MillerKnoll (NASDAQ:MLKN) Shares Gap Down on Disappointing Earnings

MillerKnoll, Inc. (NASDAQ:MLKN) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $27.47, but opened at $24.25. MillerKnoll shares last traded at $22.98, with a volume of 373,724 shares.

The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.04). MillerKnoll had a return on equity of 10.94% and a net margin of 2.27%. The business had revenue of $861.50 million for the quarter, compared to analysts’ expectations of $889.38 million. During the same quarter last year, the company posted $0.37 earnings per share. The business’s quarterly revenue was down 6.1% compared to the same quarter last year.

MillerKnoll Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Saturday, August 31st will be given a $0.1875 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.75 annualized dividend and a dividend yield of 3.19%. MillerKnoll’s dividend payout ratio is presently 67.57%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of MillerKnoll from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 3rd.

Hedge Funds Weigh In On MillerKnoll

Large investors have recently modified their holdings of the company. Nomura Asset Management Co. Ltd. increased its position in MillerKnoll by 100.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,140 shares of the company’s stock worth $30,000 after purchasing an additional 570 shares in the last quarter. Mather Group LLC. acquired a new stake in shares of MillerKnoll in the second quarter worth $30,000. EverSource Wealth Advisors LLC increased its position in shares of MillerKnoll by 254.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,201 shares of the company’s stock worth $32,000 after acquiring an additional 862 shares in the last quarter. Quadrant Capital Group LLC raised its stake in shares of MillerKnoll by 46.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,537 shares of the company’s stock valued at $41,000 after acquiring an additional 488 shares during the period. Finally, EntryPoint Capital LLC lifted its holdings in shares of MillerKnoll by 566.9% during the 1st quarter. EntryPoint Capital LLC now owns 2,661 shares of the company’s stock valued at $66,000 after acquiring an additional 2,262 shares in the last quarter. 87.50% of the stock is currently owned by hedge funds and other institutional investors.

MillerKnoll Trading Down 14.5 %

The stock has a market capitalization of $1.68 billion, a PE ratio of 21.17, a PEG ratio of 0.99 and a beta of 1.18. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93. The business’s 50-day moving average is $28.45 and its two-hundred day moving average is $27.45.

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.