Legal & General Group Plc Has $1.32 Million Position in Herman Miller, Inc. (MLHR)

Legal & General Group Plc boosted its stake in Herman Miller, Inc. (NASDAQ:MLHR) by 43.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 41,955 shares of the business services provider’s stock after buying an additional 12,787 shares during the period. Legal & General Group Plc owned 0.07% of Herman Miller worth $1,323,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Meadow Creek Investment Management LLC increased its position in Herman Miller by 5.1% in the first quarter. Meadow Creek Investment Management LLC now owns 3,444 shares of the business services provider’s stock valued at $109,000 after buying an additional 168 shares during the last quarter. First Bank & Trust boosted its stake in Herman Miller by 13.2% in the first quarter. First Bank & Trust now owns 3,841 shares of the business services provider’s stock worth $121,000 after buying an additional 448 shares during the last quarter. Glen Harbor Capital Management LLC boosted its stake in Herman Miller by 5.1% in the first quarter. Glen Harbor Capital Management LLC now owns 4,182 shares of the business services provider’s stock worth $132,000 after buying an additional 204 shares during the last quarter. Forward Management LLC boosted its stake in Herman Miller by 3.1% in the first quarter. Forward Management LLC now owns 4,623 shares of the business services provider’s stock worth $146,000 after buying an additional 138 shares during the last quarter. Finally, Ronald Blue & Co. LLC boosted its stake in Herman Miller by 4.6% in the first quarter. Ronald Blue & Co. LLC now owns 6,696 shares of the business services provider’s stock worth $211,000 after buying an additional 294 shares during the last quarter. Hedge funds and other institutional investors own 86.12% of the company’s stock.

Shares of Herman Miller, Inc. (NASDAQ:MLHR) remained flat at $33.00 during trading on Friday. The company had a trading volume of 425,424 shares. The firm has a 50 day moving average price of $33.22 and a 200 day moving average price of $31.86. Herman Miller, Inc. has a 52 week low of $26.99 and a 52 week high of $36.46. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 16.10 and a beta of 1.45.

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

The business also recently declared a quarterly dividend, which will be paid on Sunday, October 15th. Stockholders of record on Saturday, September 2nd will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This is an increase from Herman Miller’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 2.18%. Herman Miller’s dividend payout ratio (DPR) is presently 33.17%.

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A number of research firms recently weighed in on MLHR. BidaskClub raised shares of Herman Miller from a “sell” rating to a “hold” rating in a research note on Saturday. Zacks Investment Research raised shares of Herman Miller from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research note on Tuesday, July 11th. Finally, Sidoti began coverage on shares of Herman Miller in a research report on Tuesday, June 27th. They issued a “buy” rating and a $38.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $38.00.

In related news, insider Andrew J. Lock sold 19,247 shares of Herman Miller stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $33.47, for a total value of $644,197.09. Following the completion of the sale, the insider now directly owns 24,354 shares in the company, valued at approximately $815,128.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Hezron T. Lopez sold 2,312 shares of the business’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $33.96, for a total value of $78,515.52. The disclosure for this sale can be found here. Insiders have sold 109,535 shares of company stock valued at $3,678,089 over the last 90 days. Corporate insiders own 1.91% of the company’s stock.

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