Herman Miller Inc. (MLHR) Trading Down 8.1%

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Herman Miller Inc. (NASDAQ:MLHR)’s share price was down 8.1% during mid-day trading on Tuesday . The company traded as low as $32.33 and last traded at $32.42, with a volume of 558,330 shares traded. The stock had previously closed at $35.26.
A number of equities analysts recently issued reports on MLHR shares. BB&T Corp. cut Herman Miller from a “buy” rating to a “hold” rating in a report on Friday, June 24th. They noted that the move was a valuation call. Zacks Investment Research cut Herman Miller from a “hold” rating to a “sell” rating in a report on Tuesday, June 28th.
The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of 14.23 and a beta of 1.41. The company has a 50 day moving average of $34.57 and a 200 day moving average of $31.66.

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Herman Miller (NASDAQ:MLHR) last announced its earnings results on Wednesday, June 22nd. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.52 by $0.04. The business had revenue of $582.60 million for the quarter, compared to the consensus estimate of $568.55 million. Herman Miller had a return on equity of 26.76% and a net margin of 6.04%. Herman Miller’s revenue was up 5.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.47 EPS. Equities analysts expect that Herman Miller Inc. will post $2.31 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Saturday, September 3rd will be issued a $0.17 dividend. This is an increase from Herman Miller’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Wednesday, August 31st. Herman Miller’s payout ratio is presently 30.09%.
In other news, SVP Michael F. Ramirez sold 2,676 shares of the business’s stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $31.00, for a total value of $82,956.00. Following the transaction, the senior vice president now directly owns 13,580 shares of the company’s stock, valued at approximately $420,980. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Donald D. Goeman sold 8,361 shares of the business’s stock in a transaction that occurred on Tuesday, July 12th. The stock was sold at an average price of $31.50, for a total value of $263,371.50. The disclosure for this sale can be found here. 1.91% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new position in Herman Miller during the fourth quarter valued at about $20,053,000. Fox Run Management L.L.C. purchased a new position in Herman Miller during the first quarter valued at about $272,000. Glenmede Trust Co. NA increased its position in Herman Miller by 3.9% in the first quarter. Glenmede Trust Co. NA now owns 1,052,671 shares of the company’s stock valued at $32,516,000 after buying an additional 39,639 shares in the last quarter. Virginia Retirement System purchased a new position in Herman Miller during the first quarter valued at about $1,449,000. Finally, Parametrica Management Ltd purchased a new position in Herman Miller during the first quarter valued at about $468,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.
Herman Miller Company Profile
Herman Miller, Inc, researches, designs, manufactures, and distributes interior furnishings, for use in various environments including office, healthcare, educational, and residential settings, and provides related services that support organizations and individuals all over the world. It operates in three segments: North American Furniture Solutions, which includes the operations associated with the design, manufacture, and sale of furniture products for work-related settings, including office, education, and healthcare environments, throughout the United States and Canada; ELA Furniture Solutions, which includes EMEA, Latin America, and Asia-Pacific.

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