ValuEngine upgraded shares of Herman Miller, Inc. (NASDAQ:MLHR) from a hold rating to a buy rating in a report issued on Wednesday morning.

MLHR has been the subject of a number of other reports. Zacks Investment Research lowered Herman Miller from a strong-buy rating to a hold rating in a report on Tuesday, September 12th. BidaskClub raised Herman Miller from a sell rating to a hold rating in a report on Saturday, August 19th. Finally, Sidoti assumed coverage on Herman Miller in a report on Tuesday, June 27th. They set a buy rating and a $38.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. Herman Miller has a consensus rating of Hold and a consensus price target of $38.00.

Herman Miller (MLHR) opened at 35.90 on Wednesday. Herman Miller has a 52-week low of $26.99 and a 52-week high of $36.45. The stock’s 50 day moving average price is $33.52 and its 200 day moving average price is $32.35. The firm has a market capitalization of $2.15 billion, a PE ratio of 17.95 and a beta of 1.44.

Herman Miller (NASDAQ:MLHR) last issued its earnings results on Thursday, September 21st. The business services provider reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. Herman Miller had a return on equity of 22.02% and a net margin of 5.34%. The business had revenue of $580.30 million during the quarter, compared to analyst estimates of $578.27 million. During the same period in the previous year, the company posted $0.60 EPS. The firm’s revenue was down 3.1% compared to the same quarter last year. On average, analysts predict that Herman Miller will post $2.29 EPS for the current fiscal year.

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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 dividend of $0.18 per share. This is a positive change from Herman Miller’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Wednesday, August 30th. Herman Miller’s payout ratio is currently 36.00%.

In other news, SVP Hezron T. Lopez sold 2,312 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $33.96, for a total value of $78,515.52. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Hezron T. Lopez sold 5,353 shares of the business’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $34.85, for a total value of $186,552.05. Following the completion of the transaction, the senior vice president now owns 5,353 shares in the company, valued at approximately $186,552.05. The disclosure for this sale can be found here. Insiders have sold a total of 171,256 shares of company stock valued at $5,778,618 over the last three months. Corporate insiders own 1.91% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Meadow Creek Investment Management LLC boosted its stake in shares of Herman Miller by 5.1% in the 1st quarter. Meadow Creek Investment Management LLC now owns 3,444 shares of the business services provider’s stock worth $109,000 after buying an additional 168 shares during the last quarter. Riverhead Capital Management LLC lifted its stake in Herman Miller by 67.9% in the second quarter. Riverhead Capital Management LLC now owns 3,694 shares of the business services provider’s stock valued at $112,000 after purchasing an additional 1,494 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in Herman Miller by 4.9% in the first quarter. Public Employees Retirement System of Ohio now owns 3,895 shares of the business services provider’s stock valued at $123,000 after purchasing an additional 181 shares during the last quarter. First Bank & Trust lifted its stake in Herman Miller by 4.1% in the second quarter. First Bank & Trust now owns 3,999 shares of the business services provider’s stock valued at $121,000 after purchasing an additional 158 shares during the last quarter. Finally, Sei Investments Co. lifted its stake in Herman Miller by 0.6% in the second quarter. Sei Investments Co. now owns 4,426 shares of the business services provider’s stock valued at $135,000 after purchasing an additional 26 shares during the last quarter. Hedge funds and other institutional investors own 83.96% of the company’s stock.

About Herman Miller

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