Herman Miller, Inc. (MLHR) Increases Dividend to $0.18 Per Share

Herman Miller, Inc. (NASDAQ:MLHR) announced a quarterly dividend on Monday, July 17th, Zacks reports. Investors of record on Saturday, September 2nd will be given a dividend of 0.18 per share by the business services provider on Sunday, October 15th. This represents a $0.72 annualized dividend and a yield of 2.12%. 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.

Herman Miller (NASDAQ MLHR) traded down 1.252% during midday trading on Tuesday, reaching $33.525. The company had a trading volume of 178,187 shares. The company has a market capitalization of $2.00 billion, a P/E ratio of 16.354 and a beta of 1.44. Herman Miller has a 1-year low of $26.99 and a 1-year high of $36.46. The firm has a 50-day moving average of $31.54 and a 200 day moving average of $31.76.

Herman Miller (NASDAQ:MLHR) last announced its earnings results on Wednesday, July 5th. The business services provider reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.09. The company had revenue of $577.20 million for the quarter, compared to analyst estimates of $583.53 million. Herman Miller had a return on equity of 22.94% and a net margin of 5.44%. The firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.56 EPS. On average, equities research analysts forecast that Herman Miller will post $2.30 EPS for the current year.

MLHR has been the topic of a number of research reports. Raymond James Financial, Inc. raised Herman Miller from an “underperform” rating to a “market perform” rating in a report on Thursday, March 23rd. Zacks Investment Research raised Herman Miller from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a report on Tuesday, March 28th. Sidoti initiated coverage on Herman Miller in a report on Tuesday, June 27th. They issued a “buy” rating and a $38.00 price objective on the stock. Finally, UBS AG raised Herman Miller from an “underperform” rating to a “market perform” rating in a report on Thursday, March 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $38.00.

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In other news, EVP Donald D. Goeman sold 10,011 shares of the company’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $33.85, for a total value of $338,872.35. Following the sale, the executive vice president now owns 12,973 shares in the company, valued at $439,136.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew J. Lock sold 22,491 shares of the company’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $33.48, for a total value of $752,998.68. Following the completion of the sale, the insider now owns 24,354 shares in the company, valued at approximately $815,371.92. The disclosure for this sale can be found here. Insiders sold 77,937 shares of company stock worth $2,593,119 over the last three months. Corporate insiders own 1.91% of the company’s stock.

About Herman Miller

Dividend History for Herman Miller (NASDAQ:MLHR)

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