Sidoti Upgrades Herman Miller (NASDAQ:MLHR) to “Buy”

Herman Miller (NASDAQ:MLHR) was upgraded by analysts at Sidoti from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, The Fly reports. The firm presently has a $33.00 price objective on the business services provider’s stock. Sidoti’s price target would indicate a potential upside of 25.43% from the stock’s previous close.

A number of other research analysts have also recently commented on MLHR. Benchmark started coverage on Herman Miller in a report on Friday, May 22nd. They issued a “buy” rating on the stock. BidaskClub upgraded Herman Miller from a “sell” rating to a “hold” rating in a report on Saturday, June 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $42.00.

MLHR stock opened at $26.31 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.26 and a quick ratio of 0.86. The business has a 50 day simple moving average of $23.99 and a 200-day simple moving average of $30.60. The firm has a market capitalization of $1.46 billion, a PE ratio of 7.41 and a beta of 1.57. Herman Miller has a 1 year low of $14.39 and a 1 year high of $49.87.

Herman Miller (NASDAQ:MLHR) last posted its quarterly earnings results on Monday, June 29th. The business services provider reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.31. The business had revenue of $475.70 million during the quarter, compared to analyst estimates of $446.47 million. Herman Miller had a return on equity of 25.22% and a net margin of 7.86%. The business’s revenue was down 29.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.88 earnings per share.

In other news, Director Michael A. Volkema purchased 25,000 shares of the firm’s stock in a transaction on Thursday, May 7th. The shares were bought at an average cost of $21.94 per share, for a total transaction of $548,500.00. Following the completion of the purchase, the director now directly owns 100,000 shares of the company’s stock, valued at $2,194,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.05% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the business. FMR LLC increased its holdings in Herman Miller by 8.3% in the first quarter. FMR LLC now owns 87,137 shares of the business services provider’s stock valued at $3,066,000 after buying an additional 6,686 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Herman Miller by 19.2% during the 1st quarter. First Trust Advisors LP now owns 48,503 shares of the business services provider’s stock valued at $1,706,000 after buying an additional 7,804 shares during the period. Bank of Montreal Can grew its stake in shares of Herman Miller by 149.2% during the 4th quarter. Bank of Montreal Can now owns 150,111 shares of the business services provider’s stock valued at $6,252,000 after buying an additional 89,880 shares during the period. Duality Advisers LP purchased a new stake in shares of Herman Miller during the 4th quarter valued at $439,000. Finally, Vident Investment Advisory LLC purchased a new stake in shares of Herman Miller during the 4th quarter valued at $2,165,000. Institutional investors own 82.70% of the company’s stock.

Herman Miller Company Profile

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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