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. “
Separately, BB&T Corp. lowered Herman Miller from a buy rating to a hold rating in a research note on Friday, June 24th. They noted that the move was a valuation call.
Herman Miller (NASDAQ:MLHR) opened at 28.60 on Wednesday. Herman Miller has a 1-year low of $22.60 and a 1-year high of $36.46. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 12.43 and a beta of 1.46. The firm has a 50-day moving average price of $33.76 and a 200-day moving average price of $31.73.
Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings results on Wednesday, September 21st. The company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by $0.02. Herman Miller had a net margin of 6.07% and a return on equity of 26.03%. The business earned $598.60 million during the quarter. During the same quarter last year, the firm posted $0.56 EPS. The business’s revenue was up 5.9% on a year-over-year basis. On average, analysts expect that Herman Miller will post $2.18 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Saturday, September 3rd will be given a dividend of $0.17 per share. The ex-dividend date is Wednesday, August 31st. This represents a $0.68 dividend on an annualized basis and a yield of 2.38%. This is a positive change from Herman Miller’s previous quarterly dividend of $0.15. Herman Miller’s payout ratio is currently 29.57%.
In related news, SVP Michael F. Ramirez sold 2,676 shares of the business’s stock in a transaction on Friday, July 8th. The stock was sold at an average price of $31.00, for a total transaction of $82,956.00. Following the sale, the senior vice president now owns 13,580 shares in the company, valued at approximately $420,980. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Stephen C. Gane sold 5,936 shares of the business’s stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $32.25, for a total value of $191,436.00. Following the sale, the senior vice president now owns 22,047 shares in the company, valued at approximately $711,015.75. The disclosure for this sale can be found here. Corporate insiders own 1.91% of the company’s stock.
Large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Herman Miller by 5.3% in the second quarter. Vanguard Group Inc. now owns 5,406,011 shares of the company’s stock worth $161,584,000 after buying an additional 270,797 shares in the last quarter. BlackRock Fund Advisors raised its stake in shares of Herman Miller by 2.7% in the second quarter. BlackRock Fund Advisors now owns 2,982,990 shares of the company’s stock worth $89,162,000 after buying an additional 77,517 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Herman Miller by 4.1% in the second quarter. JPMorgan Chase & Co. now owns 2,125,319 shares of the company’s stock worth $63,526,000 after buying an additional 83,978 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Herman Miller by 2.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,115,078 shares of the company’s stock worth $63,220,000 after buying an additional 60,221 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Herman Miller by 1.3% in the second quarter. State Street Corp now owns 2,009,901 shares of the company’s stock worth $60,074,000 after buying an additional 25,746 shares in the last quarter. Institutional investors and hedge funds own 81.15% of the company’s stock.
About Herman Miller
Herman Miller, Inc, researches, designs, manufactures, and distributes interior furnishings, for use in various environments including office, healthcare, educational, and residential settings, and provides related services that support organizations and individuals all over the world. It operates in three segments: North American Furniture Solutions, which includes the operations associated with the design, manufacture, and sale of furniture products for work-related settings, including office, education, and healthcare environments, throughout the United States and Canada; ELA Furniture Solutions, which includes EMEA, Latin America, and Asia-Pacific.
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