Acadian Asset Management LLC boosted its position in shares of Herman Miller, Inc. (NASDAQ:MLHR) by 95.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 74,381 shares of the business services provider’s stock after buying an additional 36,247 shares during the quarter. Acadian Asset Management LLC owned approximately 0.13% of Herman Miller worth $2,855,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd acquired a new stake in Herman Miller during the second quarter valued at $314,000. MetLife Investment Advisors LLC grew its position in Herman Miller by 3.2% during the second quarter. MetLife Investment Advisors LLC now owns 64,724 shares of the business services provider’s stock valued at $2,194,000 after buying an additional 1,989 shares during the period. Dimensional Fund Advisors LP grew its position in Herman Miller by 8.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,830,749 shares of the business services provider’s stock valued at $62,063,000 after buying an additional 143,622 shares during the period. Massachusetts Financial Services Co. MA grew its position in Herman Miller by 14.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 537,119 shares of the business services provider’s stock valued at $18,209,000 after buying an additional 69,497 shares during the period. Finally, Wells Fargo & Company MN grew its position in Herman Miller by 63.2% during the second quarter. Wells Fargo & Company MN now owns 471,773 shares of the business services provider’s stock valued at $15,993,000 after buying an additional 182,769 shares during the period. Institutional investors own 83.07% of the company’s stock.
MLHR has been the topic of several analyst reports. BidaskClub lowered shares of Herman Miller from a “sell” rating to a “strong sell” rating in a research report on Friday, September 14th. Zacks Investment Research upgraded shares of Herman Miller from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research report on Tuesday, September 25th. Finally, ValuEngine lowered shares of Herman Miller from a “buy” rating to a “hold” rating in a research report on Friday, August 3rd.
In other news, insider Gregory J. Bylsma sold 28,533 shares of Herman Miller stock in a transaction dated Wednesday, September 26th. The shares were sold at an average price of $38.25, for a total value of $1,091,387.25. Following the sale, the insider now owns 70,405 shares in the company, valued at $2,692,991.25. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.05% of the stock is owned by company insiders.
Shares of NASDAQ MLHR opened at $33.66 on Friday. Herman Miller, Inc. has a 52-week low of $29.95 and a 52-week high of $41.85. The stock has a market capitalization of $2.03 billion, a PE ratio of 14.63 and a beta of 1.44. The company has a current ratio of 1.42, a quick ratio of 1.00 and a debt-to-equity ratio of 0.42.
Herman Miller (NASDAQ:MLHR) last announced its earnings results on Wednesday, September 19th. The business services provider reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.04. Herman Miller had a net margin of 5.40% and a return on equity of 22.22%. The business had revenue of $624.60 million for the quarter, compared to analyst estimates of $620.73 million. During the same quarter last year, the business earned $0.57 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. Research analysts predict that Herman Miller, Inc. will post 2.7 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Saturday, December 1st will be given a $0.1975 dividend. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $0.79 annualized dividend and a dividend yield of 2.35%. Herman Miller’s dividend payout ratio (DPR) is 34.35%.
About Herman Miller
Herman Miller, Inc engages in the research, design, manufacture, and distribution of office furniture systems, seating products, other freestanding furniture elements, textiles, home furnishings, and related services in the United States and internationally. The company provides modular systems under the Canvas Office Landscape, Locale, Public Office Landscape, Layout Studio, Action Office, Ethospace, Arras, and Resolve names; seating products under the Embody, Aeron, Mirra2, Setu, Say, Verus, Celle, Equa, Taper, and Ergon names; and storage products under the Meridian and Tu names.
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