Herman Miller (MLHR) Stock Rating Upgraded by Zacks Investment Research

Herman Miller (NASDAQ:MLHR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.

According to Zacks, “Herman Miller & Co. is engaged primarily in the design, manufacture, and sale of furniture systems and furniture, and related products and services, for offices, and, to a lesser extent, for health-care facilities and other uses. Through research, the company seeks to define and clarify customer needs and problems existing in its markets and to design, through innovation where feasible, products and systems as solutions to such problems. “

A number of other research firms have also weighed in on MLHR. ValuEngine lowered Herman Miller from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. BidaskClub upgraded Herman Miller from a “sell” rating to a “hold” rating in a report on Saturday, August 19th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $38.00.

Shares of Herman Miller (NASDAQ:MLHR) traded up $0.20 during midday trading on Tuesday, hitting $34.05. The company had a trading volume of 220,300 shares, compared to its average volume of 385,274. The company has a quick ratio of 0.86, a current ratio of 1.30 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $2,050.00, a price-to-earnings ratio of 15.82 and a beta of 1.48. Herman Miller has a 12-month low of $28.55 and a 12-month high of $37.00.

Herman Miller (NASDAQ:MLHR) last announced its quarterly earnings results on Thursday, September 21st. The business services provider reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. The firm had revenue of $580.30 million during the quarter, compared to analyst estimates of $578.27 million. Herman Miller had a return on equity of 22.02% and a net margin of 5.34%. Herman Miller’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 earnings per share. equities research analysts anticipate that Herman Miller will post 2.32 earnings per share for the current year.

In other news, SVP Stephen C. Gane sold 10,686 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $36.01, for a total transaction of $384,802.86. Following the transaction, the senior vice president now directly owns 21,985 shares of the company’s stock, valued at $791,679.85. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Brian C. Walker sold 14,000 shares of the company’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $34.80, for a total value of $487,200.00. Following the transaction, the chief executive officer now directly owns 160,979 shares in the company, valued at $5,602,069.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 85,789 shares of company stock worth $2,955,741. Insiders own 1.91% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Strs Ohio increased its position in shares of Herman Miller by 6.2% in the 2nd quarter. Strs Ohio now owns 13,700 shares of the business services provider’s stock valued at $416,000 after acquiring an additional 800 shares during the period. Prudential Financial Inc. increased its position in shares of Herman Miller by 20.8% in the 2nd quarter. Prudential Financial Inc. now owns 1,180,780 shares of the business services provider’s stock valued at $35,895,000 after acquiring an additional 202,970 shares during the period. Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Herman Miller in the 2nd quarter valued at $1,231,000. California Public Employees Retirement System increased its position in shares of Herman Miller by 8.5% in the 2nd quarter. California Public Employees Retirement System now owns 127,300 shares of the business services provider’s stock valued at $3,870,000 after acquiring an additional 10,000 shares during the period. Finally, First Trust Advisors LP increased its position in shares of Herman Miller by 8.8% in the 3rd quarter. First Trust Advisors LP now owns 56,032 shares of the business services provider’s stock valued at $2,012,000 after acquiring an additional 4,528 shares during the period. 82.40% of the stock is currently owned by institutional investors and hedge funds.

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