Bank of Montreal Can reduced its holdings in shares of Herman Miller, Inc. (NASDAQ:MLHR) by 5.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 144,224 shares of the business services provider’s stock after selling 7,514 shares during the quarter. Bank of Montreal Can owned 0.25% of Herman Miller worth $5,074,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. JPMorgan Chase & Co. lifted its position in shares of Herman Miller by 2.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,479,650 shares of the business services provider’s stock worth $95,218,000 after buying an additional 69,100 shares during the last quarter. Norges Bank bought a new stake in shares of Herman Miller during the 4th quarter worth $35,508,000. Bank of New York Mellon Corp lifted its position in shares of Herman Miller by 1.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 923,580 shares of the business services provider’s stock worth $35,466,000 after buying an additional 15,531 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Herman Miller by 7.3% during the 4th quarter. Geode Capital Management LLC now owns 887,738 shares of the business services provider’s stock worth $26,853,000 after buying an additional 60,758 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Herman Miller by 289.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 470,695 shares of the business services provider’s stock worth $16,559,000 after buying an additional 349,830 shares during the last quarter. Institutional investors and hedge funds own 83.26% of the company’s stock.
In other Herman Miller news, insider Gregory J. Bylsma sold 9,048 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $34.98, for a total value of $316,499.04. Following the completion of the transaction, the insider now directly owns 37,134 shares in the company, valued at $1,298,947.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jeffrey L. Kurburski sold 3,108 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $39.32, for a total value of $122,206.56. Following the completion of the transaction, the senior vice president now owns 9,557 shares of the company’s stock, valued at $375,781.24. The disclosure for this sale can be found here. Insiders sold 17,392 shares of company stock valued at $642,857 over the last quarter. Corporate insiders own 1.05% of the company’s stock.
Herman Miller stock opened at $38.42 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 16.70 and a beta of 1.51. Herman Miller, Inc. has a 12 month low of $28.66 and a 12 month high of $40.65.
Herman Miller (NASDAQ:MLHR) last posted its earnings results on Wednesday, March 20th. The business services provider reported $0.64 EPS for the quarter, beating the consensus estimate of $0.61 by $0.03. The firm had revenue of $619.00 million during the quarter, compared to the consensus estimate of $622.43 million. Herman Miller had a return on equity of 23.88% and a net margin of 5.81%. The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period last year, the company earned $0.50 earnings per share. On average, research analysts anticipate that Herman Miller, Inc. will post 2.86 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Saturday, June 1st will be given a $0.1975 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.79 annualized dividend and a yield of 2.06%. Herman Miller’s dividend payout ratio is presently 34.35%.
MLHR has been the subject of several recent analyst reports. BidaskClub downgraded Herman Miller from a “hold” rating to a “sell” rating in a research report on Tuesday, January 29th. Zacks Investment Research downgraded Herman Miller from a “buy” rating to a “hold” rating in a research report on Thursday, March 14th. Finally, Sidoti downgraded Herman Miller from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 1st. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $39.50.
Herman Miller Profile
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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