Zacks: Analysts Anticipate Herman Miller, Inc. (MLHR) Will Post Quarterly Sales of $639.90 Million
Wall Street analysts expect Herman Miller, Inc. (NASDAQ:MLHR) to report $639.90 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Herman Miller’s earnings. The lowest sales estimate is $639.30 million and the highest is $640.50 million. Herman Miller reported sales of $604.60 million during the same quarter last year, which indicates a positive year-over-year growth rate of 5.8%. The firm is expected to report its next quarterly earnings results on Wednesday, December 19th.
On average, analysts expect that Herman Miller will report full-year sales of $2.52 billion for the current fiscal year, with estimates ranging from $2.52 billion to $2.53 billion. For the next fiscal year, analysts forecast that the company will report sales of $2.62 billion per share, with estimates ranging from $2.62 billion to $2.63 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Herman Miller.
Herman Miller (NASDAQ:MLHR) last posted its quarterly earnings data on Wednesday, September 19th. The business services provider reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.04. The business had revenue of $624.60 million for the quarter, compared to analysts’ expectations of $620.73 million. Herman Miller had a return on equity of 22.22% and a net margin of 5.40%. The business’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 EPS.
In other news, CEO Brian C. Walker sold 143,379 shares of the business’s stock in a transaction that occurred on Thursday, July 19th. The stock was sold at an average price of $38.06, for a total value of $5,457,004.74. Following the sale, the chief executive officer now directly owns 16,657 shares of the company’s stock, valued at approximately $633,965.42. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Brian C. Walker sold 18,000 shares of the business’s stock in a transaction that occurred on Friday, July 6th. The stock was sold at an average price of $38.49, for a total value of $692,820.00. Following the completion of the sale, the chief executive officer now directly owns 2,701 shares in the company, valued at $103,961.49. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 268,807 shares of company stock worth $10,258,904. Insiders own 1.05% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of MLHR. BTIM Corp. bought a new stake in shares of Herman Miller in the 2nd quarter worth approximately $13,276,000. BlackRock Inc. boosted 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 purchasing an additional 364,047 shares in the last quarter. Vulcan Value Partners LLC boosted 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 purchasing an additional 258,238 shares in the last quarter. LSV Asset Management boosted 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 purchasing an additional 203,069 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Herman Miller by 63.2% in the 2nd quarter. Wells Fargo & Company MN now owns 471,773 shares of the business services provider’s stock worth $15,993,000 after purchasing an additional 182,769 shares in the last quarter. 85.38% of the stock is currently owned by hedge funds and other institutional investors.
Herman Miller stock opened at $38.50 on Tuesday. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.42. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 16.76 and a beta of 1.42. Herman Miller has a fifty-two week low of $29.95 and a fifty-two week high of $41.85.
The company also recently disclosed 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 represents a $0.79 annualized dividend and a yield of 2.06%. This is a boost from Herman Miller’s previous quarterly dividend of $0.18. The ex-dividend date is Thursday, August 30th. Herman Miller’s payout ratio is presently 34.35%.
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.
Featured Article: How to Profit and Limit Losses With Stop Orders
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Herman Miller Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Herman Miller and related companies with MarketBeat.com's FREE daily email newsletter.