BidaskClub upgraded shares of Herman Miller (NASDAQ:MLHR) from a sell rating to a hold rating in a report issued on Friday.
A number of other research analysts have also issued reports on MLHR. Zacks Investment Research upgraded shares of Herman Miller from a hold rating to a buy rating and set a $44.00 price target on the stock in a research note on Tuesday, September 25th. Raymond James cut their price target 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.
Shares of Herman Miller stock opened at $33.19 on Friday. The company has a current ratio of 1.41, a quick ratio of 0.99 and a debt-to-equity ratio of 0.41. Herman Miller has a 12-month low of $28.66 and a 12-month high of $41.85. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 14.43 and a beta of 1.42.
Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings results on Wednesday, December 19th. The business services provider reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of $652.60 million for the quarter, compared to analyst estimates of $645.67 million. During the same quarter in the prior year, the business posted $0.57 EPS. Herman Miller’s revenue for the quarter was up 7.9% compared to the same quarter last year. Research analysts forecast that Herman Miller will post 2.73 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Saturday, December 1st will be paid a dividend of $0.1975 per share. The ex-dividend date is Thursday, November 29th. This represents a $0.79 dividend on an annualized basis and a yield of 2.38%. Herman Miller’s payout ratio is 34.35%.
A number of institutional investors have recently modified their holdings of MLHR. First Trust Advisors LP increased its stake in Herman Miller by 24.9% during the 2nd quarter. First Trust Advisors LP now owns 50,151 shares of the business services provider’s stock valued at $1,700,000 after purchasing an additional 9,999 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of Herman Miller by 11.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 497,784 shares of the business services provider’s stock valued at $16,875,000 after acquiring an additional 51,084 shares during the last quarter. BlackRock Inc. boosted its holdings 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 valued at $235,074,000 after acquiring an additional 364,047 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Herman Miller by 8.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,830,749 shares of the business services provider’s stock valued at $62,063,000 after acquiring an additional 143,622 shares during the last quarter. Finally, FMR LLC purchased a new stake in shares of Herman Miller in the 2nd quarter valued at $1,920,000. Institutional investors and hedge funds own 82.05% of the company’s stock.
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.
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