Home / Consumer Goods / Midday Laggard: Herman Miller Inc. (MLHR) a Drain on Consumer Goods Sector, Sheds 3.1% on September 23

Midday Laggard: Herman Miller Inc. (MLHR) a Drain on Consumer Goods Sector, Sheds 3.1% on September 23

Herman Miller Inc. (MLHR) lost ground during morning trading on September 23 to make it one of the worst performers amongst all NYSE and NASDAQ listed stocks in the consumer goods sector halfway through the trading day. At the lunch break, shares of MLHR have fallen 3.1% to $29.65 after closing the day prior at $30.6. So far, the stock has traded as high as $30.69 and as low as $29.5. Today’s decline has come with about 597,950 shares changing hands, compared to an average 30-day volume of 399,783 for Herman Miller Inc.. The price is currently below the 30-day volume weighted average price of $29.98 for MLHR.

The share depreciation gives the company a market capitalization of $1.84 billion based upon 60.02 million shares outstanding. It also means that MLHR has a price-to-book ratio of 3.5:1.

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 $29.65, shares of MLHR are trading below their 200-day MA at $29.89 and below their 50-day MA at $33.75. 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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