MillerKnoll (NASDAQ:MLKN) Shares Gap Up Following Strong Earnings

MillerKnoll, Inc. (NASDAQ:MLKN) gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $17.62, but opened at $19.21. MillerKnoll shares last traded at $18.67, with a volume of 468,593 shares changing hands.

The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.16. The company had revenue of $961.80 million during the quarter, compared to the consensus estimate of $913.80 million. MillerKnoll had a negative net margin of 1.01% and a positive return on equity of 10.40%. MillerKnoll’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.67 earnings per share.

MillerKnoll Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Sunday, June 1st will be issued a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Friday, May 30th. MillerKnoll’s dividend payout ratio (DPR) is 178.57%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MLKN shares. Wall Street Zen upgraded MillerKnoll from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Sidoti upgraded MillerKnoll to a “hold” rating in a research note on Tuesday, March 25th.

Institutional Investors Weigh In On MillerKnoll

A number of large investors have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in MillerKnoll by 2.8% during the fourth quarter. Principal Financial Group Inc. now owns 368,453 shares of the company’s stock worth $8,323,000 after buying an additional 9,924 shares during the last quarter. Handelsbanken Fonder AB increased its stake in shares of MillerKnoll by 21.5% in the 4th quarter. Handelsbanken Fonder AB now owns 20,877 shares of the company’s stock worth $472,000 after acquiring an additional 3,700 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of MillerKnoll by 458.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,463 shares of the company’s stock worth $33,000 after acquiring an additional 1,201 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of MillerKnoll by 3.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,312,945 shares of the company’s stock valued at $29,659,000 after acquiring an additional 42,343 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of MillerKnoll by 17.4% during the 4th quarter. Victory Capital Management Inc. now owns 275,948 shares of the company’s stock valued at $6,234,000 after acquiring an additional 40,928 shares during the last quarter. 87.50% of the stock is currently owned by hedge funds and other institutional investors.

MillerKnoll Price Performance

The stock has a market cap of $1.34 billion, a PE ratio of -35.39, a price-to-earnings-growth ratio of 0.77 and a beta of 1.17. The stock’s fifty day moving average is $16.93 and its 200-day moving average is $19.60. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.67 and a quick ratio of 1.05.

About MillerKnoll

MillerKnoll, Inc researches, designs, manufactures, and distributes interior furnishings worldwide. It operates through three segments: Americas Contract, International Contract & Specialty, and Global Retail. The company also provides seating products, furniture systems, other freestanding furniture elements, textiles, leather, felt, home furnishings and related services, casegoods, storage products, as well as residential, education, and healthcare furniture solutions.