Herman Miller (MLHR) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Herman Miller (NASDAQ:MLHR) from a buy rating to a hold rating in a research note issued to investors on Saturday.

According to Zacks, “Herman Miller, Inc., is a major American manufacturer of office furniture, equipment and home furnishings. Herman Miller works for a better world by designing and developing award-winning furniture and related services and technologies that improve environment, whether it’s an office, hospital, school, home, an entire building, or the world at large. 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. “

Several other equities research analysts have also recently commented on MLHR. ValuEngine cut Herman Miller from a buy rating to a hold rating in a research note on Thursday, November 9th. BidaskClub cut Herman Miller from a hold rating to a sell rating in a research note on Thursday, December 7th. Finally, Raymond James Financial raised Herman Miller from a market perform rating to an outperform rating and set a $43.00 target price for the company in a research note on Tuesday, December 26th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $41.67.

Shares of Herman Miller (MLHR) opened at $37.70 on Friday. Herman Miller has a one year low of $28.55 and a one year high of $41.85. The company has a market capitalization of $2,250.00, a P/E ratio of 18.57 and a beta of 1.34. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 1.33.

Herman Miller (NASDAQ:MLHR) last released its earnings results on Wednesday, December 20th. The business services provider reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. Herman Miller had a return on equity of 21.85% and a net margin of 5.36%. The business had revenue of $604.60 million during the quarter, compared to analysts’ expectations of $603.77 million. During the same quarter last year, the firm posted $0.54 earnings per share. The firm’s revenue was up 4.7% on a year-over-year basis. analysts forecast that Herman Miller will post 2.35 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, April 15th. Shareholders of record on Saturday, March 3rd will be paid a $0.18 dividend. The ex-dividend date is Thursday, March 1st. This represents a $0.72 dividend on an annualized basis and a yield of 1.91%. Herman Miller’s dividend payout ratio (DPR) is presently 35.47%.

In other Herman Miller news, VP Kevin J. Veltman sold 1,190 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $40.28, for a total value of $47,933.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Stephen C. Gane sold 8,601 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $41.00, for a total value of $352,641.00. Following the completion of the sale, the senior vice president now directly owns 11,366 shares of the company’s stock, valued at approximately $466,006. The disclosure for this sale can be found here. Insiders sold 65,580 shares of company stock valued at $2,533,019 in the last three months. Insiders own 1.91% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Crossmark Global Holdings Inc. acquired a new stake in Herman Miller in the fourth quarter valued at approximately $391,000. Victory Capital Management Inc. grew its stake in Herman Miller by 6.5% in the fourth quarter. Victory Capital Management Inc. now owns 23,985 shares of the business services provider’s stock valued at $961,000 after acquiring an additional 1,455 shares during the period. Ifrah Financial Services Inc. bought a new position in shares of Herman Miller in the fourth quarter valued at approximately $224,000. Parametrica Management Ltd bought a new position in shares of Herman Miller in the fourth quarter valued at approximately $705,000. Finally, LSV Asset Management lifted its holdings in shares of Herman Miller by 8.1% in the fourth quarter. LSV Asset Management now owns 2,341,157 shares of the business services provider’s stock valued at $93,763,000 after purchasing an additional 174,996 shares in the last quarter. 82.57% of the stock is owned by hedge funds and other institutional investors.

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Herman Miller Company Profile

Herman Miller, Inc is engaged in the research, design, manufacture, sale and distribution of office furniture systems, seating products, home furnishings and related services, among others. The Company’s segments include North American Furniture Solutions, which includes the design, manufacture and sale of furniture products for work-related settings, including office, education and healthcare environments, across the United States and Canada; EMEA, Latin America, and Asia Pacific (ELA) Furniture Solutions, which includes the operations associated with the design, manufacture, and sale of furniture products, primarily for work-related settings, in the Europe, Middle East and Africa (EMEA), Latin America and Asia-Pacific geographic regions, among others; Specialty segment, which includes the design, manufacture and sale of furniture products and textiles, and Consumer segment, which includes the sale of modern design furnishings and accessories to third-party retail distributors.

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