Herman Miller reported excellent first quarter results last week, resulting in a very strong share price move. The shares are now up over 60% since we positively rated them on director buying on the 9th of July. This is what we said:
Michael Volkema (Chairman since 2000, formerly CEO 1995-2004) purchased $536,000 of stock on the 7th of July at $21.44, increasing his holding by 25%. This is only the second purchase Volkema has made in the stock in twenty-five years; he purchased the same number of shares at approximately the same price ($21.94) in May this year. Ideally, we would see other directors also buy but to see a long-serving director increase his holding by 66% and spending over $1m is sufficiently unusual to upgrade. We are ranking the stock +N.