Herman Miller (NASDAQ:MLHR) Sees Unusually-High Trading Volume Following Analyst Upgrade

Herman Miller, Inc. (NASDAQ:MLHR) shares saw unusually-high trading volume on Friday after Raymond James raised their price target on the stock from $41.00 to $48.00. Raymond James currently has an outperform rating on the stock. Approximately 24,851 shares changed hands during mid-day trading, a decline of 92% from the previous session’s volume of 324,256 shares.The stock last traded at $44.93 and had previously closed at $44.09.

Several other equities research analysts also recently commented on the stock. Zacks Investment Research downgraded shares of Herman Miller from a “buy” rating to a “hold” rating in a research note on Thursday, March 14th. BidaskClub upgraded shares of Herman Miller from a “sell” rating to a “hold” rating in a research note on Saturday, April 13th. Sidoti downgraded shares of Herman Miller from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 1st. They noted that the move was a valuation call. Finally, ValuEngine upgraded shares of Herman Miller from a “hold” rating to a “buy” rating in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $43.50.

In other news, insider Gregory J. Bylsma sold 5,236 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $38.99, for a total value of $204,151.64. Following the sale, the insider now owns 31,898 shares in the company, valued at approximately $1,243,703.02. 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 3,108 shares of the business’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $39.32, for a total transaction of $122,206.56. Following the completion of the sale, the senior vice president now owns 9,557 shares in the company, valued at approximately $375,781.24. The disclosure for this sale can be found here. 1.05% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the stock. Meritage Portfolio Management raised its holdings in shares of Herman Miller by 0.4% in the first quarter. Meritage Portfolio Management now owns 110,475 shares of the business services provider’s stock valued at $3,887,000 after buying an additional 420 shares during the last quarter. Advisor Group Inc. raised its holdings in shares of Herman Miller by 61.2% in the fourth quarter. Advisor Group Inc. now owns 1,314 shares of the business services provider’s stock valued at $40,000 after buying an additional 499 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Herman Miller by 9.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 7,485 shares of the business services provider’s stock valued at $226,000 after buying an additional 663 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Herman Miller by 4.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 15,096 shares of the business services provider’s stock valued at $457,000 after buying an additional 707 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. raised its holdings in shares of Herman Miller by 1.4% in the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 52,321 shares of the business services provider’s stock valued at $1,583,000 after buying an additional 730 shares during the last quarter. 81.21% of the stock is owned by institutional investors and hedge funds.

The company’s fifty day moving average price is $37.86. The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of 15.05 and a beta of 1.49.

Herman Miller (NASDAQ:MLHR) last released its quarterly earnings results on Wednesday, June 26th. The business services provider reported $0.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.10. Herman Miller had a return on equity of 25.46% and a net margin of 6.25%. The business had revenue of $671.00 million during the quarter, compared to analysts’ expectations of $657.23 million. During the same period in the previous year, the business posted $0.66 earnings per share. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities research analysts predict that Herman Miller, Inc. will post 3.25 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Saturday, June 1st will be issued a $0.1975 dividend. The ex-dividend date is Thursday, May 30th. This represents a $0.79 dividend on an annualized basis and a dividend yield of 1.77%. Herman Miller’s dividend payout ratio is 26.60%.

About Herman Miller (NASDAQ:MLHR)

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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