Herman Miller Inc. (MLHR) Sees Strong Trading Volume
Herman Miller Inc. (NASDAQ:MLHR) saw unusually-strong trading volume on Wednesday . Approximately 861,124 shares were traded during trading, an increase of 124% from the previous session’s volume of 385,152 shares.The stock last traded at $32.15 and had previously closed at $32.15.
A number of analysts have commented on MLHR shares. BB&T Corp. lowered shares of Herman Miller from a “buy” rating to a “hold” rating in a research note on Friday, June 24th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Herman Miller from a “hold” rating to a “sell” rating in a research report on Tuesday, June 28th.
The stock has a 50 day moving average price of $34.55 and a 200-day moving average price of $31.69. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of 14.23 and a beta of 1.41.
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Herman Miller (NASDAQ:MLHR) last announced its earnings results on Wednesday, September 21st. The company reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by $0.02. Herman Miller had a net margin of 6.04% and a return on equity of 26.76%. The business earned $598.60 million during the quarter, compared to analyst estimates of $614.20 million. During the same quarter last year, the business posted $0.56 earnings per share. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. On average, equities research analysts anticipate that Herman Miller Inc. will post $2.31 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Saturday, September 3rd will be paid a $0.17 dividend. The ex-dividend date is Wednesday, August 31st. This is a positive change from Herman Miller’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.12%. Herman Miller’s dividend payout ratio (DPR) is 30.09%.
In related news, SVP Michael F. Ramirez sold 2,676 shares of Herman Miller stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $31.00, for a total value of $82,956.00. Following the completion of the sale, the senior vice president now directly owns 13,580 shares in the company, valued at $420,980. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brian C. Walker sold 25,951 shares of Herman Miller stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $32.85, for a total value of $852,490.35. Following the completion of the sale, the chief executive officer now owns 200,434 shares of the company’s stock, valued at $6,584,256.90. The disclosure for this sale can be found here. 1.91% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the company. Forward Management LLC purchased a new stake in shares of Herman Miller during the second quarter worth approximately $413,000. State Street Corp raised its stake in shares of Herman Miller by 4.3% in the first quarter. State Street Corp now owns 1,984,155 shares of the company’s stock worth $61,288,000 after buying an additional 82,520 shares during the last quarter. Norges Bank purchased a new stake in shares of Herman Miller during the fourth quarter worth approximately $20,053,000. UBS Group AG raised its stake in shares of Herman Miller by 40.7% in the first quarter. UBS Group AG now owns 67,585 shares of the company’s stock worth $2,088,000 after buying an additional 19,549 shares during the last quarter. Finally, HBK Investments L P raised its stake in shares of Herman Miller by 150.6% in the first quarter. HBK Investments L P now owns 39,600 shares of the company’s stock worth $1,223,000 after buying an additional 23,800 shares during the last quarter. Hedge funds and other institutional investors own 81.15% of the company’s stock.
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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