Short Interest in Herman Miller, Inc. (MLHR) Declines By 38.5%

Herman Miller, Inc. (NASDAQ:MLHR) saw a significant drop in short interest during the month of December. As of December 29th, there was short interest totalling 881,281 shares, a drop of 38.5% from the December 15th total of 1,432,771 shares. Approximately 1.5% of the shares of the company are sold short. Based on an average daily trading volume, of 528,915 shares, the short-interest ratio is presently 1.7 days.

MLHR has been the topic of several research reports. Zacks Investment Research raised Herman Miller from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research report on Tuesday, September 26th. ValuEngine raised Herman Miller from a “hold” rating to a “buy” rating in a research report on Wednesday, September 27th. BidaskClub cut Herman Miller from a “hold” rating to a “sell” rating in a research report on Thursday, December 7th. Finally, Raymond James Financial raised Herman Miller from a “market perform” rating to an “outperform” rating and set a $43.00 target price on the stock in a research report on Tuesday, December 26th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Herman Miller currently has an average rating of “Buy” and an average target price of $41.67.

Herman Miller (MLHR) opened at $40.55 on Monday. The stock has a market capitalization of $2,419.62, a PE ratio of 20.07 and a beta of 1.48. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.33 and a quick ratio of 0.89. Herman Miller has a 12-month low of $28.55 and a 12-month high of $40.90.

Herman Miller (NASDAQ:MLHR) last announced its earnings results on Wednesday, December 20th. The business services provider reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. Herman Miller had a return on equity of 21.69% and a net margin of 5.41%. The business had revenue of $604.60 million for the quarter, compared to analysts’ expectations of $603.77 million. During the same period last year, the firm posted $0.54 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. equities analysts anticipate that Herman Miller will post 2.35 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Saturday, December 2nd will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.78%. Herman Miller’s payout ratio is currently 35.64%.

In related news, SVP Stephen C. Gane sold 30,988 shares of the stock in a transaction on Friday, January 5th. The stock was sold at an average price of $39.77, for a total transaction of $1,232,392.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian C. Walker sold 14,000 shares of the stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $35.38, for a total value of $495,320.00. Following the sale, the chief executive officer now directly owns 160,979 shares in the company, valued at $5,695,437.02. The disclosure for this sale can be found here. Insiders have sold 62,002 shares of company stock worth $2,307,612 over the last ninety days. 1.91% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of MLHR. Riverhead Capital Management LLC lifted its position in shares of Herman Miller by 67.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,694 shares of the business services provider’s stock valued at $112,000 after buying an additional 1,494 shares in the last quarter. Neuberger Berman Group LLC purchased a new position in shares of Herman Miller during the 3rd quarter valued at about $211,000. Associated Banc Corp purchased a new position in shares of Herman Miller during the 3rd quarter valued at about $252,000. Amalgamated Bank lifted its position in shares of Herman Miller by 4.1% during the 2nd quarter. Amalgamated Bank now owns 8,566 shares of the business services provider’s stock valued at $260,000 after buying an additional 336 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Herman Miller during the 3rd quarter valued at about $275,000. 82.39% of the stock is currently owned by hedge funds and other institutional investors.

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