Herman Miller, Inc. (NASDAQ:MLHR) was the recipient of a significant drop in short interest in the month of December. As of December 29th, there was short interest totalling 881,281 shares, a drop of 38.5% from the December 15th total of 1,432,771 shares. Based on an average daily volume of 528,915 shares, the days-to-cover ratio is currently 1.7 days. Approximately 1.5% of the shares of the company are short sold.
In other Herman Miller news, VP Kevin J. Veltman sold 1,190 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $40.28, for a total transaction of $47,933.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Stephen C. Gane sold 30,988 shares of the 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 52,198 shares of company stock valued at $2,099,710 in the last quarter. Company insiders own 1.91% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank raised its stake in Herman Miller by 4.1% in the second quarter. Amalgamated Bank now owns 8,566 shares of the business services provider’s stock valued at $260,000 after purchasing an additional 336 shares in the last quarter. Franklin Resources Inc. raised its stake in Herman Miller by 4.0% in the second quarter. Franklin Resources Inc. now owns 12,474 shares of the business services provider’s stock valued at $379,000 after purchasing an additional 474 shares in the last quarter. M&T Bank Corp raised its stake in Herman Miller by 3.0% in the second quarter. M&T Bank Corp now owns 16,211 shares of the business services provider’s stock valued at $493,000 after purchasing an additional 475 shares in the last quarter. Thrivent Financial For Lutherans raised its stake in Herman Miller by 1.7% in the second quarter. Thrivent Financial For Lutherans now owns 42,260 shares of the business services provider’s stock valued at $1,284,000 after purchasing an additional 720 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Herman Miller by 0.8% in the second quarter. The Manufacturers Life Insurance Company now owns 131,872 shares of the business services provider’s stock valued at $4,009,000 after purchasing an additional 1,008 shares in the last quarter. 82.57% of the stock is currently owned by institutional investors and hedge funds.
Shares of Herman Miller (NASDAQ:MLHR) traded up $0.15 during trading on Friday, hitting $36.45. 508,636 shares of the stock were exchanged, compared to its average volume of 337,857. Herman Miller has a 52-week low of $28.55 and a 52-week high of $41.85. The stock has a market capitalization of $2,174.97, a P/E ratio of 18.04 and a beta of 1.34. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 1.33.
Herman Miller (NASDAQ:MLHR) last announced its quarterly earnings results on Wednesday, December 20th. The business services provider reported $0.57 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.57. The firm 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 period in the prior year, the firm posted $0.54 earnings per share. equities research analysts expect that Herman Miller will post 2.35 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, April 15th. Investors of record on Saturday, March 3rd will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Thursday, March 1st. Herman Miller’s dividend payout ratio is currently 35.64%.
A number of equities research analysts have recently issued reports on MLHR shares. ValuEngine downgraded shares of Herman Miller from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Zacks Investment Research downgraded shares of Herman Miller from a “hold” rating to a “sell” rating in a report on Wednesday, November 22nd. BidaskClub downgraded shares of Herman Miller from a “hold” rating to a “sell” rating in a report on Thursday, December 7th. Finally, Raymond James Financial raised shares of Herman Miller from a “market perform” rating to an “outperform” rating and set a $43.00 price target on the stock in a report on Tuesday, December 26th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Herman Miller has an average rating of “Buy” and an average target price of $41.67.
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Herman Miller Company Profile
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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