MillerKnoll (NASDAQ:MLKN) Shares Gap Down – Here’s Why

MillerKnoll, Inc. (NASDAQ:MLKN)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $16.18, but opened at $14.70. MillerKnoll shares last traded at $15.0180, with a volume of 121,313 shares trading hands.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Zacks Research upgraded shares of MillerKnoll from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 26th. William Blair started coverage on MillerKnoll in a report on Tuesday, February 10th. They issued an “outperform” rating on the stock. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of MillerKnoll in a report on Friday, April 24th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold”.

MillerKnoll Price Performance

The firm has a market capitalization of $1.03 billion, a P/E ratio of 107.42, a P/E/G ratio of 0.74 and a beta of 1.41. The stock’s 50 day simple moving average is $15.98 and its 200 day simple moving average is $17.67. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.92 and a current ratio of 1.64.

MillerKnoll (NASDAQ:MLKN) last announced its quarterly earnings results on Wednesday, March 25th. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.02). MillerKnoll had a net margin of 0.28% and a return on equity of 10.11%. The firm had revenue of $926.60 million during the quarter, compared to analysts’ expectations of $941.95 million. During the same quarter in the previous year, the firm posted $0.44 EPS. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. As a group, analysts expect that MillerKnoll, Inc. will post 1.83 earnings per share for the current fiscal year.

MillerKnoll Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Saturday, May 30th will be given a dividend of $0.1875 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 5.0%. MillerKnoll’s dividend payout ratio is presently 535.71%.

Institutional Investors Weigh In On MillerKnoll

Large investors have recently modified their holdings of the business. Pzena Investment Management LLC bought a new position in MillerKnoll in the first quarter worth approximately $28,858,000. Vanguard Group Inc. raised its stake in MillerKnoll by 7.9% in the fourth quarter. Vanguard Group Inc. now owns 8,550,194 shares of the company’s stock valued at $156,298,000 after buying an additional 623,035 shares during the last quarter. Deprince Race & Zollo Inc. grew its stake in shares of MillerKnoll by 27.2% during the fourth quarter. Deprince Race & Zollo Inc. now owns 2,530,994 shares of the company’s stock worth $46,267,000 after acquiring an additional 541,638 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of MillerKnoll by 755.0% during the fourth quarter. SG Americas Securities LLC now owns 478,727 shares of the company’s stock worth $8,751,000 after acquiring an additional 422,735 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of MillerKnoll by 46.4% during the fourth quarter. Wellington Management Group LLP now owns 1,305,280 shares of the company’s stock valued at $23,861,000 after acquiring an additional 413,531 shares in the last quarter. Institutional investors own 87.50% of the company’s stock.

About MillerKnoll

MillerKnoll, Inc (NASDAQ: MLKN) is a global design and manufacturing company specializing in furniture, lighting, textiles, rugs and accessories for residential and commercial environments. The company’s portfolio features well-known brands such as Herman Miller, Knoll, Maharam, Geiger and Tuyama, offering solutions for office, healthcare, education, hospitality and home settings. Products span seating, workstations, tables, storage systems and outdoor furnishings, complemented by a range of services including space planning, ergonomic consulting and installation support.

Formed in July 2021 through the merger of Herman Miller and Knoll, MillerKnoll combines more than a century of design heritage with a modern portfolio of sustainable products and materials.