Meeder Asset Management Inc. lessened its holdings in Herman Miller, Inc. (NASDAQ:MLHR) by 39.5% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 22,732 shares of the business services provider’s stock after selling 14,811 shares during the quarter. Meeder Asset Management Inc.’s holdings in Herman Miller were worth $1,048,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also made changes to their positions in MLHR. AQR Capital Management LLC raised its stake in Herman Miller by 26.5% in the second quarter. AQR Capital Management LLC now owns 1,245,464 shares of the business services provider’s stock valued at $55,672,000 after buying an additional 260,917 shares during the last quarter. Northern Trust Corp raised its stake in shares of Herman Miller by 0.5% in the second quarter. Northern Trust Corp now owns 965,130 shares of the business services provider’s stock worth $43,142,000 after purchasing an additional 4,718 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Herman Miller by 3.0% in the second quarter. Bank of New York Mellon Corp now owns 930,725 shares of the business services provider’s stock worth $41,604,000 after purchasing an additional 27,008 shares during the last quarter. Prudential Financial Inc. raised its stake in shares of Herman Miller by 6.7% in the second quarter. Prudential Financial Inc. now owns 850,109 shares of the business services provider’s stock worth $38,000,000 after purchasing an additional 53,260 shares during the last quarter. Finally, APG Asset Management N.V. raised its stake in shares of Herman Miller by 124.4% in the second quarter. APG Asset Management N.V. now owns 511,000 shares of the business services provider’s stock worth $20,058,000 after purchasing an additional 283,300 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.
Shares of MLHR stock traded up $0.19 on Friday, hitting $47.77. The stock had a trading volume of 242,700 shares, compared to its average volume of 384,103. The company’s 50 day moving average price is $45.83 and its 200-day moving average price is $42.35. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.35 and a quick ratio of 0.97. The firm has a market capitalization of $2.79 billion, a P/E ratio of 16.08 and a beta of 1.67. Herman Miller, Inc. has a 1 year low of $28.66 and a 1 year high of $49.40.
Herman Miller (NASDAQ:MLHR) last issued its earnings results on Wednesday, September 18th. The business services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.06. The business had revenue of $670.90 million during the quarter, compared to the consensus estimate of $661.80 million. Herman Miller had a return on equity of 25.80% and a net margin of 6.62%. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.69 EPS. On average, equities analysts forecast that Herman Miller, Inc. will post 3.41 EPS for the current year.
Several research firms recently commented on MLHR. Sidoti raised their target price on Herman Miller from $43.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. BidaskClub raised Herman Miller from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th. Raymond James lowered Herman Miller from an “outperform” rating to a “market perform” rating in a report on Monday, October 7th. Zacks Investment Research raised Herman Miller from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a report on Tuesday, September 24th. Finally, ValuEngine lowered Herman Miller from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $48.00.
In other news, insider Gregory J. Bylsma sold 13,288 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $46.17, for a total transaction of $613,506.96. Following the sale, the insider now owns 15,515 shares in the company, valued at $716,327.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.91% of the stock is currently owned by corporate insiders.
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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