Mutual of America Capital Management LLC boosted its holdings in Herman Miller, Inc. (NASDAQ:MLHR) by 5.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 50,202 shares of the business services provider’s stock after purchasing an additional 2,426 shares during the quarter. Mutual of America Capital Management LLC owned 0.08% of Herman Miller worth $1,802,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the business. Public Employees Retirement System of Ohio raised its stake in Herman Miller by 406.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 19,714 shares of the business services provider’s stock worth $599,000 after purchasing an additional 15,819 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Herman Miller by 0.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 131,872 shares of the business services provider’s stock worth $4,009,000 after purchasing an additional 1,008 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Herman Miller in the 2nd quarter worth about $780,000. State Street Corp raised its stake in Herman Miller by 3.5% in the 2nd quarter. State Street Corp now owns 2,038,500 shares of the business services provider’s stock worth $61,971,000 after purchasing an additional 68,974 shares in the last quarter. Finally, Gotham Asset Management LLC acquired a new stake in Herman Miller in the 2nd quarter worth about $473,000. Institutional investors and hedge funds own 84.28% of the company’s stock.
Several brokerages have weighed in on MLHR. Zacks Investment Research upgraded shares of Herman Miller from a “hold” rating to a “buy” rating and set a $38.00 price objective for the company in a research note on Tuesday, September 26th. BidaskClub upgraded shares of Herman Miller from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Finally, ValuEngine upgraded shares of Herman Miller from a “hold” rating to a “buy” rating in a research report on Wednesday, September 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $38.00.
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In other news, SVP Stephen C. Gane sold 10,686 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $36.01, for a total value of $384,802.86. Following the sale, the senior vice president now directly owns 21,985 shares of the company’s stock, valued at $791,679.85. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Andrew J. Lock sold 24,277 shares of the stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $34.17, for a total transaction of $829,545.09. Following the completion of the sale, the insider now directly owns 26,388 shares in the company, valued at $901,677.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 86,407 shares of company stock worth $2,980,652. Insiders own 1.91% of the company’s stock.
Herman Miller (NASDAQ:MLHR) last issued its earnings results on Thursday, September 21st. The business services provider reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. Herman Miller had a net margin of 5.34% and a return on equity of 22.02%. The firm had revenue of $580.30 million during the quarter, compared to analyst estimates of $578.27 million. During the same quarter last year, the business earned $0.60 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Saturday, December 2nd will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Thursday, November 30th. Herman Miller’s payout ratio is 36.00%.
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