Cambridge Investment Research Advisors Inc. bought a new stake in Herman Miller, Inc. (NASDAQ:MLHR) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 15,280 shares of the business services provider’s stock, valued at approximately $538,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Arizona State Retirement System lifted its position in Herman Miller by 0.8% during the fourth quarter. Arizona State Retirement System now owns 42,588 shares of the business services provider’s stock worth $1,288,000 after buying an additional 342 shares in the last quarter. Meritage Portfolio Management lifted its position in Herman Miller by 0.4% during the first quarter. Meritage Portfolio Management now owns 110,475 shares of the business services provider’s stock worth $3,887,000 after buying an additional 420 shares in the last quarter. Advisor Group Inc. lifted its position in Herman Miller by 61.2% during the fourth 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 in the last quarter. O Shaughnessy Asset Management LLC lifted its position in Herman Miller by 9.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 7,485 shares of the business services provider’s stock worth $226,000 after buying an additional 663 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in Herman Miller by 4.9% during the fourth quarter. Thrivent Financial for Lutherans now owns 15,096 shares of the business services provider’s stock worth $457,000 after buying an additional 707 shares in the last quarter. Institutional investors and hedge funds own 81.23% of the company’s stock.
Shares of Herman Miller stock opened at $38.78 on Thursday. Herman Miller, Inc. has a one year low of $28.66 and a one year high of $40.65. The company has a market cap of $2.23 billion, a P/E ratio of 16.86 and a beta of 1.48. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 0.39.
Herman Miller (NASDAQ:MLHR) last announced its quarterly earnings data on Wednesday, March 20th. The business services provider reported $0.64 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.03. The firm had revenue of $619.00 million for the quarter, compared to the consensus estimate of $622.43 million. Herman Miller had a return on equity of 23.88% and a net margin of 5.81%. The firm’s revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 earnings per share. On average, research analysts predict that Herman Miller, Inc. will post 2.86 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Saturday, June 1st will be paid a dividend of $0.1975 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.79 annualized dividend and a yield of 2.04%. Herman Miller’s dividend payout ratio (DPR) is 34.35%.
A number of brokerages recently commented on MLHR. Zacks Investment Research downgraded Herman Miller from a “buy” rating to a “hold” rating in a research report on Tuesday, May 28th. BidaskClub upgraded Herman Miller from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Finally, Sidoti downgraded 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. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $39.50.
In other Herman Miller news, insider Gregory J. Bylsma sold 9,048 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $34.98, for a total transaction of $316,499.04. Following the completion of the sale, the insider now owns 37,134 shares of the company’s stock, valued at $1,298,947.32. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Jeffrey L. Kurburski sold 3,108 shares of the firm’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $39.32, for a total value of $122,206.56. Following the sale, the senior vice president now directly owns 9,557 shares of the company’s stock, valued at approximately $375,781.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,392 shares of company stock valued at $642,857. 1.05% of the stock is owned by insiders.
ILLEGAL ACTIVITY WARNING: This story was reported by Macon Daily and is the sole property of of Macon Daily. If you are accessing this story on another publication, it was copied illegally and reposted in violation of U.S. and international trademark and copyright legislation. The original version of this story can be viewed at https://macondaily.com/2019/06/13/15280-shares-in-herman-miller-inc-nasdaqmlhr-acquired-by-cambridge-investment-research-advisors-inc.html.
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.
Read More: What are gap-down stocks?
Want to see what other hedge funds are holding MLHR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Herman Miller, Inc. (NASDAQ:MLHR).
Receive News & Ratings for Herman Miller Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Herman Miller and related companies with MarketBeat.com's FREE daily email newsletter.