Herman Miller, Inc. (NASDAQ:MLHR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “Herman Miller & Co. is engaged primarily in the design, manufacture, and sale of furniture systems and furniture, and related products and services, for offices, and, to a lesser extent, for health-care facilities and other uses. Through research, the company seeks to define and clarify customer needs and problems existing in its markets and to design, through innovation where feasible, products and systems as solutions to such problems. “

Several other equities research analysts have also recently issued reports on the company. Sidoti began coverage on Herman Miller in a research note on Tuesday, June 27th. They issued a “buy” rating and a $38.00 price target for the company. ValuEngine upgraded Herman Miller from a “hold” rating to a “buy” rating in a research note on Wednesday, September 27th. Finally, BidaskClub upgraded Herman Miller from a “sell” rating to a “hold” rating in a research note on Saturday, August 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $38.00.

Herman Miller (MLHR) opened at 36.10 on Wednesday. The company has a market capitalization of $2.16 billion, a PE ratio of 18.05 and a beta of 1.46. The firm’s 50 day moving average price is $34.06 and its 200-day moving average price is $32.67. Herman Miller has a one year low of $26.99 and a one year high of $37.00.

Herman Miller (NASDAQ:MLHR) last announced its earnings results on Thursday, September 21st. The business services provider reported $0.57 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.57. Herman Miller had a net margin of 5.34% and a return on equity of 22.02%. The company had revenue of $580.30 million for the quarter, compared to analysts’ expectations of $578.27 million. During the same period last year, the firm earned $0.60 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities analysts forecast that Herman Miller will post $2.27 earnings per share for the current fiscal year.

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In other news, SVP Hezron T. Lopez sold 2,312 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $33.96, for a total value of $78,515.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Stephen C. Gane sold 10,686 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $36.01, for a total transaction of $384,802.86. Following the completion of the transaction, the senior vice president now owns 21,985 shares of the company’s stock, valued at $791,679.85. The disclosure for this sale can be found here. Insiders have sold 181,942 shares of company stock worth $6,163,421 over the last quarter. Corporate insiders own 1.91% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Herman Miller by 22,901.9% in the first quarter. BlackRock Inc. now owns 6,090,451 shares of the business services provider’s stock valued at $192,154,000 after acquiring an additional 6,063,973 shares during the last quarter. Vanguard Group Inc. raised its position in Herman Miller by 1.4% during the first quarter. Vanguard Group Inc. now owns 5,693,634 shares of the business services provider’s stock valued at $179,635,000 after purchasing an additional 79,322 shares in the last quarter. BlackRock Fund Advisors raised its position in Herman Miller by 5.5% during the third quarter. BlackRock Fund Advisors now owns 3,148,022 shares of the business services provider’s stock valued at $90,033,000 after purchasing an additional 165,032 shares in the last quarter. JPMorgan Chase & Co. raised its position in Herman Miller by 9.8% during the first quarter. JPMorgan Chase & Co. now owns 2,733,007 shares of the business services provider’s stock valued at $86,227,000 after purchasing an additional 244,532 shares in the last quarter. Finally, Royce & Associates LP raised its position in Herman Miller by 50.2% during the second quarter. Royce & Associates LP now owns 2,371,988 shares of the business services provider’s stock valued at $72,108,000 after purchasing an additional 793,188 shares in the last quarter. Institutional investors and hedge funds own 83.96% of the company’s stock.

Herman Miller Company Profile

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