MillerKnoll (NASDAQ:MLKN) Rating Lowered to Buy at StockNews.com

StockNews.com downgraded shares of MillerKnoll (NASDAQ:MLKN) from a strong-buy rating to a buy rating in a research note published on Monday morning.

MillerKnoll Stock Performance

MillerKnoll stock opened at $24.83 on Monday. The stock has a 50-day simple moving average of $28.11 and a 200 day simple moving average of $27.32. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 22.37, a P/E/G ratio of 0.93 and a beta of 1.18. The company has a quick ratio of 0.93, a current ratio of 1.59 and a debt-to-equity ratio of 0.99. MillerKnoll has a 12-month low of $22.43 and a 12-month high of $31.73.

MillerKnoll (NASDAQ:MLKN) last announced its earnings results on Thursday, September 19th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.04). MillerKnoll had a return on equity of 10.93% and a net margin of 1.80%. The company had revenue of $861.50 million during the quarter, compared to the consensus estimate of $889.38 million. During the same period in the prior year, the firm posted $0.37 earnings per share. The company’s revenue was down 6.1% on a year-over-year basis. On average, research analysts anticipate that MillerKnoll will post 2.17 earnings per share for the current fiscal year.

MillerKnoll Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Saturday, August 31st will be given a dividend of $0.1875 per share. The ex-dividend date is Friday, August 30th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 3.02%. MillerKnoll’s payout ratio is currently 67.57%.

Hedge Funds Weigh In On MillerKnoll

Several hedge funds have recently added to or reduced their stakes in MLKN. Quadrant Capital Group LLC lifted its position in MillerKnoll by 46.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,537 shares of the company’s stock valued at $41,000 after purchasing an additional 488 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in MillerKnoll by 100.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,140 shares of the company’s stock valued at $30,000 after buying an additional 570 shares during the period. SummerHaven Investment Management LLC boosted its stake in MillerKnoll by 1.3% in the second quarter. SummerHaven Investment Management LLC now owns 44,779 shares of the company’s stock valued at $1,186,000 after acquiring an additional 580 shares during the last quarter. Oliver Luxxe Assets LLC boosted its stake in MillerKnoll by 1.9% in the first quarter. Oliver Luxxe Assets LLC now owns 35,724 shares of the company’s stock valued at $885,000 after acquiring an additional 665 shares during the last quarter. Finally, Bridge City Capital LLC grew its holdings in MillerKnoll by 0.8% during the 1st quarter. Bridge City Capital LLC now owns 91,676 shares of the company’s stock worth $2,270,000 after acquiring an additional 693 shares during the period. Institutional investors own 87.50% of the company’s stock.

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.