Traders Purchase Large Volume of Call Options on Herman Miller (NASDAQ:MLHR)

Herman Miller, Inc. (NASDAQ:MLHR) was the recipient of unusually large options trading on Thursday. Stock investors purchased 2,222 call options on the stock. This is an increase of approximately 1,352% compared to the typical volume of 153 call options.

MLHR traded up $0.34 during trading on Friday, hitting $44.67. 253,771 shares of the company’s stock traded hands, compared to its average volume of 664,094. The company’s 50 day simple moving average is $44.03 and its two-hundred day simple moving average is $40.96. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 15.04 and a beta of 1.68. The company has a current ratio of 1.35, a quick ratio of 0.97 and a debt-to-equity ratio of 0.64. Herman Miller has a 12-month low of $28.66 and a 12-month high of $49.40.

Herman Miller (NASDAQ:MLHR) last announced its earnings results on Wednesday, September 18th. The business services provider reported $0.84 EPS for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.06. Herman Miller had a return on equity of 25.80% and a net margin of 6.62%. The company had revenue of $670.90 million for the quarter, compared to analysts’ expectations of $661.80 million. During the same period last year, the firm earned $0.69 EPS. Herman Miller’s revenue for the quarter was up 7.4% compared to the same quarter last year. On average, equities analysts expect that Herman Miller will post 3.41 EPS for the current year.

In other Herman Miller news, SVP Jeffrey L. Kurburski sold 14,222 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $45.05, for a total transaction of $640,701.10. Following the completion of the transaction, the senior vice president now owns 9,557 shares of the company’s stock, valued at approximately $430,542.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bruce Benedict Watson sold 33,133 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $44.38, for a total value of $1,470,442.54. Following the transaction, the insider now directly owns 28,140 shares of the company’s stock, valued at approximately $1,248,853.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 99,172 shares of company stock valued at $4,469,017. Corporate insiders own 0.91% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. AQR Capital Management LLC grew its stake in Herman Miller by 26.5% during the 2nd quarter. AQR Capital Management LLC now owns 1,245,464 shares of the business services provider’s stock valued at $55,672,000 after acquiring an additional 260,917 shares in the last quarter. Northern Trust Corp lifted its holdings in Herman Miller by 0.5% during the 2nd quarter. Northern Trust Corp now owns 965,130 shares of the business services provider’s stock worth $43,142,000 after buying an additional 4,718 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Herman Miller by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 930,725 shares of the business services provider’s stock worth $41,604,000 after buying an additional 27,008 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Herman Miller by 7.3% in the 4th quarter. Geode Capital Management LLC now owns 887,738 shares of the business services provider’s stock valued at $26,853,000 after purchasing an additional 60,758 shares in the last quarter. Finally, Prudential Financial Inc. raised its holdings in shares of Herman Miller by 6.7% in the 2nd quarter. Prudential Financial Inc. now owns 850,109 shares of the business services provider’s stock valued at $38,000,000 after purchasing an additional 53,260 shares in the last quarter. Institutional investors and hedge funds own 81.16% of the company’s stock.

A number of research analysts have weighed in on MLHR shares. Zacks Investment Research upgraded Herman Miller from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a report on Tuesday, September 24th. Raymond James downgraded Herman Miller from an “outperform” rating to a “market perform” rating in a report on Monday, October 7th. BidaskClub upgraded Herman Miller from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th. Sidoti upped their target price on Herman Miller from $43.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. Finally, ValuEngine downgraded Herman Miller from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average 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.

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