Herman Miller Inc. (MLHR) Posts Earnings Results, Misses Estimates By $0.02 EPS
Herman Miller Inc. (NASDAQ:MLHR) posted its quarterly earnings data on Wednesday. The company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by $0.02. Herman Miller had a return on equity of 26.76% and a net margin of 6.04%.
Shares of Herman Miller (NASDAQ:MLHR) remained flat at $32.15 on Wednesday. The company had a trading volume of 806,656 shares. The stock’s 50 day moving average price is $34.56 and its 200 day moving average price is $31.69. The stock has a market cap of $1.92 billion, a PE ratio of 14.23 and a beta of 1.41. Herman Miller has a 1-year low of $22.60 and a 1-year high of $36.46.
The business also recently announced 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 is a boost from Herman Miller’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Wednesday, August 31st. Herman Miller’s payout ratio is currently 30.09%.
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In related news, SVP Michael F. Ramirez sold 2,676 shares of the stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $31.00, for a total transaction of $82,956.00. Following the completion of the transaction, the senior vice president now directly owns 13,580 shares of the company’s stock, valued at $420,980. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian C. Walker sold 8,000 shares of the stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $33.69, for a total transaction of $269,520.00. Following the transaction, the chief executive officer now directly owns 179,299 shares of the company’s stock, valued at $6,040,583.31. The disclosure for this sale can be found here. Corporate insiders own 1.91% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. AHL Partners LLP boosted its position in shares of Herman Miller by 202.0% in the second quarter. AHL Partners LLP now owns 106,673 shares of the company’s stock worth $3,189,000 after buying an additional 71,354 shares during the period. Cubist Systematic Strategies LLC bought a new position in shares of Herman Miller during the second quarter worth about $314,000. AQR Capital Management LLC boosted its position in shares of Herman Miller by 40.3% in the second quarter. AQR Capital Management LLC now owns 1,261,774 shares of the company’s stock worth $37,714,000 after buying an additional 362,526 shares during the period. Paloma Partners Management Co boosted its position in shares of Herman Miller by 468.0% in the second quarter. Paloma Partners Management Co now owns 56,367 shares of the company’s stock worth $1,684,000 after buying an additional 46,444 shares during the period. Finally, Panagora Asset Management Inc. boosted its position in shares of Herman Miller by 282.3% in the second quarter. Panagora Asset Management Inc. now owns 79,382 shares of the company’s stock worth $2,373,000 after buying an additional 58,616 shares during the period. 81.15% of the stock is owned by hedge funds and other institutional investors.
MLHR has been the topic of several recent research reports. Zacks Investment Research cut Herman Miller from a “buy” rating to a “hold” rating in a report on Tuesday, May 24th. BB&T Corp. cut 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.
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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