Connor Clark & Lunn Investment Management Ltd. bought a new stake in Herman Miller, Inc. (NASDAQ:MLHR) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,775 shares of the business services provider’s stock, valued at approximately $258,000.
A number of other institutional investors have also added to or reduced their stakes in MLHR. Penserra Capital Management LLC acquired a new position in Herman Miller in the first quarter valued at approximately $27,000. Bremer Bank National Association acquired a new position in shares of Herman Miller during the first quarter worth approximately $44,000. Advisor Group Inc. raised its position in shares of Herman Miller by 32.4% during the second quarter. Advisor Group Inc. now owns 1,596 shares of the business services provider’s stock worth $71,000 after purchasing an additional 391 shares during the period. Robeco Institutional Asset Management B.V. acquired a new position in shares of Herman Miller during the second quarter worth approximately $79,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Herman Miller during the second quarter worth approximately $95,000. Hedge funds and other institutional investors own 81.17% of the company’s stock.
NASDAQ:MLHR traded up $0.34 during trading on Friday, reaching $44.58. The company’s stock had a trading volume of 38,085 shares, compared to its average volume of 331,851. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of 15.01 and a beta of 1.66. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.07 and a current ratio of 1.48. The firm has a 50 day moving average of $43.19 and a 200-day moving average of $39.65. Herman Miller, Inc. has a 12 month low of $28.66 and a 12 month high of $46.29.
Herman Miller (NASDAQ:MLHR) last posted its quarterly earnings results on Wednesday, June 26th. The business services provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.10. The company had revenue of $671.00 million during the quarter, compared to the consensus estimate of $657.23 million. Herman Miller had a return on equity of 25.20% and a net margin of 6.25%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.66 EPS. Equities research analysts forecast that Herman Miller, Inc. will post 3.32 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Saturday, August 31st will be issued a dividend of $0.21 per share. This is a boost from Herman Miller’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.84 dividend on an annualized basis and a yield of 1.88%. Herman Miller’s dividend payout ratio is 28.28%.
In other news, insider Bruce Benedict Watson sold 33,133 shares of Herman Miller stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $44.38, for a total value of $1,470,442.54. Following the sale, the insider now directly owns 28,140 shares in the company, valued at approximately $1,248,853.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Jeffrey L. Kurburski sold 3,442 shares of Herman Miller stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $45.52, for a total value of $156,679.84. Following the sale, the senior vice president now owns 4,109 shares in the company, valued at $187,041.68. The disclosure for this sale can be found here. Insiders have sold a total of 96,601 shares of company stock worth $4,329,094 in the last three months. 0.91% of the stock is currently owned by insiders.
MLHR has been the topic of a number of research reports. BidaskClub raised Herman Miller from a “sell” rating to a “hold” rating in a research report on Tuesday. Zacks Investment Research lowered Herman Miller from a “buy” rating to a “hold” rating in a research report on Tuesday, September 3rd. Raymond James increased their price target on Herman Miller from $41.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, June 28th. Finally, ValuEngine lowered Herman Miller from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Herman Miller currently has an average rating of “Hold” and a consensus price target of $49.00.
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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