Herman Miller, Inc. (MLHR) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Herman Miller, Inc. (NASDAQ:MLHR) from a hold rating to a buy rating in a research note published on Tuesday morning. Zacks Investment Research currently has $38.00 target price on the business services provider’s stock.
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. “
Several other research firms have also recently commented on MLHR. BidaskClub upgraded Herman Miller from a sell rating to a hold rating in a research note on Saturday, August 19th. Sidoti assumed coverage on Herman Miller in a research note on Tuesday, June 27th. They issued a buy rating and a $38.00 target price on the stock. 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. The company has an average rating of Hold and an average target price of $38.00.
Herman Miller (NASDAQ MLHR) opened at 35.90 on Tuesday. Herman Miller has a 12 month low of $26.99 and a 12 month high of $36.45. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 17.95 and a beta of 1.44. The company’s 50-day moving average is $33.52 and its 200 day moving average is $32.35.
Herman Miller (NASDAQ:MLHR) last released its earnings results on Thursday, September 21st. The business services provider reported $0.57 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.57. The firm had revenue of $580.30 million for the quarter, compared to analysts’ expectations of $578.27 million. Herman Miller had a return on equity of 22.02% and a net margin of 5.34%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.60 EPS. Equities analysts forecast that Herman Miller will post $2.29 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Sunday, October 15th. Shareholders of record on Saturday, September 2nd will be paid a $0.18 dividend. This is a boost from Herman Miller’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.72 annualized dividend and a yield of 2.01%. Herman Miller’s payout ratio is presently 36.00%.
In other news, CEO Brian C. Walker sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $32.73, for a total transaction of $458,220.00. Following the sale, the chief executive officer now owns 160,979 shares in the company, valued at approximately $5,268,842.67. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Michael F. Ramirez sold 4,091 shares of the company’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $33.98, for a total value of $139,012.18. The disclosure for this sale can be found here. Insiders sold a total of 171,256 shares of company stock worth $5,778,618 in the last 90 days. Company insiders own 1.91% of the company’s stock.
Several institutional investors have recently made changes to their positions in MLHR. Wells Fargo & Company MN raised its stake in shares of Herman Miller by 4.1% during the 1st quarter. Wells Fargo & Company MN now owns 195,752 shares of the business services provider’s stock worth $6,177,000 after purchasing an additional 7,627 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in shares of Herman Miller by 3.8% during the 1st quarter. Great West Life Assurance Co. Can now owns 35,223 shares of the business services provider’s stock worth $1,111,000 after purchasing an additional 1,274 shares in the last quarter. First Trust Advisors LP bought a new stake in shares of Herman Miller during the 1st quarter worth approximately $1,581,000. Bank of New York Mellon Corp raised its stake in shares of Herman Miller by 6.8% during the 1st quarter. Bank of New York Mellon Corp now owns 954,232 shares of the business services provider’s stock worth $30,107,000 after purchasing an additional 60,993 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in shares of Herman Miller by 52.7% during the 1st quarter. UBS Asset Management Americas Inc. now owns 29,571 shares of the business services provider’s stock worth $933,000 after purchasing an additional 10,207 shares in the last quarter. Institutional investors own 83.96% of the company’s stock.
Herman Miller Company Profile
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