Herman Miller (NASDAQ:MLHR) Shares Up 5.8%

Herman Miller, Inc. (NASDAQ:MLHR)’s share price shot up 5.8% during trading on Thursday . The stock traded as high as $32.11 and last traded at $31.90. 1,074,263 shares traded hands during mid-day trading, an increase of 26% from the average session volume of 853,029 shares. The stock had previously closed at $30.16.

Several research firms have commented on MLHR. Sidoti boosted their target price on Herman Miller from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, September 17th. Benchmark boosted their price target on Herman Miller from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, September 18th. Finally, BidaskClub upgraded Herman Miller from a “hold” rating to a “buy” rating in a research note on Saturday, September 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Herman Miller currently has an average rating of “Hold” and an average price target of $45.00.

The company has a 50 day moving average price of $26.08 and a two-hundred day moving average price of $23.40. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.79 and a quick ratio of 1.40. The stock has a market cap of $1.88 billion, a PE ratio of -177.28 and a beta of 1.56.

Herman Miller (NASDAQ:MLHR) last posted its quarterly earnings results on Wednesday, September 16th. The business services provider reported $1.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.98. The firm had revenue of $626.80 million during the quarter, compared to analysts’ expectations of $529.05 million. Herman Miller had a positive return on equity of 19.90% and a negative net margin of 0.37%. The company’s revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.84 earnings per share.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Saturday, November 28th will be given a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Friday, November 27th.

In other news, Director Michael A. Volkema acquired 25,000 shares of Herman Miller stock in a transaction that occurred on Tuesday, July 7th. The stock was bought at an average price of $21.44 per share, for a total transaction of $536,000.00. Following the completion of the transaction, the director now owns 125,000 shares in the company, valued at $2,680,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.05% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. Two Sigma Advisers LP increased its position in Herman Miller by 6.9% during the second quarter. Two Sigma Advisers LP now owns 32,413 shares of the business services provider’s stock valued at $765,000 after acquiring an additional 2,100 shares during the last quarter. FinTrust Capital Advisors LLC purchased a new stake in Herman Miller in the second quarter worth about $45,000. Quadrature Capital Ltd purchased a new stake in Herman Miller in the second quarter worth about $694,000. FMR LLC increased its position in Herman Miller by 45.8% in the second quarter. FMR LLC now owns 94,092 shares of the business services provider’s stock worth $2,222,000 after buying an additional 29,570 shares in the last quarter. Finally, Zebra Capital Management LLC increased its position in Herman Miller by 7.0% in the second quarter. Zebra Capital Management LLC now owns 20,804 shares of the business services provider’s stock worth $491,000 after buying an additional 1,365 shares in the last quarter. Institutional investors own 80.71% of the company’s stock.

Herman Miller Company Profile (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.

See Also: Retained Earnings

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