Herman Miller (MLHR) Cut to Strong Sell at BidaskClub

BidaskClub lowered shares of Herman Miller (NASDAQ:MLHR) from a sell rating to a strong sell rating in a research note released on Friday morning.

Separately, ValuEngine downgraded shares of Herman Miller from a buy rating to a hold rating in a research report on Friday, August 3rd.

Herman Miller stock opened at $37.35 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.17 and a current ratio of 1.56. Herman Miller has a 1 year low of $29.95 and a 1 year high of $41.85. The stock has a market capitalization of $2.21 billion, a PE ratio of 16.24 and a beta of 1.41.

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, topping 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 21.71%. The company had revenue of $618.00 million for the quarter, compared to the consensus estimate of $601.10 million. During the same period last year, the firm posted $0.64 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. research analysts expect that Herman Miller will post 2.7 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Saturday, September 1st will be given a $0.198 dividend. The ex-dividend date is Thursday, August 30th. This is an increase from Herman Miller’s previous quarterly dividend of $0.18. This represents a $0.79 annualized dividend and a yield of 2.12%. Herman Miller’s dividend payout ratio (DPR) is currently 34.35%.

In related news, EVP Jeremy J. Hocking sold 1,789 shares of Herman Miller stock in a transaction dated Thursday, July 19th. The shares were sold at an average price of $38.10, for a total value of $68,160.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Brian C. Walker sold 18,000 shares of Herman Miller stock in a transaction dated Friday, July 6th. The shares were sold at an average price of $38.49, for a total transaction of $692,820.00. Following the completion of the sale, the chief executive officer now owns 2,701 shares in the company, valued at $103,961.49. The disclosure for this sale can be found here. Over the last quarter, insiders sold 268,807 shares of company stock worth $10,258,904. 1.05% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA lifted its position in Herman Miller by 14.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 537,119 shares of the business services provider’s stock valued at $18,209,000 after purchasing an additional 69,497 shares during the last quarter. Alps Advisors Inc. acquired a new position in Herman Miller during the 2nd quarter valued at about $629,000. BNP Paribas Arbitrage SA increased its stake in Herman Miller by 306.4% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 87,734 shares of the business services provider’s stock valued at $2,974,000 after buying an additional 66,146 shares during the period. Quantbot Technologies LP acquired a new position in Herman Miller during the 1st quarter valued at about $121,000. Finally, NN Investment Partners Holdings N.V. acquired a new position in Herman Miller during the 2nd quarter valued at about $2,138,000. Hedge funds and other institutional investors own 85.39% 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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