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

MillerKnoll, Inc. (NASDAQ:MLKN) gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. 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 changing hands.

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

MillerKnoll Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Saturday, August 31st will be paid a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Friday, August 30th. MillerKnoll’s dividend payout ratio (DPR) is presently 67.57%.

Analyst Ratings Changes

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

Institutional Investors Weigh In On MillerKnoll

Institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its holdings in shares of MillerKnoll by 29.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,619,581 shares of the company’s stock worth $69,891,000 after acquiring an additional 593,447 shares during the last quarter. Quadrant Capital Group LLC raised its stake in 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 purchasing an additional 488 shares during the last quarter. Norges Bank purchased a new position in MillerKnoll in the 4th quarter valued at about $13,111,000. PNC Financial Services Group Inc. boosted its stake in shares of MillerKnoll by 387.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 15,119 shares of the company’s stock worth $403,000 after purchasing an additional 12,015 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of MillerKnoll during the fourth quarter worth about $378,000. Hedge funds and other institutional investors own 87.50% of the company’s stock.

MillerKnoll Trading Down 14.5 %

The business’s fifty day moving average price is $28.45 and its 200 day moving average price is $27.45. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $1.68 billion, a PE ratio of 21.17, a P/E/G ratio of 0.99 and a beta of 1.18.

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.