Herman Miller Inc. (MLHR) started the trading day on a down note, making it one of the worst performing stocks in the consumer goods sector of NYSE and NASDAQ listed companies shortly after the opening bell on September 22. Shares of MLHR have fallen 8.8% about 30 minutes into the session to $29.32 after closing the day prior at $32.15. It’s early, but the stock has traded as high as $30.49 and as low as $28.83 so far. Today’s quick decline has come with about 95,497 shares changing hands, compared to an average 30-day volume of 332,203 for Herman Miller Inc.. The price is currently below the 30-day volume weighted average price of $29.16 for MLHR.
The share depreciation gives the company a market capitalization of $1.93 billion based upon 60.02 million shares outstanding. It also means that MLHR has a price-to-book ratio of 3.68:1.
In the past 52 weeks, shares of MLHR have traded as low as $22.6 and as high as $36.46. Technical traders will take note that at $29.32, shares of MLHR are trading below their 200-day MA at $29.89 and below their 50-day MA at $33.77. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding below them is typically regarded as bearish.
Who is MLHR?
Herman Miller Inc is engaged in research, designing, manufacturing, and distribution of interior furnishings for use in environments including office, healthcare, educational, and residential settings, & provides related services. The company’s 7607 employees are led by CEO Brian C. Walker from the corporate headquarters at 855 East Main Avenue in Zeeland, MI.
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