Herman Miller (MLHR) Shares Gap Up to $34.45

Herman Miller, Inc. (NASDAQ:MLHR) gapped up before the market opened on Wednesday . The stock had previously closed at $30.65, but opened at $34.45. Herman Miller shares last traded at $38.10, with a volume of 2191699 shares.

A number of equities research analysts recently issued reports on the company. BidaskClub lowered Herman Miller from a “buy” rating to a “hold” rating in a research note on Tuesday, June 26th. ValuEngine raised Herman Miller from a “hold” rating to a “buy” rating in a research note on Wednesday.

The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $2.05 billion, a P/E ratio of 16.57 and a beta of 1.40.

Herman Miller (NASDAQ:MLHR) last posted its quarterly earnings results on Monday, July 2nd. The business services provider reported $0.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.08. Herman Miller had a net margin of 5.38% and a return on equity of 21.99%. The company had revenue of $618.00 million during the quarter, compared to the consensus estimate of $601.10 million. During the same period last year, the firm earned $0.64 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. analysts forecast that Herman Miller, Inc. will post 2.59 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Sunday, July 15th. Stockholders of record on Saturday, June 2nd will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, May 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.89%. Herman Miller’s payout ratio is 31.30%.

In other news, insider Gregory J. Bylsma sold 17,907 shares of Herman Miller stock in a transaction that occurred on Friday, May 4th. The shares were sold at an average price of $32.23, for a total transaction of $577,142.61. Following the completion of the sale, the insider now directly owns 60,441 shares in the company, valued at approximately $1,948,013.43. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.91% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of MLHR. Millennium Management LLC lifted its position in shares of Herman Miller by 96.5% during the 4th quarter. Millennium Management LLC now owns 506,581 shares of the business services provider’s stock valued at $20,289,000 after acquiring an additional 248,806 shares during the period. BlackRock Inc. lifted its position in shares of Herman Miller by 3.2% during the 4th quarter. BlackRock Inc. now owns 6,323,198 shares of the business services provider’s stock valued at $253,243,000 after acquiring an additional 195,666 shares during the period. LSV Asset Management lifted its position in shares of Herman Miller by 7.7% during the 1st quarter. LSV Asset Management now owns 2,521,607 shares of the business services provider’s stock valued at $80,565,000 after acquiring an additional 180,450 shares during the period. Ancora Advisors LLC acquired a new stake in shares of Herman Miller during the 1st quarter valued at approximately $5,248,000. Finally, Guggenheim Capital LLC lifted its position in shares of Herman Miller by 305.5% during the 4th quarter. Guggenheim Capital LLC now owns 213,203 shares of the business services provider’s stock valued at $8,541,000 after acquiring an additional 160,623 shares during the period. Institutional investors own 81.81% 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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