BidaskClub downgraded shares of Herman Miller (NASDAQ:MLHR) from a sell rating to a strong sell rating in a research note published on Friday.

Separately, ValuEngine downgraded Herman Miller from a buy rating to a hold rating in a research report on Friday, August 3rd.

Shares of MLHR stock opened at $37.05 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.17 and a debt-to-equity ratio of 0.41. Herman Miller has a 52-week low of $29.95 and a 52-week high of $41.85. The firm has a market capitalization of $2.21 billion, a P/E ratio of 16.17 and a beta of 1.41.

Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings data on Monday, July 2nd. The business services provider reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.08. Herman Miller had a return on equity of 21.71% and a net margin of 5.38%. The company had revenue of $618.00 million for the quarter, compared to the consensus estimate of $601.10 million. During the same quarter last year, the business posted $0.64 earnings per share. The firm’s revenue was up 7.1% compared to the same quarter last year. analysts predict that Herman Miller will post 2.7 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Saturday, September 1st will be paid a $0.198 dividend. This represents a $0.79 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date is Thursday, August 30th. This is a boost from Herman Miller’s previous quarterly dividend of $0.18. Herman Miller’s dividend payout ratio is currently 34.35%.

In related news, CEO Brian C. Walker sold 30,362 shares of the stock in a transaction on Friday, July 13th. The stock was sold at an average price of $38.77, for a total value of $1,177,134.74. Following the transaction, the chief executive officer now owns 34,406 shares of the company’s stock, valued at $1,333,920.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Brian C. Walker sold 18,000 shares of the stock in a transaction on Friday, July 6th. The shares were sold at an average price of $38.49, for a total value of $692,820.00. Following the completion of the transaction, the chief executive officer now directly owns 2,701 shares in the company, valued at approximately $103,961.49. The disclosure for this sale can be found here. In the last three months, insiders sold 268,807 shares of company stock worth $10,258,904. 1.05% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MLHR. Quantbot Technologies LP bought a new position in Herman Miller in the first quarter valued at $121,000. First Quadrant L P CA increased its stake in Herman Miller by 1,965.7% in the second quarter. First Quadrant L P CA now owns 3,677 shares of the business services provider’s stock valued at $125,000 after acquiring an additional 3,499 shares during the last quarter. BerganKDV Wealth Management LLC bought a new position in shares of Herman Miller during the second quarter valued at about $181,000. Tower Research Capital LLC TRC grew its stake in shares of Herman Miller by 183.7% during the second quarter. Tower Research Capital LLC TRC now owns 5,435 shares of the business services provider’s stock valued at $184,000 after buying an additional 3,519 shares during the last quarter. Finally, Itau Unibanco Holding S.A. bought a new position in shares of Herman Miller during the second quarter valued at about $215,000. 85.39% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: Intrinsic Value and Stock Selection

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