th. Herman Miller’s dividend payout ratio (DPR) is currently 35.47%.

A number of equities research analysts have recently issued reports on MLHR shares. Zacks Investment Research raised shares of Herman Miller from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Tuesday, September 26th. ValuEngine raised shares of Herman Miller from a “hold” rating to a “buy” rating in a research note on Wednesday, September 27th. BidaskClub downgraded shares of Herman Miller from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. Finally, Raymond James Financial raised shares of Herman Miller from a “market perform” rating to an “outperform” rating and set a $43.00 price target on the stock in a research note on Tuesday, December 26th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Herman Miller has an average rating of “Buy” and an average target price of $41.67.

In related news, SVP Stephen C. Gane sold 30,988 shares of Herman Miller stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $39.77, for a total value of $1,232,392.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian C. Walker sold 14,000 shares of Herman Miller stock in a transaction that occurred on Tuesday, October 17th. The shares were sold at an average price of $35.38, for a total transaction of $495,320.00. Following the completion of the transaction, the chief executive officer now owns 160,979 shares of the company’s stock, valued at approximately $5,695,437.02. The disclosure for this sale can be found here. Insiders sold 62,002 shares of company stock valued at $2,307,612 in the last 90 days. Company insiders own 1.91% of the company’s stock.

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About Herman Miller

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Institutional Ownership by Quarter for Herman Miller (NASDAQ:MLHR)

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