Herman Miller (NASDAQ:MLHR) posted its quarterly earnings results on Wednesday. The business services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.78 by $0.06, Briefing.com reports. Herman Miller had a net margin of 6.62% and a return on equity of 26.15%. The company had revenue of $670.90 million for the quarter, compared to analyst estimates of $661.80 million. During the same period in the prior year, the company earned $0.69 earnings per share. The firm’s revenue was up 7.4% on a year-over-year basis. Herman Miller updated its Q2 2020 guidance to $0.85-0.89 EPS and its Q2 guidance to $0.85-0.89 EPS.
MLHR stock opened at $45.33 on Friday. The company’s 50-day simple moving average is $43.06 and its 200-day simple moving average is $39.96. The company has a quick ratio of 1.07, a current ratio of 1.48 and a debt-to-equity ratio of 0.39. Herman Miller has a 52-week low of $28.66 and a 52-week high of $49.40. The firm has a market cap of $2.63 billion, a P/E ratio of 15.26 and a beta of 1.66.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Saturday, August 31st will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.85%. This is a positive change from Herman Miller’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Thursday, August 29th. Herman Miller’s dividend payout ratio is presently 28.28%.
In other news, insider Bruce Benedict Watson sold 33,133 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $44.38, for a total transaction of $1,470,442.54. Following the sale, the insider now directly owns 28,140 shares of the company’s stock, valued at approximately $1,248,853.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Gregory J. Bylsma sold 10,717 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $44.19, for a total transaction of $473,584.23. Following the sale, the insider now directly owns 21,181 shares in the company, valued at $935,988.39. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,601 shares of company stock worth $4,329,094. Corporate insiders own 0.91% of the company’s stock.
Several research firms have commented on MLHR. Raymond James upped their price target on shares of Herman Miller from $41.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, June 28th. ValuEngine lowered shares of Herman Miller from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. BidaskClub raised shares of Herman Miller from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th. Zacks Investment Research lowered shares of Herman Miller from a “buy” rating to a “hold” rating in a report on Tuesday, September 3rd. Finally, Sidoti upped their price target on shares of Herman Miller from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Herman Miller has a consensus rating of “Hold” and an average price target of $47.67.
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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