Equities analysts forecast that Herman Miller, Inc. (NASDAQ:MLHR) will announce $662.35 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Herman Miller’s earnings. The lowest sales estimate is $662.10 million and the highest is $662.60 million. Herman Miller reported sales of $624.60 million in the same quarter last year, which suggests a positive year over year growth rate of 6%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, September 18th.
According to Zacks, analysts expect that Herman Miller will report full year sales of $2.69 billion for the current fiscal year, with estimates ranging from $2.68 billion to $2.71 billion. For the next fiscal year, analysts forecast that the firm will report sales of $2.80 billion, with estimates ranging from $2.80 billion to $2.81 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that cover Herman Miller.
Herman Miller (NASDAQ:MLHR) last released its earnings results on Wednesday, June 26th. The business services provider reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.10. The company had revenue of $671.00 million during the quarter, compared to analysts’ expectations of $657.23 million. Herman Miller had a return on equity of 25.20% and a net margin of 6.25%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the firm earned $0.66 EPS.
A number of equities research analysts recently commented on the company. Sidoti cut Herman Miller from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 1st. They noted that the move was a valuation call. BidaskClub cut Herman Miller from a “buy” rating to a “hold” rating in a research note on Saturday, June 1st. Raymond James lifted their price objective on Herman Miller from $41.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, June 28th. ValuEngine cut Herman Miller from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research raised Herman Miller from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, July 2nd. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $49.00.
In other Herman Miller news, SVP Jeffrey L. Kurburski sold 3,442 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $45.52, for a total value of $156,679.84. Following the completion of the transaction, the senior vice president now directly owns 4,109 shares of the company’s stock, valued at $187,041.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Benedict Watson sold 33,133 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $44.38, for a total value of $1,470,442.54. Following the completion of the transaction, the insider now directly owns 28,140 shares of the company’s stock, valued at $1,248,853.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 96,601 shares of company stock valued at $4,329,094. 1.05% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of MLHR. Norges Bank acquired a new position in Herman Miller in the fourth quarter valued at about $35,508,000. Victory Capital Management Inc. grew its stake in 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 valued at $14,030,000 after acquiring an additional 372,994 shares during the period. Assenagon Asset Management S.A. grew its stake in 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 valued at $16,559,000 after acquiring an additional 349,830 shares during the period. APG Asset Management N.V. grew its stake in Herman Miller by 124.4% in the second quarter. APG Asset Management N.V. now owns 511,000 shares of the business services provider’s stock valued at $20,058,000 after acquiring an additional 283,300 shares during the period. Finally, Nuveen Asset Management LLC acquired a new position in Herman Miller in the second quarter valued at about $12,265,000. 80.85% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ MLHR traded down $0.61 during midday trading on Thursday, hitting $41.29. The stock had a trading volume of 403,100 shares, compared to its average volume of 360,052. The company’s 50-day simple moving average is $44.42 and its 200 day simple moving average is $38.79. The firm has a market cap of $2.47 billion, a P/E ratio of 13.90 and a beta of 1.63. Herman Miller has a fifty-two week low of $28.66 and a fifty-two week high of $46.29. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.48 and a quick ratio of 1.07.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Saturday, August 31st will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, August 29th. This is a boost from Herman Miller’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.03%. Herman Miller’s payout ratio is 26.60%.
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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