Shares of Herman Miller, Inc. (NASDAQ:MLHR) have earned a consensus rating of “Hold” from the seven analysts that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $38.00.

MLHR has been the topic of several research analyst reports. Zacks Investment Research upgraded Herman Miller from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research report on Tuesday, July 11th. Sidoti initiated coverage on Herman Miller in a research report on Tuesday, June 27th. They set a “buy” rating and a $38.00 price target on the stock. Finally, BidaskClub upgraded Herman Miller from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th.

In related news, CEO Brian C. Walker sold 14,000 shares of Herman Miller stock in a transaction on Monday, August 21st. The stock was sold at an average price of $32.73, for a total value of $458,220.00. Following the transaction, the chief executive officer now directly owns 160,979 shares in the company, valued at approximately $5,268,842.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Hezron T. Lopez sold 2,312 shares of Herman Miller stock in a transaction on Friday, July 21st. The stock was sold at an average price of $33.96, for a total value of $78,515.52. The disclosure for this sale can be found here. Insiders sold a total of 123,535 shares of company stock worth $4,136,309 over the last 90 days. Insiders own 1.91% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Meadow Creek Investment Management LLC grew its holdings in shares of Herman Miller by 5.1% in the 1st quarter. Meadow Creek Investment Management LLC now owns 3,444 shares of the business services provider’s stock worth $109,000 after acquiring an additional 168 shares during the last quarter. Riverhead Capital Management LLC grew its holdings in shares of Herman Miller by 67.9% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,694 shares of the business services provider’s stock worth $112,000 after acquiring an additional 1,494 shares during the last quarter. First Bank & Trust grew its holdings in shares of Herman Miller by 4.1% in the 2nd quarter. First Bank & Trust now owns 3,999 shares of the business services provider’s stock worth $121,000 after acquiring an additional 158 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Herman Miller by 4.9% in the 1st quarter. Public Employees Retirement System of Ohio now owns 3,895 shares of the business services provider’s stock worth $123,000 after acquiring an additional 181 shares during the last quarter. Finally, Glen Harbor Capital Management LLC grew its holdings in shares of Herman Miller by 5.1% in the 1st quarter. Glen Harbor Capital Management LLC now owns 4,182 shares of the business services provider’s stock worth $132,000 after acquiring an additional 204 shares during the last quarter. Institutional investors and hedge funds own 84.10% of the company’s stock.

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Herman Miller (MLHR) traded up 0.29% during mid-day trading on Tuesday, reaching $34.10. The company’s stock had a trading volume of 88,380 shares. The company has a market capitalization of $2.04 billion, a PE ratio of 16.63 and a beta of 1.44. Herman Miller has a 1-year low of $26.99 and a 1-year high of $36.45. The firm has a 50 day moving average price of $33.40 and a 200-day moving average price of $32.01.

Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings results on Wednesday, July 5th. The business services provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.09. Herman Miller had a return on equity of 22.94% and a net margin of 5.44%. The company had revenue of $577.20 million for the quarter, compared to analysts’ expectations of $583.53 million. During the same period last year, the firm earned $0.56 EPS. The firm’s revenue for the quarter was down .9% on a year-over-year basis. On average, equities analysts predict that Herman Miller will post $2.27 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Sunday, October 15th. Investors of record on Saturday, September 2nd will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.12%. This is a boost from Herman Miller’s previous quarterly dividend of $0.17. The ex-dividend date is Wednesday, August 30th. Herman Miller’s payout ratio is presently 35.12%.

About Herman Miller

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