Louisiana State Employees Retirement System boosted its position in Herman Miller, Inc. (NASDAQ:MLHR) by 3.3% during the second quarter, Holdings Channel reports. The fund owned 15,600 shares of the business services provider’s stock after buying an additional 500 shares during the period. Louisiana State Employees Retirement System’s holdings in Herman Miller were worth $474,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. increased its stake in Herman Miller by 22,901.9% in the first quarter. BlackRock Inc. now owns 6,090,451 shares of the business services provider’s stock worth $192,154,000 after buying an additional 6,063,973 shares during the last quarter. Vanguard Group Inc. increased its stake in Herman Miller by 1.4% in the first quarter. Vanguard Group Inc. now owns 5,693,634 shares of the business services provider’s stock worth $179,635,000 after buying an additional 79,322 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Herman Miller by 9.8% in the first quarter. JPMorgan Chase & Co. now owns 2,733,007 shares of the business services provider’s stock worth $86,227,000 after buying an additional 244,532 shares during the last quarter. State Street Corp increased its stake in Herman Miller by 0.8% in the first quarter. State Street Corp now owns 1,969,526 shares of the business services provider’s stock worth $62,139,000 after buying an additional 15,704 shares during the last quarter. Finally, LSV Asset Management increased its stake in Herman Miller by 16.6% in the first quarter. LSV Asset Management now owns 1,642,708 shares of the business services provider’s stock worth $51,827,000 after buying an additional 234,133 shares during the last quarter. Institutional investors own 84.67% of the company’s stock.
Herman Miller, Inc. (NASDAQ MLHR) traded up 0.61% during mid-day trading on Friday, reaching $32.80. The company’s stock had a trading volume of 401,428 shares. Herman Miller, Inc. has a 52 week low of $26.99 and a 52 week high of $36.46. The firm has a market capitalization of $1.96 billion, a P/E ratio of 16.00 and a beta of 1.45. The firm’s 50 day moving average price is $32.81 and its 200 day moving average price is $31.79.
Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings results on Wednesday, July 5th. The business services provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.09. Herman Miller had a return on equity of 22.94% and a net margin of 5.44%. The company had revenue of $577.20 million for the quarter, compared to analysts’ expectations of $583.53 million. During the same period last year, the firm earned $0.56 EPS. The firm’s revenue for the quarter was down .9% on a year-over-year basis. On average, analysts anticipate that Herman Miller, Inc. will post $2.27 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, October 15th. Stockholders of record on Saturday, September 2nd will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This is a boost from Herman Miller’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 2.20%. Herman Miller’s dividend payout ratio (DPR) is 33.17%.
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A number of analysts have commented on MLHR shares. Sidoti started coverage on Herman Miller in a research report on Tuesday, June 27th. They set a “buy” rating and a $38.00 target price on the stock. Zacks Investment Research downgraded Herman Miller from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $38.00.
In other news, insider Andrew J. Lock sold 22,491 shares of Herman Miller stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $33.48, for a total transaction of $752,998.68. Following the transaction, the insider now directly owns 24,354 shares in the company, valued at approximately $815,371.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Andrew J. Lock sold 19,247 shares of Herman Miller stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $33.47, for a total value of $644,197.09. Following the transaction, the insider now owns 24,354 shares in the company, valued at $815,128.38. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 109,535 shares of company stock worth $3,678,089. 1.91% of the stock is owned by insiders.
About Herman Miller
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