Herman Miller (MLHR) Updates Q3 Earnings Guidance

Herman Miller (NASDAQ:MLHR) issued an update on its third quarter earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $0.48-0.52 for the period, compared to the Thomson Reuters consensus estimate of $0.50. The company issued revenue guidance of $565 -585 million, compared to the consensus revenue estimate of $573.30 million.

Shares of Herman Miller (MLHR) traded down $2.00 during midday trading on Monday, hitting $37.70. 375,450 shares of the stock were exchanged, compared to its average volume of 352,979. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 1.33. The stock has a market cap of $2,368.91, a P/E ratio of 18.66 and a beta of 1.34. Herman Miller has a 12-month low of $28.55 and a 12-month high of $41.85.

Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings results on Wednesday, December 20th. The business services provider reported $0.57 earnings per share for the quarter, meeting the consensus estimate of $0.57. The business had revenue of $604.60 million for the quarter, compared to the consensus estimate of $603.77 million. Herman Miller had a net margin of 5.36% and a return on equity of 21.85%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.54 earnings per share. equities research analysts forecast that Herman Miller will post 2.35 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, April 15th. Investors of record on Saturday, March 3rd will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend is Thursday, March 1st. Herman Miller’s dividend payout ratio is presently 35.64%.

A number of research firms have weighed in on MLHR. Zacks Investment Research cut shares of Herman Miller from a buy rating to a hold rating in a research report on Saturday. ValuEngine raised shares of Herman Miller from a hold rating to a buy rating in a research note on Friday. BidaskClub lowered shares of Herman Miller from a buy rating to a hold rating in a research note on Saturday, January 6th. Finally, Raymond James Financial raised shares of Herman Miller from a market perform rating to an outperform rating and set a $43.00 target price for the company in a research note on Tuesday, December 26th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $41.67.

In related news, Director David O. Ulrich sold 13,382 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $32.38, for a total value of $433,309.16. Following the completion of the sale, the director now directly owns 21,949 shares of the company’s stock, valued at $710,708.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Stephen C. Gane sold 30,988 shares of the company’s stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $39.77, for a total transaction of $1,232,392.76. The disclosure for this sale can be found here. Insiders have sold 65,580 shares of company stock valued at $2,533,019 over the last three months. Insiders own 1.91% of the company’s stock.

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About Herman Miller

Herman Miller, Inc is engaged in the research, design, manufacture, sale and distribution of office furniture systems, seating products, home furnishings and related services, among others. The Company’s segments include North American Furniture Solutions, which includes the design, manufacture and sale of furniture products for work-related settings, including office, education and healthcare environments, across the United States and Canada; EMEA, Latin America, and Asia Pacific (ELA) Furniture Solutions, which includes the operations associated with the design, manufacture, and sale of furniture products, primarily for work-related settings, in the Europe, Middle East and Africa (EMEA), Latin America and Asia-Pacific geographic regions, among others; Specialty segment, which includes the design, manufacture and sale of furniture products and textiles, and Consumer segment, which includes the sale of modern design furnishings and accessories to third-party retail distributors.

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