Balasa Dinverno & Foltz LLC Acquires 22,659 Shares of Herman Miller, Inc. (NASDAQ:MLHR)

Balasa Dinverno & Foltz LLC raised its stake in Herman Miller, Inc. (NASDAQ:MLHR) by 338.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,355 shares of the business services provider’s stock after buying an additional 22,659 shares during the period. Balasa Dinverno & Foltz LLC’s holdings in Herman Miller were worth $1,353,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Advisor Group Inc. raised its stake in Herman Miller by 32.4% during the second quarter. Advisor Group Inc. now owns 1,596 shares of the business services provider’s stock worth $71,000 after buying an additional 391 shares during the last quarter. Robeco Institutional Asset Management B.V. bought a new position in Herman Miller during the second quarter worth $79,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in Herman Miller during the second quarter worth $95,000. US Bancorp DE raised its stake in Herman Miller by 34.1% during the second quarter. US Bancorp DE now owns 2,350 shares of the business services provider’s stock worth $105,000 after buying an additional 597 shares during the last quarter. Finally, Point72 Hong Kong Ltd raised its stake in Herman Miller by 260.9% during the second quarter. Point72 Hong Kong Ltd now owns 2,638 shares of the business services provider’s stock worth $118,000 after buying an additional 1,907 shares during the last quarter. 82.17% of the stock is owned by hedge funds and other institutional investors.

In other Herman Miller news, insider Gregory J. Bylsma sold 13,288 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $46.17, for a total value of $613,506.96. Following the transaction, the insider now directly owns 15,515 shares in the company, valued at $716,327.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.05% of the stock is owned by insiders.

Shares of NASDAQ MLHR traded up $0.30 during mid-day trading on Wednesday, reaching $47.23. 405,400 shares of the company’s stock traded hands, compared to its average volume of 376,604. Herman Miller, Inc. has a 1-year low of $28.66 and a 1-year high of $49.40. The stock has a market cap of $2.82 billion, a P/E ratio of 15.90 and a beta of 1.68. The business has a 50-day simple moving average of $47.19 and a 200 day simple moving average of $43.51. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.35 and a quick ratio of 0.97.

Herman Miller (NASDAQ:MLHR) last released its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.06. Herman Miller had a net margin of 6.62% and a return on equity of 25.80%. The business had revenue of $670.90 million for the quarter, compared to analysts’ expectations of $661.80 million. During the same period in the previous year, the company earned $0.69 earnings per share. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. Equities research analysts anticipate that Herman Miller, Inc. will post 3.41 earnings per share for the current fiscal year.

The business also recently announced a dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Sunday, December 1st will be paid a $0.21 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. Herman Miller’s payout ratio is 28.28%.

Several equities research analysts have weighed in on the stock. ValuEngine downgraded shares of Herman Miller from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Sidoti lifted their price target on shares of Herman Miller from $43.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. BidaskClub raised shares of Herman Miller from a “sell” rating to a “hold” rating in a research note on Tuesday, September 10th. Raymond James downgraded shares of Herman Miller from an “outperform” rating to a “market perform” rating in a research note on Monday, October 7th. Finally, Zacks Investment Research downgraded shares of Herman Miller from a “buy” rating to a “hold” rating in a research note on Thursday, November 21st. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Herman Miller presently has an average rating of “Hold” and a consensus price target of $48.00.

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.

Further Reading: Percentage Decliners

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

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