Herman Miller (NASDAQ:MLHR) was downgraded by equities research analysts at BidaskClub from a "hold" rating to a "sell" rating in a research note issued to investors on Friday, BidAskClub reports.
Several other equities research analysts also recently weighed in on the stock. Sidoti raised shares of Herman Miller from a "neutral" rating to a "buy" rating and set a $33.00 target price on the stock in a research note on Tuesday, June 30th. Benchmark assumed coverage on Herman Miller in a research report on Friday, May 22nd. They set a "buy" rating on the stock. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of "Hold" and a consensus target price of $42.00.
Shares of NASDAQ MLHR opened at $20.96 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.80 and a debt-to-equity ratio of 1.12. Herman Miller has a 52-week low of $14.39 and a 52-week high of $49.87. The company has a market cap of $1.25 billion, a PE ratio of -116.42 and a beta of 1.59. The firm's 50-day moving average price is $24.28 and its 200-day moving average price is $29.39.
Herman Miller (NASDAQ:MLHR) last issued its earnings results on Tuesday, June 30th. The business services provider reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.21. Herman Miller had a negative net margin of 0.37% and a positive return on equity of 19.90%. The company had revenue of $475.70 million during the quarter, compared to the consensus estimate of $446.47 million. During the same quarter in the prior year, the firm posted $0.88 EPS. Herman Miller's quarterly revenue was down 29.1% compared to the same quarter last year.
In related news, Director Michael A. Volkema bought 25,000 shares of the business's stock in a transaction on Tuesday, July 7th. The shares were bought at an average price of $21.44 per share, for a total transaction of $536,000.00. Following the completion of the purchase, the director now directly owns 125,000 shares of the company's stock, valued at $2,680,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.91% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of MLHR. FMR LLC grew its holdings in Herman Miller by 8.3% in the first quarter. FMR LLC now owns 87,137 shares of the business services provider's stock worth $3,066,000 after purchasing an additional 6,686 shares during the last quarter. First Trust Advisors LP increased its position in Herman Miller by 19.2% during the 1st quarter. First Trust Advisors LP now owns 48,503 shares of the business services provider's stock valued at $1,706,000 after buying an additional 7,804 shares in the last quarter. Schroder Investment Management Group purchased a new stake in Herman Miller in the fourth quarter valued at about $477,000. Great West Life Assurance Co. Can acquired a new stake in Herman Miller in the fourth quarter worth about $1,212,000. Finally, ProShare Advisors LLC grew its stake in shares of Herman Miller by 16.5% during the fourth quarter. ProShare Advisors LLC now owns 13,156 shares of the business services provider's stock worth $548,000 after acquiring an additional 1,862 shares during the last quarter. 82.70% of the stock is owned by institutional investors.
Herman Miller Company 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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