Herman Miller (NASDAQ:MLHR) Rating Increased to Buy at BidaskClub

Herman Miller (NASDAQ:MLHR) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Saturday, BidAskClub reports.

MLHR has been the topic of several other research reports. Sidoti upped their price objective on Herman Miller from $33.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday. Benchmark upped their price objective on Herman Miller from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $47.00.

NASDAQ:MLHR opened at $34.52 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.40 and a current ratio of 1.79. Herman Miller has a one year low of $14.39 and a one year high of $49.87. The business’s 50-day simple moving average is $24.35 and its 200 day simple moving average is $23.40. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 9.54 and a beta of 1.56.

Herman Miller (NASDAQ:MLHR) last released its quarterly earnings results on Wednesday, September 16th. The business services provider reported $1.24 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.98. Herman Miller had a positive return on equity of 19.90% and a negative net margin of 0.37%. The business had revenue of $626.80 million for the quarter, compared to analysts’ expectations of $529.05 million. During the same quarter in the previous year, the firm posted $0.84 earnings per share. The company’s revenue was down 6.6% compared to the same quarter last year.

In related news, Director Michael A. Volkema bought 25,000 shares of the stock in a transaction dated Tuesday, July 7th. The stock was bought at an average cost of $21.44 per share, with a total value of $536,000.00. Following the completion of the acquisition, the director now owns 125,000 shares of the company’s stock, valued at $2,680,000. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.05% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the company. FinTrust Capital Advisors LLC bought a new position in Herman Miller in the 2nd quarter worth approximately $45,000. Advisor Group Holdings Inc. bought a new position in Herman Miller in the 1st quarter worth approximately $86,000. Caption Management LLC bought a new position in Herman Miller in the 2nd quarter worth approximately $106,000. State of Tennessee Treasury Department grew its holdings in Herman Miller by 20.3% in the 1st quarter. State of Tennessee Treasury Department now owns 6,171 shares of the business services provider’s stock worth $137,000 after buying an additional 1,042 shares in the last quarter. Finally, ETF Managers Group LLC grew its holdings in Herman Miller by 11.4% in the 1st quarter. ETF Managers Group LLC now owns 7,890 shares of the business services provider’s stock worth $180,000 after buying an additional 808 shares in the last quarter. 80.71% of the stock is 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.

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