MillerKnoll (NASDAQ:MLKN) Downgraded by StockNews.com to “Buy”

MillerKnoll (NASDAQ:MLKN) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Friday.

MillerKnoll Price Performance

NASDAQ:MLKN traded up $0.16 during mid-day trading on Friday, reaching $29.85. 378,058 shares of the stock were exchanged, compared to its average volume of 665,228. The business has a fifty day moving average price of $26.79 and a 200 day moving average price of $27.26. The firm has a market capitalization of $2.14 billion, a PE ratio of 26.89, a PEG ratio of 1.07 and a beta of 1.19. MillerKnoll has a 1-year low of $16.50 and a 1-year high of $31.33. The company has a current ratio of 1.54, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93.

MillerKnoll (NASDAQ:MLKN) last released its earnings results on Wednesday, June 26th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.13. The firm had revenue of $888.90 million for the quarter, compared to analyst estimates of $898.65 million. MillerKnoll had a return on equity of 10.94% and a net margin of 2.27%. MillerKnoll’s revenue was down 7.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.41 earnings per share. Research analysts expect that MillerKnoll will post 2.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MLKN. Hennessy Advisors Inc. acquired a new position in MillerKnoll during the fourth quarter worth about $23,342,000. Dimensional Fund Advisors LP increased its stake in MillerKnoll by 29.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,619,581 shares of the company’s stock worth $69,891,000 after purchasing an additional 593,447 shares in the last quarter. Norges Bank purchased a new position in MillerKnoll in the 4th quarter worth about $13,111,000. Empowered Funds LLC purchased a new position in MillerKnoll in the 1st quarter worth about $7,311,000. Finally, Vanguard Group Inc. increased its stake in MillerKnoll by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 8,987,024 shares of the company’s stock worth $222,519,000 after purchasing an additional 226,792 shares in the last quarter. 87.50% of the stock is owned by institutional investors and hedge funds.

MillerKnoll Company Profile

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.