Zacks Investment Research Upgrades Herman Miller (MLHR) to Buy

Herman Miller (NASDAQ:MLHR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $44.00 target price on the business services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 15.18% from the company’s previous close.

According to Zacks, “Herman Miller, Inc., is a major American manufacturer of office furniture, equipment and home furnishings. Herman Miller works for a better world by designing and developing award-winning furniture and related services and technologies that improve environment, whether it’s an office, hospital, school, home, an entire building, or the world at large. Through research, the company seeks to define and clarify customer needs and problems existing in its markets and to design, through innovation where feasible, products and systems as solutions to such problems. “

Several other equities analysts also recently issued reports on the company. BidaskClub downgraded Herman Miller from a “sell” rating to a “strong sell” rating in a research report on Friday, September 14th. ValuEngine downgraded Herman Miller from a “buy” rating to a “hold” rating in a research report on Friday, August 3rd.

Shares of MLHR stock opened at $38.20 on Tuesday. The firm has a market cap of $2.29 billion, a PE ratio of 16.61 and a beta of 1.41. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.00 and a current ratio of 1.41. Herman Miller has a 12-month low of $29.95 and a 12-month high of $41.85.

Herman Miller (NASDAQ:MLHR) last released its earnings results on Wednesday, September 19th. The business services provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.04. Herman Miller had a return on equity of 22.22% and a net margin of 5.40%. The firm had revenue of $624.60 million for the quarter, compared to the consensus estimate of $620.73 million. During the same period in the prior year, the firm earned $0.57 EPS. The firm’s revenue was up 7.6% on a year-over-year basis. analysts predict that Herman Miller will post 2.7 earnings per share for the current year.

In other Herman Miller news, VP Kevin J. Veltman sold 2,211 shares of the company’s stock in a transaction on Friday, July 27th. The shares were sold at an average price of $37.67, for a total value of $83,288.37. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Andrew J. Lock sold 53,802 shares of the company’s stock in a transaction on Thursday, July 19th. The shares were sold at an average price of $38.00, for a total transaction of $2,044,476.00. Following the completion of the sale, the insider now directly owns 22,668 shares in the company, valued at $861,384. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 268,807 shares of company stock worth $10,258,904. 1.05% of the stock is owned by corporate insiders.

A number of large investors have recently bought and sold shares of MLHR. BTIM Corp. purchased a new stake in Herman Miller in the second quarter valued at $13,276,000. BlackRock Inc. boosted its holdings in Herman Miller by 5.5% in the second quarter. BlackRock Inc. now owns 6,934,391 shares of the business services provider’s stock valued at $235,074,000 after purchasing an additional 364,047 shares during the last quarter. Vulcan Value Partners LLC boosted its holdings in Herman Miller by 28.2% in the second quarter. Vulcan Value Partners LLC now owns 1,174,053 shares of the business services provider’s stock valued at $39,800,000 after purchasing an additional 258,238 shares during the last quarter. LSV Asset Management boosted its holdings in Herman Miller by 8.1% in the second quarter. LSV Asset Management now owns 2,724,676 shares of the business services provider’s stock valued at $92,366,000 after purchasing an additional 203,069 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in Herman Miller by 63.2% in the second quarter. Wells Fargo & Company MN now owns 471,773 shares of the business services provider’s stock valued at $15,993,000 after purchasing an additional 182,769 shares during the last quarter. 85.38% of the stock is currently owned by institutional investors.

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.

See Also: Leveraged Buyout (LBO)

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