Zacks Investment Research Lowers Herman Miller (MLHR) to Hold
Zacks Investment Research cut shares of Herman Miller (NASDAQ:MLHR) from a buy rating to a hold rating in a research note published on Thursday morning.
According to Zacks, “Herman Miller, Inc., is a major American manufacturer of office furniture, equipment and home furnishings. Herman Miller works for a better world by designing and developing award-winning furniture and related services and technologies that improve environment, whether it’s an office, hospital, school, home, an entire building, or the world at large. 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 brokerages have also recently weighed in on MLHR. BidaskClub upgraded shares of Herman Miller from a sell rating to a hold rating in a research note on Tuesday, February 5th. Raymond James lowered their price objective on shares of Herman Miller from $43.00 to $40.00 and set an outperform rating on the stock in a research note on Friday, December 21st.
Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings data on Wednesday, December 19th. The business services provider reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.03. Herman Miller had a net margin of 5.53% and a return on equity of 23.25%. The firm had revenue of $652.60 million for the quarter, compared to analysts’ expectations of $645.67 million. During the same quarter in the prior year, the business earned $0.57 EPS. The business’s quarterly revenue was up 7.9% on a year-over-year basis. As a group, analysts expect that Herman Miller will post 2.76 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Saturday, March 2nd will be issued a $0.1975 dividend. This represents a $0.79 annualized dividend and a yield of 2.22%. The ex-dividend date is Thursday, February 28th. Herman Miller’s dividend payout ratio is 34.35%.
In related news, Director Douglas D. French sold 3,800 shares of the stock in a transaction that occurred on Thursday, January 17th. The shares were sold at an average price of $33.06, for a total value of $125,628.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.05% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in MLHR. First Trust Advisors LP increased its holdings in Herman Miller by 6.8% in the 3rd quarter. First Trust Advisors LP now owns 53,570 shares of the business services provider’s stock worth $2,057,000 after acquiring an additional 3,419 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Herman Miller by 51.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 34,269 shares of the business services provider’s stock worth $1,316,000 after acquiring an additional 11,591 shares in the last quarter. State Board of Administration of Florida Retirement System increased its holdings in Herman Miller by 5.3% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 50,387 shares of the business services provider’s stock worth $1,935,000 after acquiring an additional 2,515 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its holdings in Herman Miller by 4.4% in the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 51,591 shares of the business services provider’s stock worth $1,981,000 after acquiring an additional 2,190 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC increased its holdings in Herman Miller by 235.2% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 6,822 shares of the business services provider’s stock worth $262,000 after acquiring an additional 4,787 shares in the last quarter. 80.78% of the stock is owned by institutional investors.
About Herman Miller
Herman Miller, Inc engages in the provision of furnishings and related technologies and services. It operates through the following segments: North American Furniture Solutions, ELA Furniture Solutions, Specialty, Consumer, and Corporate. The North American Furniture Solutions segment involves in the design, manufacture, and sale of furniture products for work-related settings such as office, education, and healthcare environments.
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