Herman Miller (MLHR) Cut to “Strong Sell” at BidaskClub

BidaskClub downgraded shares of Herman Miller (NASDAQ:MLHR) from a sell rating to a strong sell rating in a research report released on Friday.

Separately, ValuEngine lowered shares of Herman Miller from a buy rating to a hold rating in a research report on Friday, August 3rd.

Shares of MLHR stock traded down $0.05 during trading hours on Friday, reaching $37.35. The stock had a trading volume of 291,658 shares, compared to its average volume of 280,790. The company has a current ratio of 1.56, a quick ratio of 1.17 and a debt-to-equity ratio of 0.41. Herman Miller has a 12 month low of $29.95 and a 12 month high of $41.85. The firm has a market capitalization of $2.21 billion, a P/E ratio of 16.24 and a beta of 1.41.

Herman Miller (NASDAQ:MLHR) last released its quarterly earnings data on Monday, July 2nd. The business services provider reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.08. Herman Miller had a net margin of 5.38% and a return on equity of 21.71%. The company had revenue of $618.00 million during the quarter, compared to analyst estimates of $601.10 million. During the same period last year, the business earned $0.64 earnings per share. Herman Miller’s revenue was up 7.1% compared to the same quarter last year. sell-side analysts predict that Herman Miller will post 2.7 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Saturday, September 1st will be paid a $0.198 dividend. This is an increase from Herman Miller’s previous quarterly dividend of $0.18. This represents a $0.79 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Thursday, August 30th. Herman Miller’s dividend payout ratio (DPR) is currently 34.35%.

In related news, CEO Brian C. Walker sold 18,000 shares of the firm’s stock in a transaction that occurred on Friday, July 6th. The shares were sold at an average price of $38.49, for a total value of $692,820.00. Following the sale, the chief executive officer now directly owns 2,701 shares of the company’s stock, valued at $103,961.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Kevin J. Veltman sold 2,211 shares of the firm’s stock in a transaction that occurred on Friday, July 27th. The shares were sold at an average price of $37.67, for a total transaction of $83,288.37. The disclosure for this sale can be found here. Insiders sold 268,807 shares of company stock worth $10,258,904 over the last ninety days. 1.05% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of the business. Mutual of America Capital Management LLC raised its stake in shares of Herman Miller by 2.8% during the second quarter. Mutual of America Capital Management LLC now owns 51,194 shares of the business services provider’s stock worth $1,735,000 after acquiring an additional 1,390 shares in the last quarter. NumerixS Investment Technologies Inc raised its stake in shares of Herman Miller by 17.1% during the second quarter. NumerixS Investment Technologies Inc now owns 9,600 shares of the business services provider’s stock worth $325,000 after acquiring an additional 1,400 shares in the last quarter. Vident Investment Advisory LLC raised its stake in shares of Herman Miller by 1.9% during the second quarter. Vident Investment Advisory LLC now owns 100,275 shares of the business services provider’s stock worth $3,399,000 after acquiring an additional 1,853 shares in the last quarter. MetLife Investment Advisors LLC raised its stake in shares of Herman Miller by 3.2% during the second quarter. MetLife Investment Advisors LLC now owns 64,724 shares of the business services provider’s stock worth $2,194,000 after acquiring an additional 1,989 shares in the last quarter. Finally, Strs Ohio raised its stake in shares of Herman Miller by 7.6% during the second quarter. Strs Ohio now owns 35,500 shares of the business services provider’s stock worth $1,203,000 after acquiring an additional 2,500 shares in the last quarter. 85.39% of the stock is currently owned by hedge funds and other institutional investors.

About Herman Miller

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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