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

Shares of 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 traded.

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

MillerKnoll Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Saturday, August 31st will be issued a $0.1875 dividend. This represents a $0.75 annualized dividend and a yield of 3.23%. The ex-dividend date is Friday, August 30th. MillerKnoll’s dividend payout ratio is 67.57%.

Analyst Upgrades and Downgrades

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

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of MillerKnoll by 2.6% during 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 during the last quarter. Pacer Advisors Inc. grew its holdings in MillerKnoll by 15.3% during the second quarter. Pacer Advisors Inc. now owns 4,015,462 shares of the company’s stock worth $106,370,000 after purchasing an additional 532,427 shares during the period. Dimensional Fund Advisors LP increased its position in MillerKnoll by 12.5% during the second quarter. Dimensional Fund Advisors LP now owns 3,392,354 shares of the company’s stock worth $89,864,000 after buying an additional 377,121 shares during the last quarter. Hennessy Advisors Inc. raised its stake in MillerKnoll by 18.1% in the second quarter. Hennessy Advisors Inc. now owns 1,178,800 shares of the company’s stock valued at $31,226,000 after buying an additional 180,500 shares during the period. Finally, LSV Asset Management lifted its position in shares of MillerKnoll by 0.7% in the first quarter. LSV Asset Management now owns 1,059,546 shares of the company’s stock valued at $26,234,000 after buying an additional 6,846 shares during the last quarter. 87.50% of the stock is currently owned by institutional investors and hedge funds.

MillerKnoll Price Performance

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 company has a market capitalization of $1.66 billion, a P/E ratio of 21.22, a P/E/G ratio of 0.99 and a beta of 1.18. The company has a 50 day moving average price of $28.53 and a 200 day moving average price of $27.51.

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.