Herman Miller, Inc. (MLHR) Rating Lowered to Hold at Zacks Investment Research
Herman Miller, Inc. (NASDAQ:MLHR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Herman Miller & Co. is engaged primarily in the design, manufacture, and sale of furniture systems and furniture, and related products and services, for offices, and, to a lesser extent, for health-care facilities and other uses. Through research, the company seeks to define and clarify customer needs and problems existing in its markets and to design, through innovation where feasible, products and systems as solutions to such problems. “
A number of other research firms have also weighed in on MLHR. ValuEngine raised shares of Herman Miller from a “hold” rating to a “buy” rating in a report on Wednesday, September 27th. BidaskClub raised shares of Herman Miller from a “sell” rating to a “hold” rating in a report on Saturday, August 19th. Finally, Sidoti began coverage on shares of Herman Miller in a report on Tuesday, June 27th. They set a “buy” rating and a $38.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $38.00.
Shares of Herman Miller (NASDAQ MLHR) traded down 0.631% during trading on Wednesday, reaching $35.425. 157,489 shares of the company’s stock were exchanged. Herman Miller has a 52-week low of $26.99 and a 52-week high of $37.00. The stock has a market cap of $2.12 billion, a PE ratio of 17.712 and a beta of 1.46. The stock’s 50 day moving average price is $34.22 and its 200-day moving average price is $32.71.
Herman Miller (NASDAQ:MLHR) last posted its earnings results on Thursday, September 21st. The business services provider reported $0.57 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.57. Herman Miller had a net margin of 5.34% and a return on equity of 22.02%. The firm had revenue of $580.30 million for the quarter, compared to analyst estimates of $578.27 million. During the same period in the previous year, the firm posted $0.60 EPS. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, equities research analysts forecast that Herman Miller will post $2.27 EPS for the current year.
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In other news, CEO Brian C. Walker sold 56,050 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $33.59, for a total value of $1,882,719.50. Following the sale, the chief executive officer now directly owns 164,929 shares of the company’s stock, valued at approximately $5,539,965.11. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Stephen C. Gane sold 10,686 shares of the company’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $36.01, for a total transaction of $384,802.86. Following the completion of the sale, the senior vice president now directly owns 21,985 shares in the company, valued at $791,679.85. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 181,942 shares of company stock worth $6,163,421. Insiders own 1.91% of the company’s stock.
Large investors have recently bought and sold shares of the company. Riverhead Capital Management LLC boosted its stake in shares of Herman Miller by 67.9% in the 2nd 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 boosted its stake in Herman Miller by 4.9% during the first quarter. Public Employees Retirement System of Ohio now owns 3,895 shares of the business services provider’s stock worth $123,000 after acquiring an additional 181 shares in the last quarter. First Bank & Trust boosted its stake in Herman Miller by 4.1% during the second quarter. First Bank & Trust now owns 3,999 shares of the business services provider’s stock worth $121,000 after acquiring an additional 158 shares in the last quarter. Sei Investments Co. boosted its stake in Herman Miller by 0.6% during the second quarter. Sei Investments Co. now owns 4,426 shares of the business services provider’s stock worth $135,000 after acquiring an additional 26 shares in the last quarter. Finally, LS Investment Advisors LLC boosted its stake in Herman Miller by 17.5% during the second quarter. LS Investment Advisors LLC now owns 4,802 shares of the business services provider’s stock worth $146,000 after acquiring an additional 714 shares in the last quarter. 83.96% of the stock is currently owned by institutional investors.
Herman Miller Company Profile
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