Texas Permanent School Fund increased its position in shares of Herman Miller, Inc. (NASDAQ:MLHR) by 3.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,989 shares of the business services provider’s stock after purchasing an additional 1,160 shares during the quarter. Texas Permanent School Fund’s holdings in Herman Miller were worth $1,407,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in MLHR. Advisor Group Inc. grew its position in shares of Herman Miller by 61.2% during the 4th quarter. Advisor Group Inc. now owns 1,314 shares of the business services provider’s stock worth $40,000 after buying an additional 499 shares during the period. Bremer Trust National Association acquired a new stake in shares of Herman Miller during the 4th quarter worth approximately $50,000. Investors Research Corp acquired a new stake in shares of Herman Miller during the 1st quarter worth approximately $120,000. First Bank & Trust grew its position in shares of Herman Miller by 10.6% during the 4th quarter. First Bank & Trust now owns 4,156 shares of the business services provider’s stock worth $126,000 after buying an additional 399 shares during the period. Finally, Dupont Capital Management Corp acquired a new stake in shares of Herman Miller during the 4th quarter worth approximately $165,000. Institutional investors and hedge funds own 81.42% of the company’s stock.
In related news, insider Gregory J. Bylsma sold 5,236 shares of Herman Miller stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $38.99, for a total transaction of $204,151.64. Following the transaction, the insider now owns 31,898 shares of the company’s stock, valued at approximately $1,243,703.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jeffrey L. Kurburski sold 3,108 shares of Herman Miller stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $39.32, for a total transaction of $122,206.56. Following the transaction, the senior vice president now directly owns 9,557 shares in the company, valued at approximately $375,781.24. The disclosure for this sale can be found here. Insiders have sold a total of 17,392 shares of company stock worth $642,857 in the last three months. 1.05% of the stock is owned by insiders.
Several brokerages have recently commented on MLHR. BidaskClub upgraded shares of Herman Miller from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Sidoti cut shares of Herman Miller from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 1st. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded shares of Herman Miller from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a research report on Wednesday, March 27th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $39.50.
Shares of NASDAQ:MLHR traded up $0.08 during trading on Friday, hitting $37.28. 19,391 shares of the company’s stock were exchanged, compared to its average volume of 323,982. Herman Miller, Inc. has a 1-year low of $28.66 and a 1-year high of $40.65. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.48 and a quick ratio of 1.02. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 16.21 and a beta of 1.51.
Herman Miller (NASDAQ:MLHR) last issued its quarterly earnings results on Wednesday, March 20th. The business services provider reported $0.64 EPS for the quarter, topping the consensus estimate of $0.61 by $0.03. Herman Miller had a net margin of 5.81% and a return on equity of 23.88%. The company had revenue of $619.00 million during the quarter, compared to analysts’ expectations of $622.43 million. During the same quarter in the previous year, the company earned $0.50 EPS. Herman Miller’s revenue was up 7.0% on a year-over-year basis. Equities research analysts anticipate that Herman Miller, Inc. will post 2.86 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Saturday, June 1st will be paid a dividend of $0.1975 per share. This represents a $0.79 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Thursday, May 30th. Herman Miller’s payout ratio is 34.35%.
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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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