ValuEngine Downgrades Herman Miller (NASDAQ:MLHR) to Hold

Herman Miller (NASDAQ:MLHR) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, ValuEngine reports.

A number of other research analysts also recently issued reports on the stock. Zacks Investment Research upgraded shares of Herman Miller from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, July 2nd. Sidoti downgraded shares of Herman Miller from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 1st. They noted that the move was a valuation call. Raymond James boosted their price target on shares of Herman Miller from $41.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, June 28th. Finally, BidaskClub downgraded shares of Herman Miller from a “buy” rating to a “hold” rating in a research report on Saturday, June 1st. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $49.00.

NASDAQ:MLHR traded down $0.87 during mid-day trading on Thursday, hitting $43.65. 397,058 shares of the company’s stock were exchanged, compared to its average volume of 344,548. The stock’s 50 day moving average is $43.03. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.48 and a quick ratio of 1.07. Herman Miller has a fifty-two week low of $28.66 and a fifty-two week high of $46.29. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 14.70 and a beta of 1.63.

Herman Miller (NASDAQ:MLHR) last posted its earnings results on Wednesday, June 26th. The business services provider reported $0.88 EPS for the quarter, topping the consensus estimate of $0.78 by $0.10. Herman Miller had a net margin of 6.25% and a return on equity of 25.20%. The business had revenue of $671.00 million for the quarter, compared to the consensus estimate of $657.23 million. During the same period last year, the company earned $0.66 EPS. The firm’s revenue was up 8.6% compared to the same quarter last year. On average, analysts forecast that Herman Miller will post 3.32 earnings per share for the current year.

In other news, insider Gregory J. Bylsma sold 10,717 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $44.19, for a total value of $473,584.23. Following the transaction, the insider now owns 21,181 shares in the company, valued at approximately $935,988.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jeffrey L. Kurburski sold 14,222 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $45.05, for a total transaction of $640,701.10. Following the completion of the transaction, the senior vice president now owns 9,557 shares in the company, valued at approximately $430,542.85. The disclosure for this sale can be found here. Insiders sold a total of 63,468 shares of company stock worth $2,858,652 in the last 90 days. Corporate insiders own 1.05% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. First Hawaiian Bank acquired a new position in shares of Herman Miller during the 1st quarter valued at $309,000. Squarepoint Ops LLC increased its stake in Herman Miller by 33.9% in the fourth quarter. Squarepoint Ops LLC now owns 21,479 shares of the business services provider’s stock valued at $650,000 after purchasing an additional 5,440 shares in the last quarter. Foundry Partners LLC increased its stake in Herman Miller by 9.0% in the first quarter. Foundry Partners LLC now owns 182,114 shares of the business services provider’s stock valued at $6,407,000 after purchasing an additional 15,002 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Herman Miller by 7.3% during the fourth quarter. Geode Capital Management LLC now owns 887,738 shares of the business services provider’s stock valued at $26,853,000 after purchasing an additional 60,758 shares during the period. Finally, FMR LLC raised its holdings in shares of Herman Miller by 18.2% during the fourth quarter. FMR LLC now owns 80,451 shares of the business services provider’s stock valued at $2,434,000 after purchasing an additional 12,370 shares during the period. Institutional investors own 81.21% 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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