Schwab Charles Investment Management Inc. lifted its stake in Herman Miller, Inc. (NASDAQ:MLHR) by 11.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 497,784 shares of the business services provider’s stock after purchasing an additional 51,084 shares during the quarter. Schwab Charles Investment Management Inc. owned about 0.83% of Herman Miller worth $16,875,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Quantbot Technologies LP purchased a new position in Herman Miller in the 1st quarter worth approximately $121,000. First Quadrant L P CA raised its holdings in Herman Miller by 1,965.7% in the 2nd quarter. First Quadrant L P CA now owns 3,677 shares of the business services provider’s stock worth $125,000 after acquiring an additional 3,499 shares during the last quarter. BerganKDV Wealth Management LLC purchased a new position in Herman Miller in the 2nd quarter worth approximately $181,000. First Citizens Bank & Trust Co. purchased a new position in Herman Miller in the 2nd quarter worth approximately $217,000. Finally, Neuberger Berman Group LLC raised its holdings in Herman Miller by 81.9% in the 1st quarter. Neuberger Berman Group LLC now owns 10,335 shares of the business services provider’s stock worth $330,000 after acquiring an additional 4,653 shares during the last quarter. 85.39% of the stock is currently owned by hedge funds and other institutional investors.
MLHR has been the subject of a number of recent analyst reports. BidaskClub lowered shares of Herman Miller from a “hold” rating to a “sell” rating in a report on Saturday, August 18th. ValuEngine upgraded shares of Herman Miller from a “hold” rating to a “buy” rating in a report on Wednesday, July 4th.
Herman Miller (NASDAQ:MLHR) last announced its earnings results on Monday, July 2nd. The business services provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.08. The business had revenue of $618.00 million during the quarter, compared to analyst estimates of $601.10 million. Herman Miller had a net margin of 5.38% and a return on equity of 21.71%. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.64 EPS. sell-side analysts expect that Herman Miller, Inc. will post 2.7 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Saturday, September 1st will be paid a dividend of $0.198 per share. The ex-dividend date of this dividend is Thursday, August 30th. This is a positive change 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%. Herman Miller’s payout ratio is currently 34.35%.
In other Herman Miller news, VP Kevin J. Veltman sold 2,211 shares of the business’s stock in a transaction on Friday, July 27th. The shares were sold at an average price of $37.67, for a total transaction of $83,288.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian C. Walker sold 18,000 shares of the business’s stock in a transaction on Friday, July 6th. The shares were sold at an average price of $38.49, for a total transaction of $692,820.00. Following the sale, the chief executive officer now owns 2,701 shares of the company’s stock, valued at $103,961.49. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 268,807 shares of company stock valued at $10,258,904. Company insiders own 1.05% of the company’s stock.
Herman Miller Profile
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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