ValuEngine Downgrades Herman Miller (NASDAQ:MLHR) to Hold

ValuEngine lowered shares of Herman Miller (NASDAQ:MLHR) from a buy rating to a hold rating in a report published on Thursday morning, ValuEngine reports.

Other equities analysts also recently issued research reports about the company. Sidoti downgraded Herman Miller from a buy rating to a neutral rating in a report on Wednesday, May 1st. They noted that the move was a valuation call. BidaskClub downgraded Herman Miller from a buy rating to a hold rating in a report on Saturday, June 1st. Raymond James increased their price target on Herman Miller from $41.00 to $48.00 and gave the company an outperform rating in a report on Friday, June 28th. Finally, Zacks Investment Research upgraded Herman Miller from a hold rating to a buy rating and set a $50.00 price target on the stock in a report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Herman Miller has an average rating of Hold and an average price target of $49.00.

MLHR stock traded down $0.87 during midday trading on Thursday, hitting $43.65. 397,058 shares of the company traded hands, compared to its average volume of 344,548. Herman Miller has a twelve month low of $28.66 and a twelve month high of $46.29. The company has a quick ratio of 1.07, a current ratio of 1.48 and a debt-to-equity ratio of 0.39. The firm’s 50 day simple moving average is $43.03. The company has a market cap of $2.68 billion, a PE ratio of 14.70 and a beta of 1.63.

Herman Miller (NASDAQ:MLHR) last announced its quarterly earnings results on Wednesday, June 26th. The business services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.78 by $0.10. Herman Miller had a return on equity of 25.20% and a net margin of 6.25%. The company had revenue of $671.00 million for the quarter, compared to the consensus estimate of $657.23 million. During the same quarter last year, the company posted $0.66 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. Research analysts anticipate that Herman Miller will post 3.32 earnings per share for the current fiscal year.

In other news, SVP Jeffrey L. Kurburski sold 3,442 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $45.52, for a total value of $156,679.84. Following the sale, the senior vice president now owns 4,109 shares in the company, valued at $187,041.68. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Gregory J. Bylsma sold 10,717 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $44.19, for a total transaction of $473,584.23. Following the completion of the sale, the insider now owns 21,181 shares in the company, valued at approximately $935,988.39. The disclosure for this sale can be found here. In the last 90 days, insiders sold 63,468 shares of company stock worth $2,858,652. 1.05% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in MLHR. Norges Bank acquired a new stake in shares of Herman Miller in the fourth quarter worth $35,508,000. Victory Capital Management Inc. grew its stake in shares of Herman Miller by 1,444.6% in the first quarter. Victory Capital Management Inc. now owns 398,813 shares of the business services provider’s stock worth $14,030,000 after acquiring an additional 372,994 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Herman Miller by 289.4% in the first quarter. Assenagon Asset Management S.A. now owns 470,695 shares of the business services provider’s stock worth $16,559,000 after acquiring an additional 349,830 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Herman Miller by 25.0% in the fourth quarter. Deutsche Bank AG now owns 431,910 shares of the business services provider’s stock worth $13,064,000 after acquiring an additional 86,292 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Herman Miller by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 887,738 shares of the business services provider’s stock worth $26,853,000 after purchasing an additional 60,758 shares during the period. Institutional investors and hedge funds own 81.21% of the company’s stock.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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