Pacad Investment Ltd. Cuts Holdings in Herman Miller, Inc. (MLHR)

Pacad Investment Ltd. lowered its stake in Herman Miller, Inc. (NASDAQ:MLHR) by 41.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,601 shares of the business services provider’s stock after selling 3,200 shares during the quarter. Pacad Investment Ltd.’s holdings in Herman Miller were worth $140,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MLHR. BlackRock Inc. lifted its stake in Herman Miller by 22,901.9% in the first quarter. BlackRock Inc. now owns 6,090,451 shares of the business services provider’s stock valued at $192,154,000 after buying an additional 6,063,973 shares in the last quarter. Deprince Race & Zollo Inc. bought a new position in Herman Miller in the first quarter valued at approximately $36,396,000. Royce & Associates LP lifted its stake in Herman Miller by 50.2% in the second quarter. Royce & Associates LP now owns 2,371,988 shares of the business services provider’s stock valued at $72,108,000 after buying an additional 793,188 shares in the last quarter. Van Berkom & Associates Inc. lifted its stake in Herman Miller by 23.6% in the second quarter. Van Berkom & Associates Inc. now owns 1,543,957 shares of the business services provider’s stock valued at $46,936,000 after buying an additional 294,356 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Herman Miller by 9.8% in the first quarter. JPMorgan Chase & Co. now owns 2,733,007 shares of the business services provider’s stock valued at $86,227,000 after buying an additional 244,532 shares in the last quarter. 84.15% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages have weighed in on MLHR. Zacks Investment Research lowered shares of Herman Miller from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. BidaskClub raised shares of Herman Miller from a “sell” rating to a “hold” rating in a research note on Saturday, August 19th. Finally, Sidoti began coverage on shares of Herman Miller in a research note on Tuesday, June 27th. They issued a “buy” rating and a $38.00 price target on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. Herman Miller presently has an average rating of “Hold” and an average price target of $38.00.

Herman Miller, Inc. (NASDAQ:MLHR) opened at 34.60 on Friday. The company has a market cap of $2.07 billion, a price-to-earnings ratio of 16.88 and a beta of 1.44. The firm has a 50-day moving average of $33.44 and a 200-day moving average of $32.25. Herman Miller, Inc. has a 52 week low of $26.99 and a 52 week high of $36.45.

Herman Miller (NASDAQ:MLHR) last posted its quarterly earnings results on Wednesday, July 5th. The business services provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.09. The firm had revenue of $577.20 million for the quarter, compared to analysts’ expectations of $583.53 million. Herman Miller had a return on equity of 22.94% and a net margin of 5.44%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.56 EPS. Equities analysts forecast that Herman Miller, Inc. will post $2.27 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 15th. Shareholders of record on Saturday, September 2nd will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.08%. This is a boost from Herman Miller’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Wednesday, August 30th. Herman Miller’s dividend payout ratio is presently 35.12%.

In related news, SVP Hezron T. Lopez sold 2,312 shares of the stock in a transaction on Friday, July 21st. The stock was sold at an average price of $33.96, for a total value of $78,515.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian C. Walker sold 14,000 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $32.73, for a total value of $458,220.00. Following the completion of the transaction, the chief executive officer now owns 160,979 shares in the company, valued at $5,268,842.67. The disclosure for this sale can be found here. Insiders have sold a total of 123,535 shares of company stock worth $4,136,309 over the last 90 days. Company insiders own 1.91% of the company’s stock.

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About Herman Miller

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Institutional Ownership by Quarter for Herman Miller (NASDAQ:MLHR)

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