Herman Miller Inc. (MLHR) Issues Q2 Earnings Guidance
Herman Miller Inc. (NASDAQ:MLHR) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.52-0.56 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.59. The company issued revenue guidance of $580-600 million, compared to the consensus revenue estimate of $601.10 million.
Several analysts recently weighed in on the stock. Zacks Investment Research cut shares of Herman Miller from a hold rating to a sell rating in a report on Tuesday, June 28th. BB&T Corp. cut shares of Herman Miller from a buy rating to a hold rating in a report on Friday, June 24th. They noted that the move was a valuation call.
Herman Miller Inc. (NASDAQ:MLHR) remained flat at $32.15 during mid-day trading on Wednesday. 830,367 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $34.56 and a 200 day moving average of $31.69. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 14.23 and a beta of 1.41. Herman Miller Inc. has a 52 week low of $22.60 and a 52 week high of $36.46.
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Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings data on Wednesday, September 21st. The company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by $0.02. The firm had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $614.20 million. Herman Miller had a return on equity of 26.76% and a net margin of 6.04%. The firm’s revenue was up 5.9% on a year-over-year basis. During the same period last year, the company earned $0.56 earnings per share. Equities analysts expect that Herman Miller Inc. will post $2.31 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Saturday, September 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.12%. This is a boost from Herman Miller’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, August 31st. Herman Miller’s dividend payout ratio is 30.09%.
In other news, insider Andrew J. Lock sold 13,378 shares of the company’s stock in a transaction that occurred on Wednesday, July 13th. The stock was sold at an average price of $32.13, for a total transaction of $429,835.14. Following the sale, the insider now directly owns 37,613 shares of the company’s stock, valued at approximately $1,208,505.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael F. Ramirez sold 2,676 shares of the company’s stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $31.00, for a total value of $82,956.00. Following the sale, the senior vice president now directly owns 13,580 shares in the company, valued at $420,980. The disclosure for this sale can be found here. Insiders own 1.91% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Herman Miller during the second quarter valued at about $314,000. Profund Advisors LLC raised its stake in Herman Miller by 7.9% in the second quarter. Profund Advisors LLC now owns 11,268 shares of the company’s stock valued at $337,000 after buying an additional 822 shares during the last quarter. Franklin Resources Inc. bought a new stake in Herman Miller during the second quarter valued at $359,000. Ameritas Investment Partners Inc. raised its stake in Herman Miller by 2.9% in the second quarter. Ameritas Investment Partners Inc. now owns 14,067 shares of the company’s stock valued at $420,000 after buying an additional 402 shares during the last quarter. Finally, Martingale Asset Management L P raised its stake in Herman Miller by 9.1% in the second quarter. Martingale Asset Management L P now owns 15,567 shares of the company’s stock valued at $466,000 after buying an additional 1,300 shares during the last quarter. 81.15% of the stock is currently owned by institutional investors and hedge funds.
About Herman Miller
Herman Miller, Inc, researches, designs, manufactures, and distributes interior furnishings, for use in various environments including office, healthcare, educational, and residential settings, and provides related services that support organizations and individuals all over the world. It operates in three segments: North American Furniture Solutions, which includes the operations associated with the design, manufacture, and sale of furniture products for work-related settings, including office, education, and healthcare environments, throughout the United States and Canada; ELA Furniture Solutions, which includes EMEA, Latin America, and Asia-Pacific.
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