Herman Miller (NASDAQ:MLHR) announced its quarterly earnings results on Wednesday. The business services provider reported $0.50 EPS for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01, Bloomberg Earnings reports. Herman Miller had a net margin of 5.36% and a return on equity of 21.85%. The business had revenue of $578.40 million for the quarter, compared to analyst estimates of $573.30 million. During the same quarter in the prior year, the business earned $0.39 EPS. Herman Miller’s quarterly revenue was up 10.2% on a year-over-year basis. Herman Miller updated its Q4 guidance to $0.56-0.60 EPS.
Herman Miller stock opened at $37.33 on Thursday. Herman Miller has a 52-week low of $28.85 and a 52-week high of $41.85. The stock has a market cap of $2,237.64, a P/E ratio of 18.48 and a beta of 1.41. The company has a current ratio of 1.33, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, April 15th. Shareholders of record on Saturday, March 3rd will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, March 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.93%. Herman Miller’s payout ratio is presently 35.64%.
A number of research analysts recently commented on the stock. Zacks Investment Research lowered shares of Herman Miller from a “hold” rating to a “sell” rating in a research note on Wednesday, February 28th. ValuEngine upgraded shares of Herman Miller from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. 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 upgraded shares of Herman Miller from a “market perform” rating to an “outperform” rating and set a $43.00 target price on the stock in a research report on Tuesday, December 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $41.67.
In other Herman Miller news, CEO Brian C. Walker sold 90,003 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $36.27, for a total transaction of $3,264,408.81. Following the transaction, the chief executive officer now owns 226,389 shares in the company, valued at approximately $8,211,129.03. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Stephen C. Gane sold 30,988 shares of the stock in a transaction that occurred on 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. In the last 90 days, insiders have sold 267,202 shares of company stock worth $10,111,655. Company insiders own 1.91% of the company’s stock.
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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